According to Cushman & Wakefield's overview report on the Ho Chi Minh City real estate market in Q1/2026, the industrial park land market in the Southern Key Economic Region continues to maintain stable supply while absorption demand shows signs of recovery.
In the first quarter of 2026, the total supply of industrial park land in the area reached about 36,400 ha, unchanged compared to the previous quarter because new projects have not been recorded entering the market. However, compared to the same period last year, the supply increased by 8.6%, reflecting a large amount of land fund put on the market in 2025.
Ho Chi Minh City continues to lead in supply with about 45% market share, followed by Dong Nai with 33% and Tay Ninh accounting for 22%. Stable supply shows that the market is entering the absorption phase, as new land funds are gradually being consumed and investors are regulating the selling speed after the previous strong expansion phase.
Regarding demand, the market-wide occupancy rate in the first quarter of 2026 reached 74.8%, an increase of 0.3 percentage points compared to the previous quarter but a decrease of 1.3 percentage points compared to the same period last year. The net absorption area reached about 127 ha, an increase of 182% quarter-on-quarter and an increase of 59% year-on-year. However, the occupancy rate in general remained unchanged as new supply continued to exceed the absorption rate.
Compared to the first quarter of 2025, the total market size has expanded by about 2,871 hectares, while the leased area has only increased by about 1,710 hectares.
Demand for industrial land lease continues to come from land-intensive industries such as heavy industry, energy, petrochemicals and steel production. Some areas such as Cai Mep and Dat Do recorded significant absorption in the first quarter of the year.
In the first quarter of 2026, the average asking rent for industrial park land reached about 186.6 USD/m2/rent cycle (equivalent to more than 4.88 million VND/m2/rent cycle), up 0.9% compared to the previous quarter and up 1.7% compared to the same period last year, showing that the price level remains stable and continues the slight upward trend.
The market recorded differentiation between localities. In Ho Chi Minh City, the land rent for industrial parks reached 184.2 USD/m2 (equivalent to more than 4.8 million VND/m2), up 4% quarter-on-quarter and up 6.7% compared to the same period last year. Dong Nai maintained stability at 188 USD/m2 (equivalent to more than 4.9 million VND/m2), up 2.6% year-on-year.
Meanwhile, Tay Ninh decreased to 188.7 USD/m2 (equivalent to more than 4.9 million VND/m2), down 1.8% quarter-on-quarter and down 4% year-on-year, due to pressure from increased supply and high vacancy rates.
In the period 2026-2029, the Southern industrial park land market is expected to add about 5,347 hectares of new supply. Of which, Ho Chi Minh City accounts for about 59%, Tay Ninh accounts for 24% and Dong Nai accounts for 17%.
According to Cushman & Wakefield, Ho Chi Minh City will continue to play a central role for high-value industries, while the trend of supply expansion is shifting to satellite provinces - where there is a large land fund, suitable for developing land-intensive production industries and optimizing costs.
Future industrial park projects are forecast to focus more on heavy industry, energy, petrochemicals, and expand to high-tech industries such as semiconductor and microchip manufacturing, reflecting the trend of improving the quality of FDI capital flows.
In parallel with that, investors are also promoting the integration of ESG standards and modern planning into new industrial parks. Accelerating the progress of key infrastructure projects such as Ring Road 3, Ring Road 4, Ben Luc - Long Thanh expressway, Bien Hoa - Vung Tau expressway and connecting to Cai Mep - Thi Vai port cluster is expected to strengthen regional linkages, open up new industrial corridors and consolidate the role of the Southern Key Economic Region as a strategic production and logistics center.
