With relatively abundant land reserves, competitive lease rates and improving transport infrastructure, Khanh Hoa and Dak Lak provinces in the region are emerging as new destinations for industrial real estate investment.

Recent months have seen a series of proposed industrial park developments spanning hundreds of hectares in provinces including Khanh Hoa and Phu Yen, raising expectations for the creation of new manufacturing and logistics clusters.

Two bidders vie for $139 million industrial park in Khanh Hoa

In Khanh Hoa province, the provincial Economic Zone and Industrial Park Management Board has announced plans to tender the Ninh Diem 3 Industrial Park project after receiving valid applications from two prospective investors.

The project covers more than 288 hectares in Dong Ninh Hoa commune and carries an estimated investment value of over VND3.64 trillion ($138.5 million).

The two bidders are Sonadezi Khanh Hoa JSC and Hoan Cau Ninh Long JSC.

Sonadezi Khanh Hoa, established in June 2025 with charter capital of VND550 billion ($20.9 million), is a subsidiary of Sonadezi Corporation, one of Vietnam's leading industrial park developers. The company was created specifically to propose and potentially develop the Ninh Diem 3 project.

If selected, Sonadezi Khanh Hoa plans to begin land clearance and detailed engineering work before commencing construction-related activities in the fourth quarter of 2026.

Hoan Cau Ninh Long, founded in 2014, has gradually increased its charter capital to VND2.6 trillion ($98.67 million) as of May 2026 and is headed by CEO Ho Hong Nhan.

Investors seek new industrial park opportunities in Phu Yen

Investor interest is also increasing in neighboring Phu Yen province, where the management board of the South Phu Yen Economic Zone has received proposals for two major industrial park developments, Hoa Xuan Dong and Hoa Xuan Tay.

Capella Quang Nam JSC has proposed developing the Hoa Xuan Dong Industrial Park, while Transport Engineering Construction Corporation No. 5 JSC (Cienco 5) has submitted plans for the Hoa Xuan Tay project.

Authorities have previously approved zoning plans covering roughly 1,030 hectares for the two industrial parks. Hoa Xuan Tay would span more than 483 hectares and Hoa Xuan Dong about 425 hectares, with the remaining area allocated for supporting facilities, public services and training functions.

Capella Quang Nam, established in 2015 with charter capital of VND700 billion ($26.6 million), is currently the developer of the 103-hectare Tam Thang 2 Industrial Park, which received government investment approval in 2017.

Transport Engineering Construction Corporation No. 5, founded in 2010 and headquartered in Danang, had charter capital of more than VND596 billion ($22.65 million) as of its latest disclosed update in 2022.

The increasing competition for industrial park developments reflects growing confidence in the south-central region's potential to attract manufacturing investment as Vietnam seeks to diversify industrial capacity and capitalize on supply chain shifts and continued foreign direct investment inflows.