Vietnam strengthens its position as a key destination for investment

Vietnam strengthens its position as a key destination for investment

Vietnam is being increasingly seen as a key destination for foreign industrial investment, driven by strong growth, its strategic location, and evolving global supply chain dynamics.

Belgium-based refractory firm One Refractories signed a land lease agreement with Long Duc Industrial Park (LDIP) in the southern province of Dong Nai on June 4, marking the establishment of its first manufacturing facility in Vietnam and its inaugural production base in Asia.

The land lease agreement signing ceremony at Long Duc IP on June 4

The 2,025-square-metre development is located approximately 45 minutes from Ho Chi Minh City and Long Thanh International Airport.

The site benefits from a modern infrastructure network, comprehensive support services, and excellent connectivity to major industrial hubs, offering a strong logistical advantage.

The Belgian firm is a family-owned business specialising in high-quality refractory solutions for core sectors such as cement, steel, and metallurgy.

Its move into Asia forms part of the company’s long-term development plan aimed at enhancing regional customer service and capitalising on opportunities in fast-growing markets.

Thomas Pirmez, CEO of One Refractories, noted that Vietnam is a dynamic market with a rapidly growing industrial base.

"Our presence here is both a strategic move and a response to real local demand for high-performance refractory products. We have every reason to be here," said Pirmez.

Savills Vietnam acts as the industrial real estate advisor for the undertaking.

One Refractories’ investment is a further indication of Vietnam’s appeal to global industrial investors, especially amid shifting supply chains and a growing trend towards production localisation.

In March, Pirmez was among 34 CEOs from leading Belgian and EU companies across logistics, seaports, energy transition, climate action, healthcare, and food sectors who accompanied King Philippe of Belgium on a state visit to Vietnam.

The trip marked the first state-level visit in the more than 50 years since the two countries established diplomatic ties, occurring at a time when Vietnam is entering a new era of development.

According to Dong Nai Industrial Zones Management Authority, the province’s industrial zones attracted $1.2 billion in foreign investment in the first half of this year, surpassing the full-year target by 52 per cent.

This includes 55 new ventures with a combined capital of $431.6 million, and 67 capital increases for existing projects totalling $787.5 million.

VIR