News about industrial parks

Phu Tho province's working delegation inspected the Phu Ninh Industrial Park project on October 20 and ordered relevant parties to announce the groundbreaking no later than November 15. The project is invested by Viglacera Phu Tho Joint Stock Company, covers 409.23 ha, has registered investment capital of over VND 2,559 billion, is divided into four phases and is expected to be completed in Q4 2030. Progress is lagging due to site clearance, resettlement, connecting transport infrastructure, unallocated land for phase 1, and incomplete procedures on construction drawings, fire-prevention design and contractor selection. The province is applying a “green lane” mechanism to prioritise related procedures.

Nam Tan Uyen Industrial Park (NTC) reported Q3/2026 net profit of about VND 46 billion, down 63.4% year on year, as revenue fell 65.4% to VND 79.3 billion. The decline mainly reflects the absence of a one-time land-lease revenue of VND 164.6 billion booked a year earlier. Gross margin rose from 54.6% to 73.4% as cost of sales fell faster than revenue. For the first nine months, revenue was VND 242.9 billion (down 52.1%) and after-tax profit was VND 216.9 billion (down 26.3%), equal to 95.8% of the full-year 2026 profit target of VND 226.4 billion. As of Sept. 30, 2026, long-term deferred revenue was about VND 5,068.4 billion, or 90.9% of total liabilities of VND 5,574.6 billion.

PVI AM sold over 6.5 million KBC shares on October 15, 2026, reducing its holding from nearly 7.8 million shares (0.83%) to nearly 1.3 million (0.13%). After the trade, its holdings together with related parties fell to nearly 51.3 million shares (5.44%). On October 10, 2026, Kinh Bắc received notice from HYG, its subsidiary, that TPM360 had become an associate of HYG, making it an indirect associate of Kinh Bắc. TPM360, founded in June 2025 and operating in real estate, raised its charter capital from VND 490 billion to VND 1,200 billion. Earlier, through HYG, Kinh Bắc became the parent company of KBC Hưng Yên, which manages Hưng Yên FC, with an indirect ownership of 91.34%.

Sonadezi (SNZ) disclosed that it currently does not meet public company requirements under the Securities Law. Per the VSDC shareholder list dated October 8, 2026, Dong Nai Provincial People's Committee holds 99.54% of voting shares while 483 other shareholders hold just 0.46%, whereas at least 10% must be held by at least 100 non-major investors. A proposal to keep state ownership until 2030 is under review by the Dong Nai People's Committee and the Department of Finance. Earlier, Supervisory Board Head Dang Le Bich Phuong was prosecuted and detained in May 2026 for violating rules on managing and using state assets, causing loss and waste. In H1 2026, revenue fell 25.7% to VND 2,751.8 billion and post-tax profit dropped 43.9% to VND 727.28 billion, while gross margin narrowed from 49.1% to 37.4%.

Kinh Bac Urban Development, the company associated with businessman Dang Thanh Tam, posted after-tax profit of over VND 937 billion in the third quarter, its highest since Q1 2023 and three times the year-ago level, on revenue of VND 3,187 billion. Management attributed the gain to growth in industrial park operations and the absence of real estate disposal losses booked a year earlier. For the first nine months, revenue reached VND 5,112 billion, up 4.2%, but profit of nearly VND 1,200 billion fell more than 23% as costs rose faster than revenue. Land and infrastructure leasing made up 65% of revenue (VND 3,293 billion) but fell 10%, while real estate transfers rose 75% to VND 1,214 billion. As of September 30, total assets were VND 76,673 billion, including VND 35,415 billion in inventory and VND 33,825 billion in borrowings.

SSI Research views 2026 as a preparation and site-clearance phase for many public investment projects, with construction concentrated in 2027, and rates both industrial real estate and construction materials favorably. For industrial parks, registered FDI in the first nine months of 2026 rose 76.4%, and leasing demand is recovering, but margins for new parks are estimated at only about 30–35%, below those of existing projects. In construction materials, finished steel sales rose 17.8% in the first eight months to 15.2 million tonnes, and SSI highlights Hòa Phát (HPG) as a standout, forecasting core profit growth of 42% in 2026 and 23% in 2027. Domestic cement consumption rose 16.1% over the same eight months, and Vicem Hà Tiên (HT1) is forecast to see strong profit growth. The analysts note that coal prices and input costs remain key variables for profitability.