Foreign developers have dominated modern warehouse market in Vietnam, accounting for over 75% of the market share by net leasable area (NLA) in 2023, according to the latest report from market research firm Fiin Group.

The country's total modern logistics supply is estimated at nearly 3.9 million sq m by the end of 2023, growing at an annual rate of 23% since 2020.

Warehousing remains one of the most promising logistics segment in Vietnam, attracting investments of both local and foreign investors, according to the report.

The modern warehouse market in Vietnam recorded active participation of both local and foreign investors with mega facilities. Most active players include Mapletree, SLP, JD Property, Gemadept and Transimex.

Both local and foreign investors are now aggressively developing logistics infrastructures, especially modern warehouses in Vietnam to incentive the rising demand from manufacturing giants, modern trade retail chain, logistics companies as well as solid trade activities.

Logistics, industrial, and retail are the top end-use customer segments supported by the growth of e-commerce trend and restructuring of global supply chain, the report states.

FiinGroup recorded 25 upcoming projects in the 2024-2027 period, with an additional net leasable area of 1.870 million sq m.