{"id":6777,"date":"2026-08-05T10:40:17","date_gmt":"2026-08-05T03:40:17","guid":{"rendered":"https:\/\/datkhucongnghiep247.com.vn\/en\/?p=6777"},"modified":"2026-08-05T10:40:17","modified_gmt":"2026-08-05T03:40:17","slug":"industrial-park-developers","status":"publish","type":"post","link":"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/","title":{"rendered":"7 Reasons Why Profits of Many Industrial Park Developers Declined in 2026"},"content":{"rendered":"<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"642\" data-end=\"1164\">Vietnam&#8217;s <strong data-start=\"652\" data-end=\"685\">industrial real estate market<\/strong> remains one of the country&#8217;s most attractive investment sectors, supported by strong foreign direct investment (FDI) inflows and continued manufacturing expansion. However, second-quarter financial statements released in 2026 revealed a sharply divided picture among industrial park developers. While some companies maintained strong earnings thanks to industrial land leasing and infrastructure services, many major developers experienced significant declines in profitability.<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6778\" src=\"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-content\/uploads\/2026\/08\/26692695-6599-46ca-a912-47466d9ab873.png\" alt=\"industrial-park-.webp\" width=\"740\" height=\"493\" srcset=\"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-content\/uploads\/2026\/08\/26692695-6599-46ca-a912-47466d9ab873.png 1536w, https:\/\/datkhucongnghiep247.com.vn\/en\/wp-content\/uploads\/2026\/08\/26692695-6599-46ca-a912-47466d9ab873-768x512.png 768w, https:\/\/datkhucongnghiep247.com.vn\/en\/wp-content\/uploads\/2026\/08\/26692695-6599-46ca-a912-47466d9ab873-510x340.png 510w\" sizes=\"auto, (max-width: 740px) 100vw, 740px\" \/><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">M\u1ee4C L\u1ee4C<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Major_Industrial_Park_Developers_Report_Sharp_Profit_Declines\" >Major Industrial Park Developers Report Sharp Profit Declines<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Becamex_IDC_Recorded_the_Largest_Decline\" >Becamex IDC Recorded the Largest Decline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Kinh_Bac_KBC_Saw_Profit_Drop_More_Than_91\" >Kinh Bac (KBC) Saw Profit Drop More Than 91%<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Sonadezi_Faced_Weak_Industrial_Park_Revenue\" >Sonadezi Faced Weak Industrial Park Revenue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#D2D_Lost_Its_Extraordinary_Revenue_Source\" >D2D Lost Its Extraordinary Revenue Source<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#TIP_Experienced_Lower_Earnings\" >TIP Experienced Lower Earnings<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Why_Did_Profits_Decline\" >Why Did Profits Decline?<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#1_Insufficient_Land_Ready_for_Handover\" >1. Insufficient Land Ready for Handover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#2_Falling_Industrial_Real_Estate_Revenue\" >2. Falling Industrial Real Estate Revenue<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#3_New_Revenue_Recognition_Regulations\" >3. New Revenue Recognition Regulations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#4_Limited_Supply_of_Ready-to-Lease_Industrial_Land\" >4. Limited Supply of Ready-to-Lease Industrial Land<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Which_Companies_Continued_Growing\" >Which Companies Continued Growing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Viglacera_Delivered_Outstanding_Results\" >Viglacera Delivered Outstanding Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#SIP_Benefited_from_Diversified_Services\" >SIP Benefited from Diversified Services<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#IDICO_Maintained_Strong_Growth\" >IDICO Maintained Strong Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Nam_Tan_Uyen_Benefited_from_Financial_Income\" >Nam Tan Uyen Benefited from