Back to Previous Page
IDICO Corporation (IDC VN) – 9M 2025 – FDI Resilience Supports Industrial Land Demand
Summary of 9M 2025 results and outlook of IDICO Corporation JSC (IDC VN)
- IDC secured 55ha of new leasing contracts across five ongoing projects, with sustained demand driving a 4.4% y/y increase in average leasing prices. Although leasing activity in Q3/2025 slowed compared with the first half as many manufacturers adopted a wait-and-see stance, sentiment began to improve following the release of the final tariff framework in early August. Toward the end of the quarter, IDC received several site visits from Chinese enterprises exploring investment opportunities, which subsequently led to new leasing contracts of 8-10ha each in early Q4.
- Net profit declined 7.2% y/y to VND1,814bn, mainly reflecting the timing of industrial land deliveries. IDC handed over 64ha during the period, compared with 88ha a year earlier, as several tenants were still completing handover procedures. Nevertheless, delivery progress improved in Q3/2025, reaching 36ha versus 28ha in the first half. The absence of land sales in the residential real estate segment also weighed on earnings, although this was partly offset by higher contributions from the energy segment, while toll operations remained stable.
- FDI disbursement rose 7-12% y/y across all three months of Q3/2025, reaffirming manufacturers’ long-term commitment to Vietnam despite ongoing tariff uncertainty. Looking ahead, the recent positive progress toward a “reciprocal, fair, and balanced” trade framework between Vietnam and the U.S. is expected to sustain FDI inflows as global manufacturers increase investment to enhance localization rates. With Vietnam’s tariffs only marginally higher than those of regional peers and the transshipment tariff now applied broadly across U.S. trading partners, the country is expected to maintain its position as a leading destination for global manufacturers.
- IDC is well-positioned to capture rising FDI inflows, supported by its 1,338ha land bank in key manufacturing hubs. Of this, 428ha is ready for lease, while 910ha is under clearance and expected to become available for leasing during 2026-2028.
- For Q4/2025, performance will be driven by the IP segment, with 31ha handed over across five projects, totaling 95ha for the year (-5.5% y/y), while contributions from the energy and toll segments are expected to remain stable. In 2026, net profit is projected to be supported by higher land deliveries of 135ha across ongoing and new projects.
Read our previous analysis on IDC’s quarterly earnings.
Watch our latest insights on Vietnam industrial park sector here.
Company ratings and target prices are accessible for clients only.
If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.
Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.
Featured image credit: https://cafef.vn/
