The new generation of FDI capital requires domestic industrial park infrastructure providers to strongly transform and bring to the market many "tailor-made" products, such as specialized and specialized industrial parks to meet investors' needs.
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| VSIP 1 Industrial Park - Binh Duong . (Source: HTLand) |
The macro environment is the foundation
Mr. Dinh Hoai Nam, Director of National Business Development (SLP Vietnam Company) emphasized that SLP's investment perspective is to look at efficiency, so the company does not exclude any investment model, including the specialized industrial park (IP) model. SLP is ready to invest if it finds it attractive enough.
Mr. Nam said that in Vietnam, there have been a few zones built according to the specialized industrial park model, typically Sumitomo's industrial park - prioritizing Japanese investors, or high-tech zones in Hanoi , Da Nang, Ho Chi Minh City... However, according to Mr. Nam, to develop and succeed with this specialized model, it is important that the market forms an ecosystem for it, in which the role of policy creation is extremely important.
“When it comes to the automobile industry, many investors immediately think of Thailand. This is the success of this country in creating a suitable macro environment, identifying Thailand on the map, a field that attracts specialized investment. Vietnam must do the same, must make investors think that Vietnam is a must-go destination for some specialized fields,” said Mr. Nam.
According to the SPL representative, the macro environment plays a very important role in attracting investment, because macro policies will create specialization, increase competitiveness, and attract investors. SPL and some other investors have enough resources to develop specialized industrial parks, but the important thing is to have a suitable macro environment, creating demand for investors. Because in reality, it is not easy to fill these industrial parks.
Discussing further about the investment shift to “tailor-made” products, Mr. Nam said that Vietnam is welcoming a wave of businesses implementing the China + 1 policy and implementing the shift quite effectively. The characteristic of this group of customers is urgency, they do not have much time to survey, find locations, build warehouses, etc., but need to immediately have a system of standard warehouses and factories built in advance to deploy production and business.
“This will continue to be the main story in the next 3-5 years, then the wave of 'tailoring' according to tenants' requests will come, when investors have stabilized their operations and start thinking long-term,” Mr. Nam commented.
Tailor-made products will "take over" more
Commenting on market trends, Mr. Truong An Duong, Managing Director of the Northern Region and Residential Real Estate Group, Frasers Property Vietnam, said that developing specialized industrial parks will be the trend if Vietnam wants to participate deeply in the global supply chain. Currently, Mr. Duong said that industrial parks in Vietnam are in the transition phase from step 1 to step 2.
“With the introduction of ‘tailor-made’ products according to tenants’ needs instead of ‘ready-made’ as before, Vietnam is just in the transition phase, while with the projects that Frasers Property has implemented globally, this is quite common. Or take Thailand as an example, Frasers Property’s projects in this country have also implemented the ‘tailor-made’ form quite well,” said Mr. Duong.
According to Mr. Duong, in the current period, Vietnam is benefiting greatly from the wave of shifting out of China and “ready-made” products such as warehouses and pre-built factories are meeting the needs of manufacturers quite well. In the next period, “tailor-made” products according to investors’ requirements will gradually become more popular and “take over” more and more. Product suppliers need to grasp this trend to be well prepared for the future.
Regarding product segments, Mr. Duong predicts that in the coming time, there will be more high-rise warehouse and factory products. The market will also witness more clearly the efforts to attract customers of industrial park infrastructure investors and secondary tenants (units that lease land in industrial parks to build warehouses, factories, etc.). Even with Frasers, this unit is also effectively using the global customer network system to increase investment in Vietnam, especially with the projects that Frasers provides.
It is difficult to break through without direction.
From the perspective of a research, consulting and investment connection unit, Ms. Van Nguyen, Senior Director of the Northern Trading Market Division (JLL Vietnam) said that after a period of focusing on breadth development, industrial parks in Vietnam are gradually transforming to develop in depth, providing more products for tenants instead of simply clean land and infrastructure as in the previous period. The trend of industrial park development in Vietnam in the coming time will be specialized and in-depth, to position Vietnam as a market that attracts high-level investors.
However, Ms. Van also pointed out the difficulty that Vietnam does not have separate areas to develop key, specialized industrial parks.
“We have not really drawn a picture of investment and positioned ourselves on the world production map other than being close to China (which helps optimize costs and compete with rivals). Which manufacturing industry will be our strength and expertise is not yet clearly oriented,” Ms. Van frankly commented.
Looking at the region, JLL representative said that Vietnam's regulations, mechanisms and macro policies have become much more open, but the speed of improvement is still slow compared to other countries in the region. Currently, China is still considered the world's factory, but corporations still need satellites and Vietnam, with its geographical advantage near China, still has a great advantage in attracting investment. However, if customers require standards, processes... like in China, not many domestic industrial park infrastructure providers can meet them. Therefore, narrowing this gap is also a challenge that needs to be solved.
Source: https://baoquocte.vn/dong-von-fdi-the-he-moi-can-nhung-khu-cong-nghiep-chuyen-sau-may-do-theo-yeu-cau-nha-dau-tu-280702.html
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