Financial Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Industry_Outlook_Remains_Highly_Differentiated\" >Industry Outlook Remains Highly Differentiated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Market_Outlook\" >Market Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/industrial-park-developers\/#Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" >Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/a><\/li><\/ul><\/nav><\/div>\n\n<p data-start=\"1166\" data-end=\"1444\">This divergence reflects the changing dynamics of Vietnam&#8217;s industrial property market, where project delivery schedules, available industrial land, accounting regulations, and diversified revenue streams have become increasingly important determinants of financial performance.<\/p>\n<hr data-start=\"1446\" data-end=\"1449\" \/>\n<h1 data-section-id=\"jkzmmg\" data-start=\"1451\" data-end=\"1518\"><span class=\"ez-toc-section\" id=\"Major_Industrial_Park_Developers_Report_Sharp_Profit_Declines\"><\/span><span role=\"text\"><strong data-start=\"1453\" data-end=\"1518\">Major Industrial Park Developers Report Sharp Profit Declines<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"1520\" data-end=\"1626\">Several leading industrial park companies posted disappointing earnings during the second quarter of 2026.<\/p>\n<h2 data-section-id=\"1dbhx0d\" data-start=\"1628\" data-end=\"1675\"><span class=\"ez-toc-section\" id=\"Becamex_IDC_Recorded_the_Largest_Decline\"><\/span><span role=\"text\"><strong data-start=\"1631\" data-end=\"1675\">Becamex IDC Recorded the Largest Decline<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"1677\" data-end=\"1710\">Becamex IDC (HOSE: BCM) reported:<\/p>\n<ul data-start=\"1712\" data-end=\"1858\">\n<li data-section-id=\"9piohu\" data-start=\"1712\" data-end=\"1785\"><strong data-start=\"1714\" data-end=\"1730\">Net revenue:<\/strong> nearly <strong data-start=\"1738\" data-end=\"1757\">VND 891 billion<\/strong>, down <strong data-start=\"1764\" data-end=\"1771\">65%<\/strong> year-on-year.<\/li>\n<li data-section-id=\"1gguc0j\" data-start=\"1786\" data-end=\"1858\"><strong data-start=\"1788\" data-end=\"1809\">After-tax profit:<\/strong> approximately <strong data-start=\"1824\" data-end=\"1843\">VND 211 billion<\/strong>, down <strong data-start=\"1850\" data-end=\"1857\">86%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"1860\" data-end=\"2002\">The primary reason was a sharp decline in the company&#8217;s real estate business, where revenue fell <strong data-start=\"1957\" data-end=\"1964\">77%<\/strong> to approximately <strong data-start=\"1982\" data-end=\"2001\">VND 524 billion<\/strong>.<\/p>\n<p data-start=\"2004\" data-end=\"2037\">For the first six months of 2026:<\/p>\n<ul data-start=\"2039\" data-end=\"2149\">\n<li data-section-id=\"175781n\" data-start=\"2039\" data-end=\"2087\">Revenue reached nearly <strong data-start=\"2064\" data-end=\"2086\">VND 1.662 trillion<\/strong>.<\/li>\n<li data-section-id=\"b75ofw\" data-start=\"2088\" data-end=\"2149\">After-tax profit totaled approximately <strong data-start=\"2129\" data-end=\"2148\">VND 320 billion<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"2151\" data-end=\"2234\">Both figures declined by more than <strong data-start=\"2186\" data-end=\"2193\">65%<\/strong> compared with the same period last year.<\/p>\n<hr data-start=\"2236\" data-end=\"2239\" \/>\n<h2 data-section-id=\"102g0aj\" data-start=\"2241\" data-end=\"2292\"><span class=\"ez-toc-section\" id=\"Kinh_Bac_KBC_Saw_Profit_Drop_More_Than_91\"><\/span><span role=\"text\"><strong data-start=\"2244\" data-end=\"2292\">Kinh Bac (KBC) Saw Profit Drop More Than 91%<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2294\" data-end=\"2434\">Kinh Bac City Development Holding Corporation (HOSE: KBC) continued to report revenue growth but experienced a dramatic decline in earnings.<\/p>\n<p data-start=\"2436\" data-end=\"2468\">Second-quarter results included:<\/p>\n<ul data-start=\"2470\" data-end=\"2598\">\n<li data-section-id=\"1i4xm64\" data-start=\"2470\" data-end=\"2535\"><strong data-start=\"2472\" data-end=\"2488\">Net revenue:<\/strong> approximately <strong data-start=\"2503\" data-end=\"2522\">VND 589 billion<\/strong>, up <strong data-start=\"2527\" data-end=\"2534\">16%<\/strong>.