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  • News
  • News in Vietnam
  • 6 December 2021

Bac Ninh leads in industrial real estate in the North

Bac Ninh is the leading locality in supply and occupancy rates in the Northern industrial zone real estate market.

With 15 projects, Bac Ninh leads the North with a total industrial park area of ​​5,797 hectares and an average occupancy rate of 99% in 2021. This is also the province with the most approved projects in the first quarter, with five industrial parks about to be implemented.

In which, Que Vo III industrial park is most prominent with an area of ​​208.5 hectares, with a total investment of nearly 121 million USD, or Gia Binh II industrial park with an area of ​​250 hectares, with a total investment of 172.2 million USD.

Similarly, the supply of factories and warehouses in Bac Ninh is also higher than the whole region at 10.25% compared to the total collection of the entire country. Following is Hai Phong with 7.61%, Hai Duong at 4.78%, and Thai Nguyen at 4.61%.

Besides Bac Ninh, Hanoi saw a slight increase in an occupancy rate of 1%, reaching 91% with 13 projects. With a rise of 5% over the same period last year, Hai Duong achieved an occupancy rate of 86% with ten projects. Vinh Phuc and Hung Yen are both higher at 88%.

In terms of rents, travel restrictions and relatively stable occupancy rates have resulted in less price escalation than 2018-2020. On average, land rent increased by 9.89% over the same period last year, reaching $100 per square meter.

Prices in Hanoi still occupy the highest position when reaching 129 USD per m2. Other markets that recorded price increases such as Bac Ninh (price reached 106 USD per m2), Hai Phong (101 USD per m2), and Hai Duong (reached 79 USD per m2). Hung Yen had the most substantial increase, getting 22% over the same period in 2020 with the price of 101 USD per m2.

The supply in Bac Ninh is not much. Newly approved projects are also being partially implemented. However, the demand here is still huge, with the rental price will increase, approaching the rental fee in Hanoi.

In addition to the traditional localities with advantages in industrial real estate, Quang Ninh is now an emerging bright spot. This is an area with many benefits in terms of resources and convenient location. Accordingly, the locality has land and sea borders, a deep-water seaport, and a Van Don airport. Moreover, the distance of Quang Ninh from Hanoi will be shortened when the bridges are completed.

The expert assesses that the development potential of the industrial zones in the North is huge. The South is the economic locomotive, but new FDI enterprises in Vietnam will have to consider leased land in the North because the rent is more reasonable and the future supply is relatively abundant.