Industrial real estate prospects in Nghe An
With industrial real estate becoming a bright spot in the nationwide market, Nghe An – an attractive destination for investors – is emerging as a new industrial hub in Central Vietnam, strongly attracting domestic and foreign investment capital.
The appeal of large industrial zones
A prime example in Nghe An is the VSIP Nghe An Industrial Park, covering 750 hectares, which has attracted 55 investment projects, including 34 FDI projects. The total registered investment capital here has exceeded 2 billion USD, and the occupancy rate currently stands at 97% - a figure that demonstrates the high level of interest from domestic and foreign manufacturing businesses.
In addition, the WHA Industrial Zone 2 - Nghe An project, covering an area of over 183 hectares and with a total investment of 1,200 billion VND, located in Nghi Hung and Nghi Dong communes (Nghi Loc district), has just been approved by the Government. This project is expected to create further impetus for the development of the southeastern industrial corridor of the province.
In the first four months of 2025, Nghe An attracted an additional VND 7,455.5 billion in newly registered and adjusted capital, including USD 122.4 million in foreign direct investment (FDI). Nghe An approved investment policies for 16 projects and adjusted policies for 54 projects, with a total newly registered and increased investment capital of VND 7,455.5 billion.
Notably, the province has completed the procedures and issued the investment policy decision for the VSIP Nghe An 3 Industrial Park Project with a total registered capital of 52.5 million USD, promising to create a major impetus for attracting investment in the coming period.
According to the Nghe An Provincial Tax Department, total domestic revenue in 2024 reached VND 23,703 billion, exceeding the target by 163% and increasing by 18% compared to the same period last year. In the first four months of 2025, Nghe An's budget revenue was quite high. Notably, businesses operating in the industrial real estate and industrial park infrastructure sectors played a significant role in this revenue.
Specifically, VSIP Nghe An Co., Ltd., the investor of the VSIP Nghe An Industrial Park in Hung Nguyen district, contributed over 1,260 billion VND to the state budget in 2024, becoming one of the largest contributors to the province's budget.
Meanwhile, Hoang Mai I Industrial Park, covering an area of 264.77 hectares, located in Hoang Mai town within the Southeast Nghe An Economic Zone, boasts a strategic location along National Highway 1A, conveniently connecting to seaports, railways, and airports, creating favorable conditions for manufacturing and logistics activities. As of April 2025, the industrial park's occupancy rate reached 82%.
Several large FDI projects have been implemented in Hoang Mai Industrial Park, including: Juteng Group (Taiwan): Investing US$200 million on an area of 120 hectares; Runergy PV Technology Co., Ltd. (Thailand): Investing US$400 million on an area of 30 hectares; Hoa Loi Technology Co., Ltd.: Investing US$56 million on an area of 13.9 hectares.
Hoang Mai I Industrial Park is equipped with a modern internal transportation system, and its electricity, water, and wastewater treatment systems meet international standards. In addition, the industrial park offers supporting services such as banking, post office, and customs, catering to the needs of businesses.
Hoang Mai II Industrial Park, covering an area of 334.79 hectares, is expected to attract many domestic and foreign investors, especially businesses from China, the UK, and India, thanks to its large land area and integrated infrastructure, boosting industrial real estate as well as logistics and entertainment projects.
Expansion plan and incentive policies
According to the industrial development plan for the period 2021-2030, Nghe An will have 15 industrial parks within the Southeast Economic Zone, with an area of 8,056 hectares by 2030 and increasing to 14,117 hectares after 2030. In addition, there are 8 industrial parks outside the economic zone, with an estimated area of 1,509 hectares by 2030 and increasing to 3,659 hectares after that date.
Nghe An has also implemented many policies to attract investment, such as supporting international and domestic container shipping companies to Cua Lo Port, reducing logistics costs for businesses. In 2024, Nghe An provided over 20 billion VND in support to container shipping companies. This is considered one of Nghe An's important competitive advantages in attracting industrial capital.
In the first four months of 2025, Nghe An continued to affirm its position as an attractive destination for investors in the industrial real estate sector, thanks to infrastructure development, investment attraction, and stable economic growth.
In the first four months of 2025, the industrial and construction sector in Nghe An experienced strong growth. The processing and manufacturing industry continued to be the main driving force, increasing by 19.6%.
Key projects such as the national coastal highway and the upgrading of Vinh Airport are creating more convenient connections between Nghe An and neighboring regions and internationally. In particular, the completed section of the North-South expressway through Nghe An has significantly shortened travel time to Hanoi and Ho Chi Minh City.
The demand for housing for workers, professionals, and services is increasing accordingly.
A South Korean director managing an electronics component manufacturing company in the Southeast Economic Zone said: His company has been operating in Nghe An for over 10 years. Currently, he and his colleagues are renting high-end apartments in Vinh City because commuting is time-consuming due to the distance. However, Nghe An still lacks entertainment and recreational areas for foreigners such as those from South Korea and Japan.
If Nghe An develops industrial real estate infrastructure along with suitable living conditions, it will create favorable conditions for investors in their work and business activities in Nghe An, ensuring their needs for relaxation after a hard day's work are met.
Mr. Le Tien Tri, member of the Provincial Party Committee and Director of the Southeast Economic Zone Management Board, said: Nghe An's supply is now ready to welcome investors. Currently, 600 hectares have been prepared to accommodate businesses and factories.
Currently, the rapid development of industrial zones has led to a strong demand for housing for workers and foreign experts from China, Taiwan, Japan, and other countries. Various types of real estate, such as social housing, satellite urban areas, housing for experts, as well as logistics and commercial services adjacent to industrial zones, are beginning to emerge. In some areas of the VSIP Nghe An Industrial Zone and the southeastern part of the province, several housing projects for foreign experts have been invested in. The VSIP urban area, although not yet officially launched, is already attracting considerable interest.
Strategically located at the heart of the North-South axis, connecting the North Central region and the Hanoi-Laos-Vientiane economic triangle, Nghe An is converging favorable factors to develop into a large-scale industrial and logistics center. Multinational corporations from Taiwan, South Korea, China, Japan, and other countries are continuously surveying and expanding their investments in this locality.
The synergy between well-planned development, synchronized infrastructure investment, preferential policies, and strong market demand forms the foundation for Nghe An's industrial real estate sector to achieve long-term breakthrough potential.