<\/li>\n<li data-section-id=\"uc55ip\" data-start=\"2536\" data-end=\"2598\"><strong data-start=\"2538\" data-end=\"2559\">After-tax profit:<\/strong> only <strong data-start=\"2565\" data-end=\"2583\">VND 34 billion<\/strong>, down <strong data-start=\"2590\" data-end=\"2597\">91%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"2600\" data-end=\"2816\">According to the company, contracts for leasing more than <strong data-start=\"2658\" data-end=\"2693\">170 hectares of industrial land<\/strong> have already been signed but cannot yet be recognized because land clearance and compensation work has not been completed.<\/p>\n<p data-start=\"2818\" data-end=\"2892\">Revenue from these contracts is expected to be recognized later this year.<\/p>\n<hr data-start=\"2894\" data-end=\"2897\" \/>\n<h2 data-section-id=\"1sjzx9o\" data-start=\"2899\" data-end=\"2949\"><span class=\"ez-toc-section\" id=\"Sonadezi_Faced_Weak_Industrial_Park_Revenue\"><\/span><span role=\"text\"><strong data-start=\"2902\" data-end=\"2949\">Sonadezi Faced Weak Industrial Park Revenue<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2951\" data-end=\"3028\">Sonadezi Corporation (UPCoM: SNZ) also reported weaker financial performance.<\/p>\n<p data-start=\"3030\" data-end=\"3040\">During Q2:<\/p>\n<ul data-start=\"3042\" data-end=\"3116\">\n<li data-section-id=\"yckr7a\" data-start=\"3042\" data-end=\"3083\">Revenue declined approximately <strong data-start=\"3075\" data-end=\"3082\">31%<\/strong>.<\/li>\n<li data-section-id=\"6ajb86\" data-start=\"3084\" data-end=\"3116\">After-tax profit fell <strong data-start=\"3108\" data-end=\"3115\">51%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"3118\" data-end=\"3209\">Industrial park revenue decreased by <strong data-start=\"3155\" data-end=\"3162\">73%<\/strong>, falling to approximately <strong data-start=\"3189\" data-end=\"3208\">VND 251 billion<\/strong>.<\/p>\n<p data-start=\"3211\" data-end=\"3241\">During the first half of 2026:<\/p>\n<ul data-start=\"3243\" data-end=\"3346\">\n<li data-section-id=\"1idgqmm\" data-start=\"3243\" data-end=\"3284\">Revenue totaled <strong data-start=\"3261\" data-end=\"3283\">VND 2.754 trillion<\/strong>.<\/li>\n<li data-section-id=\"1hs8akk\" data-start=\"3285\" data-end=\"3346\">After-tax profit reached approximately <strong data-start=\"3326\" data-end=\"3345\">VND 732 billion<\/strong>.<\/li>\n<\/ul>\n<hr data-start=\"3348\" data-end=\"3351\" \/>\n<h2 data-section-id=\"1433slw\" data-start=\"3353\" data-end=\"3401\"><span class=\"ez-toc-section\" id=\"D2D_Lost_Its_Extraordinary_Revenue_Source\"><\/span><span role=\"text\"><strong data-start=\"3356\" data-end=\"3401\">D2D Lost Its Extraordinary Revenue Source<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3403\" data-end=\"3642\">Urban Industrial Development No.2 Corporation (HOSE: D2D) also reported a sharp decline because it no longer benefited from the extraordinary land transfer revenue generated at <strong data-start=\"3580\" data-end=\"3608\">Chau Duc Industrial Park<\/strong> during the same period last year.<\/p>\n<p data-start=\"3644\" data-end=\"3656\">As a result:<\/p>\n<ul data-start=\"3658\" data-end=\"3714\">\n<li data-section-id=\"1t7mceq\" data-start=\"3658\" data-end=\"3681\">Revenue fell sharply.<\/li>\n<li data-section-id=\"10cq15s\" data-start=\"3682\" data-end=\"3714\">Profit declined significantly.<\/li>\n<\/ul>\n<hr data-start=\"3716\" data-end=\"3719\" \/>\n<h2 data-section-id=\"1sagqfu\" data-start=\"3721\" data-end=\"3758\"><span class=\"ez-toc-section\" id=\"TIP_Experienced_Lower_Earnings\"><\/span><span role=\"text\"><strong data-start=\"3724\" data-end=\"3758\">TIP Experienced Lower Earnings<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"3760\" data-end=\"3831\">Tin Nghia Industrial Park Development Corporation (HOSE: TIP) reported:<\/p>\n<ul data-start=\"3833\" data-end=\"3910\">\n<li data-section-id=\"ey343q\" data-start=\"3833\" data-end=\"3881\">Q2 profit of approximately <strong data-start=\"3862\" data-end=\"3880\">VND 53 billion<\/strong>.