Industrial and export processing zone credit rises, boosting businesses

Positive Credit Growth in Industrial Parks - Export Processing Zones

By the end of August 2026, total outstanding credit for enterprises operating in industrial parks and export processing zones (EPZs–IPs) in Ho Chi Minh City and Dong Nai reached 461 trillion VND, accounting for 7.2% of total outstanding credit in these regions.

By the end of August 2026, total outstanding credit for enterprises operating in industrial parks and export processing zones (EPZs–IPs) in Ho Chi Minh City and Dong Nai reached 461 trillion VND.

This result demonstrates that the capital needs of enterprises in EPZs–IPs have been well satisfied, actively supporting the expansion and development of business and production activities, thereby promoting economic growth, said Mr. Nguyen Duc Leng, Deputy Director of the State Bank of Vietnam Regional Office 2.

According to him, this outcome is closely tied to the scale and operation of over 100 EPZs–IPs currently active in Ho Chi Minh City and Dong Nai. Among them, outstanding loans to enterprises in EPZs–IPs in Ho Chi Minh City reached 334 trillion VND (accounting for 72.5% of total EPZ–IP credit), while Dong Nai reached 127 trillion VND (accounting for 27.5%).

Regarding credit terms, loans to enterprises in EPZs–IPs in Ho Chi Minh City and Dong Nai consist primarily of short-term credit, which aligns with and meets capital needs for manufacturing, processing, producing export goods, and consumer goods. Specifically, short-term loans account for 81%, while medium- and long-term loans account for 19%.

In addition, lending results for enterprises in EPZs–IPs across these two localities are tied to the development of banking services (credit, payments, foreign exchange, etc.) closely following trends in innovation and modern technology application in production, green manufacturing, and digital transformation, alongside trends and requirements for developing eco-industrial parks under Resolution No. 10-NQ/TW of the Politburo on foreign direct investment economy development.

"Effectively implementing this orientation will not only contribute to promoting modern EPZ–IP development but also create favorable conditions to drive efficient banking operations for EPZs–IPs, continuing to build a favorable investment and business environment, attracting quality foreign direct investment, and transferring modern technology linked to value chains and ecosystems for innovation, green production, and digital transformation," Mr. Leng emphasized.

Industrial Real Estate Enterprises Benefit

In addition to the positive growth of credit capital into EPZs–IPs in HCMC and Dong Nai, this must also be viewed within the promising overall flow of foreign direct investment (FDI) into the Southern region.

In the first 9 months of 2026, registered FDI into Ho Chi Minh City reached 17.225 billion USD (or 17.225 trillion USD depending on domestic notation context), 4.19 times higher than the same period in 2025.

In Dong Nai, FDI attraction in the first 9 months of 2026 reached over 2.278 billion USD, including 136 new projects with more than 1 billion USD in registered capital.

Leading enterprises operating in EPZ–IP activities across these locations have also recorded strong growth in business performance, serving as proof of the combined synergy between investment capital and credit in driving efficiency.

For example, Becamex Group (headquartered in HCMC, HOSE: BCM) is forecasted by MB Securities (MBS) to achieve Q3 business results of approximately 1.817 trillion VND, up 337% year-on-year. The primary growth driver stems from bringing the Hoa Loi resettlement area project into business, with around 400 units expected to record profit during the quarter.

Furthermore, profits from joint ventures and associates are forecasted to rise 15%, mainly contributed by VSIP (a joint venture between Becamex and Singaporean partners, operating multiple industrial parks nationwide), IJC, and Becamex Binh Phuoc. For the full year 2026, Becamex's net profit is projected by MBS to reach 3.970 trillion VND.

For Vietnam Rubber Group (GVR), MBS projects Q3 net profit to reach 2.258 trillion VND, an increase of 19% year-on-year. For full-year 2026, net profit is expected to reach 8.937 trillion VND, up 59%.

The main momentum comes from the rubber segment, where revenue is expected to grow 20% year-on-year due to a 30% higher average selling price despite an 8% drop in output. GVR also benefited from land compensation fees of approximately 600 billion VND. However, income from tree liquidation is projected to decrease by 40% year-on-year.

Meanwhile, Phuoc Hoa Rubber JSC (PHR) is forecasted by MBS to post Q3 net profit of 625 billion VND, up 141%. For full-year 2026, net profit could reach 2.233 trillion VND, a 335% surge. MBS attributes PHR's surge in Q3 to a 30% year-on-year increase in rubber prices and land compensation from Thaco and VSIP, estimated at around 440 billion VND.

However, MBS also noted that profit divergence is actively taking place among industrial real estate companies.

Sonadezi Chau Duc JSC (SZC) recorded stable industrial land lease revenue compared to the previous quarter. MBS projects Q3 net profit at 14 billion VND, down 33% year-on-year. For full-year 2026, net profit is expected at only 61 billion VND, an 82% decline.

IDICO Corporation (IDC) is expected to deliver 20 hectares of industrial land, mainly from Huu Thanh IP and Phu My II Expanded IP. IDICO is forecasted to experience a sharp 49% profit decline in Q3 2026. However, for full-year 2026 as a whole, profit is still projected to reach 2.027 trillion VND, up 5%...

Beyond resources and capital flows, ready-to-deliver land funds remain one of the key factors determining revenue and profit for these enterprises. However, it is worth noting that with the State Bank of Vietnam allowing commercial banks to expand industrial park real estate lending without counting these outstanding loans toward overall real estate credit caps, this creates highly favorable conditions for EPZ–IP developers to accelerate project exploitation earlier than scheduled, positioning them to welcome new investment capital and land leases...

Regarding the broader outlook, MBS notes that foreign investors are shifting from a "wait and see" strategy to "risk diversification." Vietnam is evaluated as a major beneficiary thanks to its stable political environment and ongoing infrastructure upgrades meeting the demands of new-generation investment flows.

In addition to traditional manufacturing sectors, MBS highlights that investment attraction into technology, semiconductors, artificial intelligence (AI), and particularly data center projects is becoming a new direction. Enterprises developing industrial parks under green and eco-friendly models are also seen as increasingly attractive. These entities/projects also receive "priority status" in accessing credit and preferential interest rates from banks.