IDICO Corporation – JSC (stock code: IDC) has officially released its 2024 Annual Report, marking a significant milestone in its journey of comprehensive growth driven by a solid financial foundation, a flexible multi-sector business model, and a vision of becoming Vietnam’s leading developer of sustainable and synchronized industrial ecosystems.
"IDICO is committed to accelerating investment progress by ensuring an ample and ready land bank of industrial parks (IPs) in strategic economic regions across Vietnam, enhancing the quality of infrastructure and industrial services, and expanding our portfolio of ready-built factories (RBFs) and ready-built warehouses (RBWs). At the same time, we will optimize operations, adopt digital management solutions, and strengthen the competencies and professionalism of our workforce to develop a sustainable, synchronized, and environmentally friendly industrial ecosystem."
This statement by Ms. Nguyen Thi Nhu Mai – Chairwoman of the Board of Directors of IDICO Corporation, JSC – demonstrates strategic leadership amid market fluctuations and reaffirms IDICO’s position as one of the leading players in Vietnam’s industrial real estate sector, with stable growth and a clear, effective expansion strategy.
IDICO’s Comprehensive and Sustainable Growth
In 2024, IDICO continued to advance its four strategic pillars simultaneously: Industrial Real Estate, Energy, Residential & Commercial Development, and Industrial Park (IP) Services. These efforts align with the company’s vision of becoming Vietnam’s leading developer of sustainable and synchronized industrial ecosystems.
Industrial Real Estate – A Strategic Pillar
With a total land bank of approximately 4,073 hectares, IDICO is currently managing and developing 13 IPs across key strategic provinces and cities nationwide. These parks have attracted over 280 investors with a total investment capital of USD 9 billion. In 2024, revenue from industrial infrastructure reached VND 3,516 billion, surpassing targets and remaining the primary contributor to IDICO’s consolidated revenue. Additionally, three new IPs have received investment approval, significantly expanding IDICO’s future leasable land bank: Tan Phuoc 1 IP (Tien Giang), My Xuan B1 Expansion IP (Ba Ria–Vung Tau), and Vinh Quang Eco-IP (Hai Phong).
Power & Renewable Energy – Toward Sustainable Development
Total distributed power output in 2024 reached 1,592 million kWh, marking a 14% year-over-year increase. Particularly, rooftop solar power developed by subsidiary IDICO-IDERGY supplied over 2 million kWh to factories within the IPs, supporting IDICO’s green growth strategy and promoting ESG practices. The electricity business revenue reached VND 3,373 billion, accounting for 37% of the Corporation’s total revenue and continuing to serve as one of its two main pillars of revenue growth.
IP Services – Building a Fully Integrated Ecosystem
Revenue from value-added services within the IPs—including clean water supply, wastewater treatment, IP operations, and management of RBWs/RBFs—reached over VND 1,426 billion, accounting for 16.1% of total sales revenue. Occupancy rates for RBWs/RBFs in Nhon Trach 1 and Huu Thanh hit 100% upon completion, reflecting robust market demand.
Commercial & Residential Real Estate – A New Growth Engine
In parallel, IDICO is leveraging a large, well-located land bank that is currently undergoing legal procedures and development. This includes worker housing, resettlement areas, and satellite townships adjacent to IPs. With a vision to seamlessly integrate manufacturing, residential and service spaces, this segment is positioned to become a sustainable growth driver in the near future.
Financial Results Surpass Targets
In 2024, IDICO recorded consolidated revenue of VND 9,048 billion, achieving 107% of the annual plan. Pre-tax profit reached VND 2,993 billion—120% of the target. The after-tax profit margin stood at 27.1%, underscoring operational efficiency and financial resilience.
A Strong Foundation for Sustainable Investment
Guided by a long-term sustainability vision, IDICO continues to enhance corporate governance, adopt advanced technologies, and actively implement ESG standards—delivering long-term value for shareholders, employees, and partners.
IDICO remains committed to building a sustainable and synchronized industrial ecosystem—where businesses, society, and the nation thrive together—fostering lasting partnerships with investors.
*Access the full 2024 Annual Report from IDICO at the provided link.
