According to FiinGroup Vietnam, foreign companies controlled 75% of the warehousing market last year.
The top three players—Mapletree from Singapore, SEA Logistic Partners (a subsidiary of global logistics real estate firm GLP), and BW Industrial (a joint venture between U.S. investment company Warburg Pincus and local developer Becamex IDC)—together leased nearly 1.79 million square meters, which accounts for 46% of the modern warehouse space available, as reported by FiinGroup.
Mapletree has aggressively expanded its warehouse portfolio, establishing large logistics hubs in Bac Ninh, Hung Yen, and Binh Duong provinces, each featuring between 12 to 24 warehouses.
BW Industrial has constructed 22 new warehouses across northern and southern regions from 2020 to 2022.
Domestic enterprises are also expanding but on a smaller scale. The three largest—ICDST, NPL Logistics, and Gemadept—manage spaces of 172,000, 126,000, and 114,000 square meters, respectively.
Driven by robust trade, manufacturing, and retail activities, warehousing remains the most appealing segment within logistics, according to FiinGroup.
FiinGroup noted that over the past four years, the supply of modern warehouse space has grown by 23% annually, reaching 3.9 million square meters in 2023.
An additional 25 warehouses are slated for completion by 2027, adding another 1.87 million square meters to the market.
