Vietnam Industrial Factories / Warehouses (Tenanted, via a Foreign-Invested Enterprise)
Composite-board score: 5.1 · Where it is strong: Net cash flow, Tax friendliness · methodology
Overall rank #6. Vietnamese industrial property (factories/warehouses/sale-and-leaseback, SLB) is the physical asset on this board with the hardest growth evidence: realised FDI reached USD 27.62 billion in 2025 (+9%), and newly registered capital in the first 10 months of 2026 set a record since 2009. Ready-built factory asking rents are about USD 5.0–5.3/sq m/month with occupancy about 81–87%, and on JLL's basis the northern logistics market yield is 8.2%. But the previously listed "claimed 6–8%+" needs its basis corrected: the current version of its source, the Velox page, no longer contains that figure anywhere. Align the three verifiable things instead — gross market yield about 8.2% (JLL), net initial yield of 7.2% in Savills' illustrative SLB model, and no verified basis yet for the investor-level net figure. This page's verdict is "do, with conditions": only tenanted assets + long NNN leases + lump-sum-paid land rent; no bare land and no new development.
In short: four lines first
High
声称 6–8%+（Net return）
Medium (park operator)
No verified basis for net returns: the current version of the Velox source page behind the previously listed "claimed 6–8%+" no longer contains that figure (re-checked on 8 Nov 2026 — the whole page has no occurrence of the word "yield"). JLL's 8.2% is a northern logistics market yield (gross basis, before holding and operating costs); Savills' 7.2% is an illustrative model value. None of the three is an investor-level net return.
The numbers that matter
- Net return：声称 6–8%+（ Unverified ，Data as of: 2026-11-08）
- SLB illustrative-model net initial yield (Savills)：Savills 越南售后回租（SLB）指南的说明性模型：胡志明市周边 25,000 平方米物流仓，售价 USD 2,000 万、租金 USD 5.00/平方米/月、NNN、管理分摊 USD 6 万/年 → NOI USD 144 万 → 净初始收益率 7.2%。模型假设，非在售项目；同页披露历史成交 Mapletree/Unilever（2018）8.3%、Di An（2020）逾 9.0%，为经纪披露（ Broker claim ，Data as of: 2026-11-07）
Why we think it makes money
The demand side is hard data. Vietnam's realised FDI reached USD 27.62 billion in 2025 (+9%), with manufacturing accounting for about 59% of realised capital. Newly registered capital in the first 10 months of 2026 was USD 30.73 billion, about 2.2 times the prior year (the General Statistics Office, via Vietnam News Agency) — a record total since 2009, with manufacturing at 47.5% of new registrations and Singapore the largest source country. Electronics, semiconductors and "China+1" capacity relocation are the main source of growth; FTSE Russell's upgrade of Vietnam to emerging-market status in Sep 2026 further opens the allocation channel for institutional money.
Rents and occupancy have institutional series. Q2 2026: ready-built factory asking rents about USD 5.0–5.3/sq m/month in the north (JLL/CBRE) and about USD 5.0 in the south (JLL); occupancy 81.2–82.7% in northern prime markets and 86.8% in the south. Northern ready-built warehouse rents are about USD 4.9–5.1 with occupancy 85.7% (C&W). Northern industrial land asking prices are about USD 137.7–143/sq m/lease term. The mutually corroborating range is: rents USD 4.5–5.3, occupancy around 80%.
There are three layers of yield anchor, and each needs its basis labelled. On JLL's basis, the northern logistics market yield is 8.2% (unchanged for two years, gross basis). Savills' illustrative sale-and-leaseback (SLB) model — a 25,000 sq m logistics warehouse, sale price USD 20 million, rent USD 5.00/sq m/month, NNN structure — gives a net initial yield of 7.2%. Historical SLB transactions disclosed by Savills: Mapletree/Unilever (2018) at 8.3%, Di An (2020) at over 9.0%. The board's original "6–8%+" figure itself falls inside this band, but its source page no longer shows the number — this site uses these three sourced anchors instead, each with its basis labelled.
Structure determines the return. Vietnamese SLB leases are mostly 10–20 years, NNN, with 3–5% annual escalations, and a parent-company guarantee is close to a necessity. Only assets with lump-sum land rent paid can support a full SLB, and assets with under 30 years remaining are discounted steeply. In other words, for the same factory, a gross lease and a long NNN lease differ by an order of magnitude in net terms — buying industrial property means buying the contract structure first, and the bricks second.
