Cold storage warehouse market forecast to grow 12 percent a year: Savills Vietnam
Vietnam's cold storage real estate segment is developing and is expected to reach 295 million USD in 2025 with a growth rate of 12 percent a year, according to real estate consultancy Savills Vietnam.
Hanoi (VNA) - Vietnam'scold storage real estate segment is developing and is expected to reach 295million USD in 2025 with a growth rate of 12 percent a year, according to realestate consultancy Savills Vietnam.
Analysis conducted by Savillsshowed that in spite of the increasing demand, the country had only 48 coldstorage facilities with some 600,000 shelves and over 700 refrigerated trucks.
Experts attributed the constrain in supply to the fact that cold storages takemore time to build than other types of logistics facilities and is more expensivethan standard warehouses. They also said the rental price increased rapidlyfrom 52 USD in early last year to 87 USD per tonne this year.
Cold storage real estate inthe southern provinces is considered to be more developed due to the robust demandfor storage food, seafood and retail items. However, northern localities have seen a boom in cold storage facilities with design capacity skyrocketing from 26,750shelves in 2015 to 71,750 shelves in 2018.
John Campell, Savills VietnamIndustrial Services Managers, said modern commercial retail is the main drivingforce for the industry because about 80 percent of demand comes from the foodsector.
The strong growth ofe-commerce is putting a lot of pressure on cold storage facilities in Vietnamdue to limited quantity, despite rising investment from domestic and foreigninvestors in the expansion of cold storage facilities in the past three years.
The cancellation of seafoodexport orders during the peak of the COVID-19 pandemic this year has forcedcold storage facilities to operate at maximum capacity, he said
Campell said Vietnam is stilla fast-growing economy with a stable business environment. The resuming ofinternational flights in the near future will be one of the prerequisites for asuccessful♏ 2022. He predicted that with thegreat potential of the market, multinational companies continue to exploreopportunities to expand cold๊ storage facilities in Vietnam, helping the segment prosper./.
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Illustrative image. (Photo: VNA) 
