Industry Report

Industrial Property Sector – Awaiting Trade Negotiation Outcomes

Posted: Jul 17, 2025

We believe the outlook for the industrial property sector is supported by: (1) the expansion of industrial land banks following the completion of locality master plans by 2030, and (2) the significant infrastructure investments in certain localities such as Bac Giang, Hai Duong, and Binh Duong, which will enhance connectivity between industrial parks and administrative centers, economic zones, airports, and seaports.
The new U.S. tariff policy poses a significant challenge for the industrial property sector, as many investors are currently in a “wait-and-see” mode, awaiting the outcome of trade negotiations. We expect Vietnam’s diplomatic efforts will lead to a more favorable and competitive tariff regime compared to other countries in the region.
We favor BCM stock for 2H25, based on: (1) its large land bank and potential for development following the merger of Binh Duong into Ho Chi Minh City; (2) the relaunch of its capital-raising plan, which will provide financial resources to support new project development and debt restructuring; and (3) its current share price, which remains significantly below the value of its underlying assets.”

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