Rendering of one of the partnership’s projects (Image: BW)
Vietnam’s BW Industrial announced on Wednesday that it has formed a $120 million partnership with an unnamed investor to develop industrial facilities in the Southeast Asian nation.
The new partnership is seeded with a set of three projects set to yield 270,000 square metres (2.9 million square feet) of ready-built manufacturing space in Vietnam’s key industrial hubs, the Warburg Pincus-backed company said in a statement.
“We are proud to establish this partnership with a leading global institutional investor to capture the strong demand from our customers for ready-built factories,” BW chief operating officer Fion Ng said in a statement. “This marks an important milestone in BW’s mission to deliver modern industrial infrastructure that helps attract foreign direct investment and support Vietnam’s rising importance in the global supply chains.”
The development commitment comes as figures from Vietnam’s Ministry of Planning and investment show foreign investors committed to $15.6 billion to manufacturing and processing deals in Vietnam in the first 10 months of 2025 – up 10 percent from the same period a year earlier – raising hope for more demand for factory space in the Southeast Asian nation.
Projects in Progress
The three projects in the partnership’s portfolio are scheduled for completion this year and next, as the venture aims to meet rising demand for modular ready-built factors from both multinational and domestic tenants, the company said. BW will serve as the asset and development manager for the portfolio, overseeing deal sourcing, project development, operations, and investment management.
BW chief operating officer Fion Ng (Image: BW)
“By combining BW’s local expertise with the investor’s global investment experience, we are well positioned to deliver sustainable value and contribute to the country’s long-term industrial development,” Ng added. “We look forward to broadening our partnerships with leading global investors as we continue to accelerate our growth.”
BW’s deal with its new partner comes three years after ESR invested $208 million to acquire an equity stake in the company, which was formed as a joint venture between Warburg Pincus and local developer Becamex in 2018.
Since that time BW has been expanding its portfolio of ready-built factory and warehouse space and now has 10 million square metres of sites in 10 Vietnamese provinces. The company has leased over 4 million square metres of gross floor area to more than 470 tenants through the end of last year, according to its website.
Vietnamese Appeal
BW has launched its partnership as occupancy for ready built factory space in southern Vietnam stood at 92 percent at the end of September, according to Cushman & Wakefield, with monthly rents holding steady from the preceding three months at an average of $4.8 per square metre.
In northern Vietnam, standard workshops in the third quarter were fetching average monthly rents of $5 per square metre, on par with the preceding three months, with occupancy at 87 percent, per the agency’s figures.
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