<\/li>\n<li data-section-id=\"1ejzapl\" data-start=\"3882\" data-end=\"3910\">Down <strong data-start=\"3889\" data-end=\"3896\">18%<\/strong> year-on-year.<\/li>\n<\/ul>\n<p data-start=\"3912\" data-end=\"4033\">The decline mainly resulted from reduced income generated through its cooperation agreement related to <strong data-start=\"4015\" data-end=\"4032\">Phuoc An Port<\/strong>.<\/p>\n<hr data-start=\"4035\" data-end=\"4038\" \/>\n<h1 data-section-id=\"1hs38an\" data-start=\"4040\" data-end=\"4070\"><span class=\"ez-toc-section\" id=\"Why_Did_Profits_Decline\"><\/span><span role=\"text\"><strong data-start=\"4042\" data-end=\"4070\">Why Did Profits Decline?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"4072\" data-end=\"4164\">Several major factors contributed to weaker profitability across the industrial park sector.<\/p>\n<h2 data-section-id=\"8iht3x\" data-start=\"4166\" data-end=\"4212\"><span class=\"ez-toc-section\" id=\"1_Insufficient_Land_Ready_for_Handover\"><\/span><span role=\"text\"><strong data-start=\"4169\" data-end=\"4212\">1. Insufficient Land Ready for Handover<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4214\" data-end=\"4277\">Many industrial land lease agreements have already been signed.<\/p>\n<p data-start=\"4279\" data-end=\"4318\">However, projects are still undergoing:<\/p>\n<ul data-start=\"4320\" data-end=\"4373\">\n<li data-section-id=\"xtt4a9\" data-start=\"4320\" data-end=\"4337\">Land clearance.<\/li>\n<li data-section-id=\"lfwt5e\" data-start=\"4338\" data-end=\"4353\">Compensation.<\/li>\n<li data-section-id=\"717hbv\" data-start=\"4354\" data-end=\"4373\">Legal procedures.<\/li>\n<\/ul>\n<p data-start=\"4375\" data-end=\"4440\">Without completed handovers, developers cannot recognize revenue.<\/p>\n<p data-start=\"4442\" data-end=\"4519\">This has become one of the biggest challenges for companies such as Kinh Bac.<\/p>\n<hr data-start=\"4521\" data-end=\"4524\" \/>\n<h2 data-section-id=\"1w0cfpn\" data-start=\"4526\" data-end=\"4574\"><span class=\"ez-toc-section\" id=\"2_Falling_Industrial_Real_Estate_Revenue\"><\/span><span role=\"text\"><strong data-start=\"4529\" data-end=\"4574\">2. Falling Industrial Real Estate Revenue<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4576\" data-end=\"4589\">Revenue from:<\/p>\n<ul data-start=\"4591\" data-end=\"4663\">\n<li data-section-id=\"xw7v99\" data-start=\"4591\" data-end=\"4617\">Industrial land leasing.<\/li>\n<li data-section-id=\"6d9r2x\" data-start=\"4618\" data-end=\"4635\">Land transfers.<\/li>\n<li data-section-id=\"e82pzz\" data-start=\"4636\" data-end=\"4663\">Infrastructure handovers.<\/li>\n<\/ul>\n<p data-start=\"4665\" data-end=\"4718\">declined considerably compared with previous periods.<\/p>\n<p data-start=\"4720\" data-end=\"4829\">Since these activities generate the majority of earnings for most developers, profitability fell accordingly.<\/p>\n<hr data-start=\"4831\" data-end=\"4834\" \/>\n<h2 data-section-id=\"1s8ouym\" data-start=\"4836\" data-end=\"4881\"><span class=\"ez-toc-section\" id=\"3_New_Revenue_Recognition_Regulations\"><\/span><span role=\"text\"><strong data-start=\"4839\" data-end=\"4881\">3. New Revenue Recognition Regulations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"4883\" data-end=\"4957\">Vietnam&#8217;s Circular No. 99 introduced changes requiring some developers to:<\/p>\n<ul data-start=\"4959\" data-end=\"5068\">\n<li data-section-id=\"wg6j33\" data-start=\"4959\" data-end=\"5020\">Stop recognizing industrial land lease revenue immediately.<\/li>\n<li data-section-id=\"1pg1e03\" data-start=\"5021\" data-end=\"5068\">Allocate revenue over multiple years instead.<\/li>\n<\/ul>\n<p data-start=\"5070\" data-end=\"5125\">This accounting adjustment affects companies including:<\/p>\n<ul data-start=\"5127\" data-end=\"5175\">\n<li data-section-id=\"19atlj4\" data-start=\"5127\" data-end=\"5148\">Nam Tan Uyen (NTC).<\/li>\n<li data-section-id=\"26bsm9\" data-start=\"5149\" data-end=\"5175\">Sonadezi Chau Duc (SZC).