Industrial developer CTP is exploring opportunities to enter the Vietnamese market, in response to a significant increase in demand from the company’s Asian clients.
The rising demand is part of a nearshoring trend, where global manufacturers are moving production closer to their end markets. For CTP, Asian companies represented about 20% of its leasing activity over the past 18 months.
Maarten Otte, Head of Investor Relations and Capital Markets at CTP, said: "Vietnam is one of the fastest growing countries in the world, with a GDP CAGR of 8.2% in the last 10 years. With a young population, skilled workforce, political stability, and a proven track record in attracting foreign FDI, Vietnam is an attractive location for manufacturing, a clear analogue to the CEE countries where CTP has been operating for the last decade."
CTP has received multiple requests from its existing tenants to support them in Vietnam. The company aims to leverage its in-house expertise and client base to develop full-service business parks in Vietnam.
The company currently has a portfolio of 13.5 million sqm and a land bank of over 26.1 million sqm in its current markets.
