According to JLL Vietnam (a branch of a global commercial real estate investment consulting and management company from the US), although foreign direct investment (FDI) capital flows continue to be maintained at a high level, the capital flow structure is showing a strategic shift in the context that international interest rates are still anchored at a high level and foreign investment funds are increasingly cautious when revaluing asset values in Vietnam.
In the first 6 months of the year, FDI capital continued to focus mainly on the production and processing and manufacturing sectors, accounting for 82.6% of total registered capital. Meanwhile, real estate mergers and acquisitions (M&A) only accounted for about 7.4% of total capital flow, reflecting the trend of prioritizing investment in actual production activities instead of asset trading transactions.
At the same time, investor tastes are becoming more selective. Capital flows are heading towards projects with transparent legal status, strategic locations, convenient infrastructure connections and developed by reputable investors. The appraisal process is also tightened when the top goal is to preserve capital.
Projects that depend on price increase expectations or are located in areas without real demand continue to face difficulties. Conversely, assets with high energy efficiency, meeting sustainable development standards and creating stable cash flow are having a clear competitive advantage, as tenants are increasingly focusing on controlling operating costs.
Mr. Ta My Bach - Market Director of Capital Markets, JLL Vietnam, said: "We see a clear shift from an investment strategy based on price increase expectations to an investment strategy based on asset quality and actual operating efficiency. In an environment where capital costs are still high, investors are increasingly prioritizing projects that can generate stable cash flow, possess long-term competitive advantages and meet sustainable development standards. These will be factors that determine the market's ability to attract capital in the next period.
According to JLL Vietnam, in the first 6 months of the year, the housing segment continued to lead the real estate M&A market, accounting for the largest proportion in terms of transaction volume.
Data centers are emerging as a potential segment as a series of investors in the region actively seek land funds and survey infrastructure to enter the Vietnamese market.
Mr. Ta My Bach said that the biggest barrier currently does not lie in liquidity but in the expected price gap between buyers and sellers. In addition, the remaining land use term of the project is also a factor that foreign investors consider carefully. However, M&A activities are expected to continue to be stable in the second half of 2026, focusing on quality assets in the fields of housing, hotels - resorts, data centers and selected commercial real estate.