<\/li>\n<\/ul>\n<p data-start=\"5177\" data-end=\"5259\">Although cash flow remains healthy, reported earnings are lower in the short term.<\/p>\n<hr data-start=\"5261\" data-end=\"5264\" \/>\n<h2 data-section-id=\"3xhnrz\" data-start=\"5266\" data-end=\"5324\"><span class=\"ez-toc-section\" id=\"4_Limited_Supply_of_Ready-to-Lease_Industrial_Land\"><\/span><span role=\"text\"><strong data-start=\"5269\" data-end=\"5324\">4. Limited Supply of Ready-to-Lease Industrial Land<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"5326\" data-end=\"5388\">Compared with previous years, fewer industrial parks now have:<\/p>\n<ul data-start=\"5390\" data-end=\"5466\">\n<li data-section-id=\"1r6uudo\" data-start=\"5390\" data-end=\"5417\">Completed infrastructure.<\/li>\n<li data-section-id=\"1kfzgwp\" data-start=\"5418\" data-end=\"5433\">Cleared land.<\/li>\n<li data-section-id=\"zqz9mj\" data-start=\"5434\" data-end=\"5466\">Immediate delivery capability.<\/li>\n<\/ul>\n<p data-start=\"5468\" data-end=\"5513\">Consequently, revenue recognition has slowed.<\/p>\n<hr data-start=\"5515\" data-end=\"5518\" \/>\n<h1 data-section-id=\"1dhcdf1\" data-start=\"5520\" data-end=\"5560\"><span class=\"ez-toc-section\" id=\"Which_Companies_Continued_Growing\"><\/span><span role=\"text\"><strong data-start=\"5522\" data-end=\"5560\">Which Companies Continued Growing?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"5562\" data-end=\"5648\">Despite the industry&#8217;s mixed performance, several developers maintained strong growth.<\/p>\n<hr data-start=\"5650\" data-end=\"5653\" \/>\n<h1 data-section-id=\"hm6bay\" data-start=\"5655\" data-end=\"5700\"><span class=\"ez-toc-section\" id=\"Viglacera_Delivered_Outstanding_Results\"><\/span><span role=\"text\"><strong data-start=\"5657\" data-end=\"5700\">Viglacera Delivered Outstanding Results<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"5702\" data-end=\"5745\">Viglacera Corporation (HOSE: VGC) reported:<\/p>\n<ul data-start=\"5747\" data-end=\"5869\">\n<li data-section-id=\"3nimu\" data-start=\"5747\" data-end=\"5807\"><strong data-start=\"5749\" data-end=\"5761\">Revenue:<\/strong> more than <strong data-start=\"5772\" data-end=\"5794\">VND 4.462 trillion<\/strong>, up <strong data-start=\"5799\" data-end=\"5806\">38%<\/strong>.<\/li>\n<li data-section-id=\"189rlew\" data-start=\"5808\" data-end=\"5869\"><strong data-start=\"5810\" data-end=\"5831\">After-tax profit:<\/strong> over <strong data-start=\"5837\" data-end=\"5856\">VND 831 billion<\/strong>, up <strong data-start=\"5861\" data-end=\"5868\">54%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"5871\" data-end=\"5902\">Growth was primarily driven by:<\/p>\n<ul data-start=\"5904\" data-end=\"5983\">\n<li data-section-id=\"1irg1p1\" data-start=\"5904\" data-end=\"5945\">Industrial park infrastructure leasing.<\/li>\n<li data-section-id=\"730ynb\" data-start=\"5946\" data-end=\"5983\">Recovery in construction materials.<\/li>\n<\/ul>\n<hr data-start=\"5985\" data-end=\"5988\" \/>\n<h1 data-section-id=\"idu7qy\" data-start=\"5990\" data-end=\"6035\"><span class=\"ez-toc-section\" id=\"SIP_Benefited_from_Diversified_Services\"><\/span><span role=\"text\"><strong data-start=\"5992\" data-end=\"6035\">SIP Benefited from Diversified Services<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"6037\" data-end=\"6127\">Saigon VRG Investment Corporation (HOSE: SIP) continued delivering impressive performance.<\/p>\n<p data-start=\"6129\" data-end=\"6161\">Second-quarter results included:<\/p>\n<ul data-start=\"6163\" data-end=\"6283\">\n<li data-section-id=\"18zcp64\" data-start=\"6163\" data-end=\"6221\">Revenue of more than <strong data-start=\"6186\" data-end=\"6208\">VND 2.402 trillion<\/strong>, up <strong data-start=\"6213\" data-end=\"6220\">13%<\/strong>.<\/li>\n<li data-section-id=\"zm2mwf\" data-start=\"6222\" data-end=\"6283\">After-tax profit exceeding <strong data-start=\"6251\" data-end=\"6270\">VND 447 billion<\/strong>, up <strong data-start=\"6275\" data-end=\"6282\">41%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"6285\" data-end=\"6376\">Unlike many developers that rely heavily on land leasing, SIP generates stable income from:<\/p>\n<ul data-start=\"6378\" data-end=\"6464\">\n<li data-section-id=\"1ysh6nm\" data-start=\"6378\" data-end=\"6399\">Electricity supply.