Land prices in Ho Chi Minh city have surged 4 to 10 times in the last decade (2009 to 2019) and is now widening into suburbs and neighbouring provinces. The impact of rising prices hindered the development of the manufacturing sector and increased costs of goods and services.
While Vietnam remains attractive to foreign investors and is currently dubbed “Asia’s new manufacturing hub”, many companies such as Sheico Group, a Taiwan-based professional wetsuit and sportswear manufacturer, are countering the land price pressure by opting for multi-storey facilities in favour of single-storey ones.
[Sources: VN Express International and Vietnam Investment Review]
