Industrial real estate stocks gain fresh momentum from FDI and policy support

In recent trading sessions, stocks of Vingroup-related businesses posted strong gains, playing a major role in lifting the VN-Index back into positive territory. The rally also benefited the VNREAL Index, which tracks listed real estate stocks.

However, capital flows remain highly selective. Within the property sector, analysts expect business performance and share price movements to continue diverging among companies.

Even so, the sector's overall outlook remains positive, particularly for industrial real estate developers, thanks to multiple supportive factors.

Industrial real estate market is regarded to have enormous potential for development

Industry experts believe industrial real estate will be among the biggest direct beneficiaries of Resolution No.10-NQ/TW, issued on June 8, 2026.

The resolution sets out specific targets for developing Vietnam's foreign-invested economic sector during 2026-2030 and through 2045, positioning the country as a leading destination for high-quality FDI, particularly in high-tech industries such as electronics, semiconductor manufacturing and AI.

FDI inflows have maintained strong momentum during the first months of 2026. Total registered FDI reached $24.8 billion in the first five months, up 34.9 per cent on-year, while disbursed FDI amounted to $9.75 billion, an increase of 9.6 per cent.

Although further guiding documents are still needed to assess the full impact of investment incentives and policy measures, Resolution 10 is widely viewed as an important catalyst for both FDI and foreign indirect investment (FII), supporting Vietnam's market upgrade prospects and improving valuations of leading listed firms.

Reputable industrial real estate developers with large land banks, well-developed infrastructure connectivity, and the ability to meet ecological industrial park standards –including Kinh Bac City Development Holding Corporation, Becamex IDC Corporation, IDICO Corporation, and Viglacera Corporation – are expected to benefit significantly from the resolution.

Matthew Smith, head of Research at Yuanta Securities Vietnam, noted that the industrial real estate sector would also benefit from new credit policies.

In late May, the State Bank of Vietnam issued Official Letter No.4551/NHNN-CSTT to credit institutions, allowing additional outstanding loans for social housing, industrial parks and export processing zones to be excluded from the real estate credit growth ceiling throughout 2026.

The policy, effective from January 1 to December 31, 2026, does not represent a broad easing of credit for the entire real estate market.

Instead, it is intended to redirect capital towards segments that support manufacturing, FDI attraction and genuine housing demand, while maintaining tighter credit controls over commercial and speculative property.

According to Yuanta Securities Vietnam, industrial real estate developers are expected to benefit from the policy, particularly companies with relatively high leverage such as BCM, IDC, KBC and VGC.

Meanwhile, FDI data for the first five months of the year suggests growing interest from new FDI inflow. This contrasts with 2025, when FDI growth was concentrated in existing projects while new investments slowed, reflecting investor caution amid an uncertain global outlook.

Alongside supportive domestic policies, the recovery in FDI inflows is expected to continue, driven by rapidly rising global demand for semiconductors and AI technologies.

Analysts at VPBank Securities (VPBankS) said the semiconductor boom would encourage manufacturers to expand production capacity.

Vietnam is expected to remain an appealing investment destination by virtue of its strategic location, political stability, national strategies for attracting investment and developing the semiconductor and high-tech industries, as well as its compelling ecosystem of electronics and semiconductor manufacturers.

According to VPBankS data, valuations of industrial real estate stocks generally remain at relatively attractive levels.

“Despite lingering tariff-related risks, their impact on FDI in the electronics, semiconductor and high-tech sectors remains limited. With FDI into these sectors continuing its strong recovery and oil prices gradually easing, we believe investing in industrial real estate stocks capable of attracting electronics, semiconductor and high-tech manufacturers can help mitigate tariff-related risks,” VPBankS said.

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