<\/li>\n<li data-section-id=\"1xmjz34\" data-start=\"6400\" data-end=\"6415\">Water supply.<\/li>\n<li data-section-id=\"gfv5ba\" data-start=\"6416\" data-end=\"6444\">Industrial infrastructure.<\/li>\n<li data-section-id=\"1r12tqg\" data-start=\"6445\" data-end=\"6464\">Utility services.<\/li>\n<\/ul>\n<p data-start=\"6466\" data-end=\"6566\">These businesses contribute more than <strong data-start=\"6504\" data-end=\"6528\">80% of total revenue<\/strong>, creating stable long-term cash flow.<\/p>\n<hr data-start=\"6568\" data-end=\"6571\" \/>\n<h1 data-section-id=\"skgu6s\" data-start=\"6573\" data-end=\"6609\"><span class=\"ez-toc-section\" id=\"IDICO_Maintained_Strong_Growth\"><\/span><span role=\"text\"><strong data-start=\"6575\" data-end=\"6609\">IDICO Maintained Strong Growth<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"6611\" data-end=\"6690\">IDICO Corporation (HNX: IDC) remained one of the sector&#8217;s brightest performers.<\/p>\n<p data-start=\"6692\" data-end=\"6715\">Second-quarter results:<\/p>\n<ul data-start=\"6717\" data-end=\"6855\">\n<li data-section-id=\"167hiw5\" data-start=\"6717\" data-end=\"6769\">Revenue reached <strong data-start=\"6735\" data-end=\"6756\">VND 2.27 trillion<\/strong>, up <strong data-start=\"6761\" data-end=\"6768\">29%<\/strong>.<\/li>\n<li data-section-id=\"4hq0op\" data-start=\"6770\" data-end=\"6855\">After-tax profit totaled <strong data-start=\"6797\" data-end=\"6816\">VND 663 billion<\/strong>, recording strong year-on-year growth.<\/li>\n<\/ul>\n<p data-start=\"6857\" data-end=\"6882\">For the first six months:<\/p>\n<ul data-start=\"6884\" data-end=\"6978\">\n<li data-section-id=\"10nn4fp\" data-start=\"6884\" data-end=\"6926\">Revenue approached <strong data-start=\"6905\" data-end=\"6925\">VND 3.8 trillion<\/strong>.<\/li>\n<li data-section-id=\"117ea1m\" data-start=\"6927\" data-end=\"6978\">After-tax profit exceeded <strong data-start=\"6955\" data-end=\"6977\">VND 1.001 trillion<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"6980\" data-end=\"7083\">Revenue from industrial land leasing surpassed <strong data-start=\"7027\" data-end=\"7048\">VND 1.19 trillion<\/strong>, increasing approximately <strong data-start=\"7075\" data-end=\"7082\">43%<\/strong>.<\/p>\n<hr data-start=\"7085\" data-end=\"7088\" \/>\n<h1 data-section-id=\"w80dde\" data-start=\"7090\" data-end=\"7140\"><span class=\"ez-toc-section\" id=\"Nam_Tan_Uyen_Benefited_from_Financial_Income\"><\/span><span role=\"text\"><strong data-start=\"7092\" data-end=\"7140\">Nam Tan Uyen Benefited from Financial Income<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"7142\" data-end=\"7205\">Nam Tan Uyen Industrial Park Corporation (UPCoM: NTC) reported:<\/p>\n<ul data-start=\"7207\" data-end=\"7278\">\n<li data-section-id=\"kd8u9p\" data-start=\"7207\" data-end=\"7278\">Q2 after-tax profit of approximately <strong data-start=\"7246\" data-end=\"7265\">VND 132 billion<\/strong>, up <strong data-start=\"7270\" data-end=\"7277\">36%<\/strong>.<\/li>\n<\/ul>\n<p data-start=\"7280\" data-end=\"7304\">Growth mainly came from:<\/p>\n<ul data-start=\"7306\" data-end=\"7356\">\n<li data-section-id=\"2o3exo\" data-start=\"7306\" data-end=\"7324\">Dividend income.<\/li>\n<li data-section-id=\"1fr6zdj\" data-start=\"7325\" data-end=\"7356\">Financial investment returns.<\/li>\n<\/ul>\n<p data-start=\"7358\" data-end=\"7366\">However:<\/p>\n<ul data-start=\"7368\" data-end=\"7480\">\n<li data-section-id=\"1jf871x\" data-start=\"7368\" data-end=\"7480\">Six-month revenue still declined approximately <strong data-start=\"7417\" data-end=\"7424\">41%<\/strong>, indicating that core operations remain under pressure.