How to actually get in
- Choose the structure: prefer already-tenanted ready-built factories/warehouses with a sale-and-leaseback (SLB) or a long NNN lease — 10–20 year terms, 3–5% annual escalations, the tenant bearing property tax/insurance/repairs. Only assets whose land rent has been paid in a lump sum can support a full SLB; assets on annually paid land rent can only transfer part of the property.
- Set up the vehicle: a wholly foreign-owned FIE (100% shareholding) via investment registration (IRC) plus enterprise registration (ERC). Acquiring an asset inside an industrial park requires the park management board's approval of the land-use-right transfer.
- Vet the land: look only at assets with lump-sum land rent paid, with at least 30 years of term remaining (below 30 years the discount is steep). Check the full document set: land use right certificate, environmental assessment, fire safety, construction permits. Reference land price: northern industrial land asking prices are about USD 137.7–143/sq m/lease term.
- Vet the tenant: a parent-company guarantee is close to a necessity in Vietnamese SLBs; tenant credit matters more than the building's finish — first-tier multinational tenants, more than 10 years of lease remaining, rent priced off construction cost and sector benchmarks (example rent for logistics space near Ho Chi Minh City: USD 5.00/sq m/month). ESG/LEED-certified assets carry a rent premium.
- Model the tax: model case by case under the 2025 Corporate Income Tax Law — standard rate 20%, and industrial-park projects no longer receive the automatic "2 years exempt + 4 years at half". Existing projects keep their approved incentives until expiry. Large enterprises must also consider the global minimum tax (Pillar Two) top-up.
What it costs, what it earns
Entry amount: High
How much work for you: Medium (park operator)
- Purchase price: on Savills' illustrative SLB model, a 25,000 sq m logistics warehouse near Ho Chi Minh City sells from USD 20 million (a model assumption, not a project on the market). Industrial land asking prices in the north are about USD 137.7–143/sq m/lease term (Q2 2026, C&W/CBRE).
- Transaction taxes: transfer tax — individuals pay personal income tax at 2% of the transfer price; companies pay corporate income tax at 20% of the gain. The building-value portion is subject to 10% VAT (Savills basis). The tax burden differs greatly by acquisition structure; model it case by case before signing.
- Holding tax: the standard corporate income tax rate is 20% (2025's new law). Reduced rates of 15%/17% apply to smaller businesses (annual revenue up to VND 3 billion / VND 3–50 billion, with related-party exclusion clauses). Industrial parks no longer enjoy automatic exemptions; sector/region incentives are applied for case by case (for example, 10% for 15 years for high technology).
- Operating cost: under an NNN structure the tenant bears property tax, insurance and repairs; under a gross lease the owner bears everything — the contract structure directly determines the net figure. If the owner manages the asset, Savills' model lists management cost separately (example: USD 60,000/year); the actual figure follows the contract.
- Energy cost: EVN's average retail electricity price rose a cumulative ~18.2% from 2023 to May 2025, then was cut for the first time by about 2% to VND 2,159.9/kWh (excluding VAT) from 1 Nov 2026. Industrial parks actually apply park tariffs with peak/off-peak spreads; peak-period prices for industrial customers can reach 2.8–3.1 times off-peak. Electricity is a tenant cost, but it feeds into renewal and vacancy risk.
- Exchange-rate cost: VND is not a pegged currency, and rents are often priced in a USD/VND mix. Under an SLB structure, USD pricing is usually preferred as a hedge (Savills basis).
Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。
Identity & tax
Status (residency / citizenship)
This asset counts toward the channel Residency channel
Threshold: 企业实缴出资 ≥ 30 亿越南盾（约 US$11.5 万）
工业厂房/仓储以越南公司真实出资持有运营，达到 DT3 门槛可支撑 ≤3 年临时居留卡（DT2/DT1 门槛为 500 亿/1,000 亿越南盾）；买房不算出资。越南没有黄金签证。
Source: 越南 Law 47/2014（经 Law 118/2025 修订）
Tax (investor level)
企业所得税优惠已改制：2025 年新 CIT 法取消园区自动优惠，改按行业/地区清单逐项适用，签约前须逐案核。
- 企业所得税：标准 20%；优惠按 67/2025/QH15 新法清单适用（园区自动优惠取消）。
- 个人出租：5% VAT + 5% PIT 按毛收入计（Circular 40/2021）。
- 转让：个人按全额售价 2% 计 PIT。
Double-tax treaties: 越南有 80 多个税收协定，中国、新加坡、印度均在列并生效；协定减免须凭税务居住证明申请。
Source: 越南 67/2025/QH15 企业所得税法；Circular 40/2021/TT-BTC
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Risks: what could go wrong
What we have not verified yet
The following key figures have not yet been verified; the reason is noted for each item.
