Demand stays resilient, mainly driven by 3PLs resuming active engagement

• The new US trade policies towards Vietnamese goods have gradually gained greater clarity, initially improving market sentiment after a relatively subdued first half. Net absorption in Q3 2025 reached more than 95,250 sqm, elevating the cumulative absorbed area for 9M 2025 to nearly 356,000 sqm, surpassing the full-year 2024 total by 34%.
• RBW demand was primarily supported by 3PLs resuming active engagement through new logistics contracts for both domestic and international markets. However, operational scales remained moderate due to ongoing uncertainties surrounding commodity-specific tariff schedules.

Dong Nai (Dong Nai) welcomes new supply

• The Southern RBW market sustained its expansion momentum during the quarter, with a new Modern project developed by KCN Vietnam, adding over 44,000 sqm of NLA.
• As of Q3 2025, total regional supply reached 2.3 million sqm, representing an increase of 2.0% q-o-q and 5.7% y-o-y. BWID and Mapletree have continued to secure the leading market share positions, accounting for 33.6% and 17.6% of total existing stock, respectively.

Average rent experiences a modest growth

• Average asking rent witnessed a modest increase of 1.4% quarterly and 3.0% annually, reaching USD 5.1 per sqm per month.
• This positive growth was primarily attributed to premium rental rates from enhanced-performance projects, yet net effective rents remained competitive as significant incentives being offered to entice tenants.

Outlook: Market players adopt a cautious wait-and-see approach amidst persistent global trade uncertainties

• 2025 is set to conclude with the launch of a new double-story Modern project developed by BWID in Tay Ninh (Long An), featuring nearly 120,000 sqm and ramp-access design.
• Amidst prolonged global economic challenges, anticipated demand fluctuations in the near term could heighten leasing competition. In response, market players have adopted a cautious wait-and-see approach ahead of investment and expansion decisions.