<\/li>\n<\/ul>\n<hr data-start=\"7482\" data-end=\"7485\" \/>\n<h1 data-section-id=\"1lav715\" data-start=\"7487\" data-end=\"7539\"><span class=\"ez-toc-section\" id=\"Industry_Outlook_Remains_Highly_Differentiated\"><\/span><span role=\"text\"><strong data-start=\"7489\" data-end=\"7539\">Industry Outlook Remains Highly Differentiated<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"7541\" data-end=\"7651\">According to a report by <strong data-start=\"7566\" data-end=\"7585\">ACBS Securities<\/strong>, Vietnam&#8217;s industrial real estate sector is expected to generate:<\/p>\n<ul data-start=\"7653\" data-end=\"7807\">\n<li data-section-id=\"1kn5c2m\" data-start=\"7653\" data-end=\"7728\"><strong data-start=\"7655\" data-end=\"7707\">Total revenue of approximately VND 72.4 trillion<\/strong> in 2026, up <strong data-start=\"7720\" data-end=\"7727\">14%<\/strong>.<\/li>\n<li data-section-id=\"s38rew\" data-start=\"7729\" data-end=\"7807\"><strong data-start=\"7731\" data-end=\"7773\">Net profit approaching VND 22 trillion<\/strong>, increasing <strong data-start=\"7786\" data-end=\"7793\">56%<\/strong> year-on-year.<\/li>\n<\/ul>\n<p data-start=\"7809\" data-end=\"7911\">Growth will mainly come from companies converting rubber plantations into industrial parks, including:<\/p>\n<ul data-start=\"7913\" data-end=\"7962\">\n<li data-section-id=\"12tfuo7\" data-start=\"7913\" data-end=\"7942\">Vietnam Rubber Group (GVR).<\/li>\n<li data-section-id=\"yj2h5d\" data-start=\"7943\" data-end=\"7962\">Phuoc Hoa Rubber.<\/li>\n<\/ul>\n<p data-start=\"7964\" data-end=\"8009\">These companies are expected to benefit from:<\/p>\n<ul data-start=\"8011\" data-end=\"8109\">\n<li data-section-id=\"1d2gf86\" data-start=\"8011\" data-end=\"8046\">Compensation for land conversion.<\/li>\n<li data-section-id=\"13zo8tt\" data-start=\"8047\" data-end=\"8070\">Higher rubber prices.<\/li>\n<li data-section-id=\"95p59w\" data-start=\"8071\" data-end=\"8109\">Infrastructure development projects.<\/li>\n<\/ul>\n<p data-start=\"8111\" data-end=\"8169\">Meanwhile, traditional industrial park developers such as:<\/p>\n<ul data-start=\"8171\" data-end=\"8241\">\n<li data-section-id=\"v0f30d\" data-start=\"8171\" data-end=\"8185\">Becamex IDC.<\/li>\n<li data-section-id=\"piqsoy\" data-start=\"8186\" data-end=\"8197\">Kinh Bac.<\/li>\n<li data-section-id=\"s2mnaf\" data-start=\"8198\" data-end=\"8209\">Sonadezi.<\/li>\n<li data-section-id=\"1fv872w\" data-start=\"8210\" data-end=\"8225\">Nam Tan Uyen.<\/li>\n<li data-section-id=\"1qh6n8u\" data-start=\"8226\" data-end=\"8234\">IDICO.<\/li>\n<li data-section-id=\"1j4cmlo\" data-start=\"8235\" data-end=\"8241\">SIP.<\/li>\n<\/ul>\n<p data-start=\"8243\" data-end=\"8306\">may continue experiencing mixed financial results depending on:<\/p>\n<ul data-start=\"8308\" data-end=\"8405\">\n<li data-section-id=\"cs3ltm\" data-start=\"8308\" data-end=\"8334\">Land handover schedules.<\/li>\n<li data-section-id=\"10x7sqz\" data-start=\"8335\" data-end=\"8364\">Revenue recognition timing.<\/li>\n<li data-section-id=\"ykr5fv\" data-start=\"8365\" data-end=\"8379\">FDI inflows.<\/li>\n<li data-section-id=\"1jkqkgx\" data-start=\"8380\" data-end=\"8405\">Industrial land demand.<\/li>\n<\/ul>\n<hr data-start=\"8407\" data-end=\"8410\" \/>\n<h1 data-section-id=\"122c54b\" data-start=\"8412\" data-end=\"8432\"><span class=\"ez-toc-section\" id=\"Market_Outlook\"><\/span><span role=\"text\"><strong data-start=\"8414\" data-end=\"8432\">Market Outlook<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"8434\" data-end=\"9008\">Although many industrial park developers experienced weaker short-term earnings, Vietnam&#8217;s industrial real estate sector continues to offer strong long-term growth potential. Global supply chain diversification, rising foreign direct investment, expanding high-tech manufacturing, and major infrastructure projects continue creating favorable conditions for industrial park development. Companies with clean land banks, efficient project execution, diversified service income, and integrated industrial ecosystems are expected to outperform the market over the coming years.