- The source of the previously listed metric "claimed 6–8%+" (Velox's Vietnam manufacturing investment guide) no longer shows any yield figure in its current version (re-checked on 8 Nov 2026); the figure's original provenance cannot be verified, and this page is anchored instead to JLL's and Savills' published bases.
- JLL's 8.2% is the northern logistics "market yield" (gross basis, before holding and operating costs), relayed via Real Estate Asia from JLL's Q2 data; this site has not read JLL's original report directly.
- Savills' SLB figures are an illustrative model (25,000 sq m, USD 20 million, USD 5.00/sq m/month, NNN → net initial yield 7.2%), not a project on the market. Its disclosed 8.3% (2018) and over 9.0% (2020) are broker-disclosed historical transactions, dating back some years and not independently verified.
- The effect of the Decree 226/2025 land price tables on existing parks' renewal rents: the mechanism is verified — tenants who prepaid the whole term are unaffected (transitional clause, Decree 103/2024); annual-payment tenants are charged on five-year stability cycles, reset only at cycle end and capped at the prior five years' cumulative national CPI (Land Law Art. 153(2); Decree 103 Art. 32(2)). What remains unverified: the actual reset magnitudes by province at cycle switches — no institution publishes quantified figures.
FAQ
- Can foreigners buy Vietnamese industrial property?
- You cannot own the land itself. What you can buy is the land use right plus the assets on it: a wholly foreign-owned company takes a land use right inside an industrial park (up to 50 years; up to 70 in economic zones), or enters by acquiring a tenanted factory/warehouse with a sale-and-leaseback (SLB). The acquisition needs the park management board's approval of the land-use-right transfer, and only assets with lump-sum land rent paid qualify — assets on annually paid land rent cannot support a full SLB.
- Is the "6–8% net return" real?
- It is not verified. Colliers once cited JLL's northern logistics "market yield" of 8.2% (a gross basis, before holding costs). Savills' illustrative sale-and-leaseback model gives a net initial yield of 7.2% (a 25,000 sq m, USD 20 million, NNN example — not a project on the market). The board's original source page for the "claimed 6–8%+" no longer contains that figure in its current version. Aligning the three on one basis: gross market yield about 8%, modelled net initial yield (NNN structure) 7.2%, and the investor-level net figure still has to be computed deal by deal.
- What is an SLB, and why is it the preferred structure?
- Sale-and-leaseback: a company sells its own factory/warehouse to an investor and simultaneously signs a 10–20 year NNN lease to keep using it, with 3–5% annual escalations and a parent-company guarantee. This site lists it as the first choice because it is the only structure in which a foreign passive investor can lock in long-lease cash flow from the day of purchase. Historical cases disclosed by Savills: Mapletree/Unilever (2018, 66,800 sq m, net initial yield 8.3%) and Di An (2020, 36,000 sq m, over 9.0%) — both noted as broker-disclosed and dating back some years.
- What does the end of park tax incentives mean for me?
- The 2025 Corporate Income Tax Law (effective 1 Oct 2025) abolished automatic industrial-park tax incentives: park projects newly established after 2025 no longer automatically receive "2 years exempt + 4 years at half" and must apply case by case by sector and region (sectors such as high technology can still receive preferences like 10% for 15 years). Existing projects keep their approved incentives until expiry. When doing the sums, do not model "industrial park = tax-free" any more; start from the standard 20% rate.
- What are rents and occupancy like now?
- Institutional data (Q2 2026): ready-built factory asking rents are about USD 5.0–5.3/sq m/month (north) and USD 5.0 (south), with occupancy about 81–87%. Northern ready-built warehouse rents are about USD 4.9–5.1 with occupancy about 85.7% (C&W) — but on JLL's basis the vacancy rate for northern prime warehouses is 32.7%. The two houses survey different scopes, so neither can be used alone. Supply pressure is building: about 640,000 sq m of new warehouse space enters the northern market in H2 2026, and about 1.7 million sq m of new factory space is due in the south over 2026–2028.
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