<\/p>\n<hr data-start=\"9010\" data-end=\"9013\" \/>\n<h1 data-section-id=\"10044it\" data-start=\"9015\" data-end=\"9031\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><span role=\"text\"><strong data-start=\"9017\" data-end=\"9031\">Conclusion<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p data-start=\"9033\" data-end=\"9684\">The second-quarter 2026 earnings season clearly illustrates the growing divergence among Vietnam&#8217;s industrial park developers. While major companies such as Becamex IDC, Kinh Bac, and Sonadezi faced pressure from delayed revenue recognition and limited ready-to-lease land, developers including Viglacera, SIP, and IDICO continued achieving strong growth through diversified revenue sources and efficient industrial park operations. Going forward, competitive advantage will depend not only on land bank size but also on project execution, financial management, service diversification, and the ability to deliver industrial land quickly to investors.<\/p>\n<p data-start=\"5726\" data-end=\"5748\"><strong data-start=\"5726\" data-end=\"5746\">References:<\/strong><\/p>\n<ul data-start=\"5749\" data-end=\"5903\">\n<li data-section-id=\"qg9xo1\" data-start=\"5749\" data-end=\"5815\">\n<p data-start=\"5751\" data-end=\"5815\"><a class=\"decorated-link\" href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\" target=\"_new\" rel=\"noopener\" data-start=\"5751\" data-end=\"5813\">Dat Khu C\u00f4ng Nghi\u1ec7p 247<\/a><\/p>\n<\/li>\n<\/ul>\n<h1><span class=\"ez-toc-section\" id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><span id=\"Free_access_to_exclusive_information_on_warehouse_factory_and_land_rentals_in_Dong_Nai_Binh_Duong_Long_An_Ho_Chi_Minh_City_and_more\" class=\"ez-toc-section\"><\/span><strong>Free access to exclusive information on warehouse, factory, and land rentals in Dong Nai, Binh Duong, Long An, Ho Chi Minh City, and more.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\"><strong>KHU C\u00d4NG NGHI\u1ec6P 247\u00a0<\/strong><\/a>is a company operating in the field of buying, selling, and leasing factories and real estate<strong>.<\/strong>.\u00a0<a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\">We<\/a>\u00a0are proud to be a leading provider of real estate services in Vietnam. We have a team of highly qualified and experienced real estate consultants who always place trust and credibility at the core of everything we do<a href=\"https:\/\/jsc-vietnam.com\/khu-che-xuat-la-gi-vai-tro-va-loi-ich\/\" target=\"_blank\" rel=\"noopener\">.<\/a><\/p>\n<p><strong>Phone:<\/strong>\u00a0<strong>0901 490 348<\/strong><\/p>\n<p><strong>Email:\u00a0<\/strong>datkhucongnghiep247@gmail.com<\/p>\n<p><strong>Website:\u00a0<\/strong><a href=\"https:\/\/datkhucongnghiep247.com.vn\/en\/\">datkhucongnghiep247.com.vn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vietnam&#8217;s industrial real estate market remains one of the country&#8217;s most attractive investment sectors, supported by strong foreign direct investment (FDI) inflows and continued manufacturing expansion. However, second-quarter financial statements released in 2026 revealed a sharply divided picture among industrial park developers. While some companies maintained strong earnings thanks to industrial land leasing and infrastructure [&#8230;]\n","protected":false},"author":12,"featured_media":6778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"_links":{"self":[{"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/posts\/6777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/comments?post=6777"}],"version-history":[{"count":1,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/posts\/6777\/revisions"}],"predecessor-version":[{"id":6779,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/posts\/6777\/revisions\/6779"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/media\/6778"}],"wp:attachment":[{"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/media?parent=6777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/categories?post=6777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datkhucongnghiep247.com.vn\/en\/wp-json\/wp\/v2\/tags?post=6777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}