Idico

What Idico does

IDICO is a Vietnamese state-origin industrial zone developer and infrastructure conglomerate headquartered in Ho Chi Minh City and listed on the Hanoi Stock Exchange (HNX) under ticker IDC. Founded in 2000 under the Ministry of Construction and converted to a joint stock company in May 2018, the company operates 12 industrial parks covering approximately 4,000 hectares, with 14 parks under management totaling 4,488 hectares as of Q2 2025. The platform has cumulatively attracted approximately $9 billion in foreign direct investment from around 400 foreign tenants, though aggregate occupancy averages 41%, leaving meaningful lease-up runway.

Beyond industrial park operations, IDICO runs a diversified portfolio through approximately 13 subsidiaries spanning urban and residential development (URBIZ), industrial services (UDICO, ISC, QUEVO), construction (CONAC), hydropower generation (SHP, IDI, LINCO), transportation infrastructure (INCO, INCON, TCC, DAKMI 3), and other infrastructure (MCI). The company employs approximately 3,000 workers and operates primarily across southern Vietnam, including Ho Chi Minh City, Dong Nai, Ba Ria-Vung Tau, and Long An provinces. The group was awarded Vietnam's Labor Medal Class 2 in 2010 and completed a brand identity refresh in 2023.

The business model centers on long-cycle industrial land lease revenue, supplemented by factory and warehouse rentals, residential unit sales through URBIZ, hydroelectric power sales from hydropower subsidiaries, transportation infrastructure project execution, and construction contracts via CONAC. Revenue is generated through multi-year land lease payments from manufacturers, real estate sales to residential buyers, electricity sales from hydropower assets, and project-based infrastructure contracts with public and private counterparties. The unit-magnitude ambiguity in reported financials (figures labeled $M but consistent with VND totals) limits confidence in any single top-line number, and the operational triangulation suggests annual revenue in the $250M-$500M band.

Name

Idico

Legal name

Tổng Công Ty IDICO - CTCP

Website

https://idico.com.vn

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IDICO is a Vietnamese state-origin industrial zone developer operating 14 industrial parks (~4,488 hectares) serving roughly 400 foreign tenants with $9 billion of cumulative FDI, and a diversified conglomerate spanning hydropower, transportation infrastructure, construction, and urban residential development.

Ownership category

akta.pro rank

Product category

Industrial Real Estate / Industrial Park Development

NAICS

Industrial Building Construction (23621), Port and Harbor Operations (48831)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Industrial & Logistics Property Management (BPAJAGAC)

Keywords

• Industrial real estate
• Industrial zone development
• Factory leasing
• Hydropower generation
• Infrastructure development

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Industrial Real Estate Leasing: IDICO develops and leases industrial zones and factory buildings to foreign and domestic manufacturing companies. Revenue is generated from land lease, factory rental, and utility services within its 12 operating industrial zones covering approximately 4,000 hectares.
2. Residential and Urban Development: IDICO invests in and develops residential projects, urban districts, and housing for workers in industrial zones. The company has 12 residential-urban projects in Ho Chi Minh City, Dong Nai, Ba Ria - Vung Tau, and Long An provinces.
3. Energy Generation: IDICO operates hydroelectric power plants including Srok Phu Mieng (Binh Phuoc), Dak Mi 3 (Quang Nam), and invests in electrical infrastructure such as 110/22kV substations for industrial zones. Revenue from electricity generation sold to the national grid.
4. Industrial Zone Services: Provides infrastructure services for industrial zones including internal transportation, power and water supply, drainage, wastewater treatment, landscaping, security, fire safety, and other utilities.
5. Transportation Infrastructure Development: IDICO invests in and develops transportation infrastructure projects including national highways (Quoc Lo 1A, 51, 2) and ports (My Xuan Port), generating revenue through toll collection or project development fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

IDICO develops, operates, and leases industrial parks and factory buildings to foreign and domestic manufacturing companies across Vietnam, managing 12 operating industrial zones covering approximately 4,000-4,488 hectares of land and attracting around 400 foreign investors with cumulative investment of approximately $9 billion USD. Complementing the industrial real estate core, IDICO provides industrial park services (power, water, wastewater, security, fire safety), develops hydroelectric power plants, builds residential and urban housing including worker housing, and constructs transportation infrastructure such as national highways and ports.

Product overview

IDICO (Tổng Công ty IDICO - CTCP) operates as a diversified industrial ecosystem developer in Vietnam, structured as a parent-subsidiary model with multiple business pillars. The core offering centers on Industrial Real Estate (Khu công nghiệp) and Factory Leasing, complemented by four integrated service lines: Industrial Park Services (utilities, security, waste management), Energy (hydropower plants and electrical substations), Housing & Urban Development, and Transportation Infrastructure. The company manages 12-14 industrial parks totaling approximately 4,488 hectares of land (as of Q2 2025), with an average occupancy rate of 41%. These products function as an interconnected ecosystem where industrial zones provide land and factory space, supported by utilities and services, with complementary energy, residential, and transport infrastructure creating self-sufficient industrial environments.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Real Estate and Factory Leasing (Bất động sản Khu công nghiệp và Nhà xưởng cho thuê)

Quantifiable outcome

• 9 billion USD in total foreign investment attracted to Vietnam through IDICO industrial zones
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Subsidiary Companies (URBIZ VN, UDICO VN, ISC VN, QUEVO VN, CONAC VN, IDI VN, LINCO VN, SHP VN, INCO 10 VN, INCON VN, TCC VN, DAKMI 3 VN, MCI VN)coreOthersIDICO operates through multiple wholly-owned subsidiaries covering various business lines: URBIZ and UDICO for urban/industrial development, ISC for industrial services, QUEVO for real estate, CONAC for construction, IDI for investment, LINCO for logistics, SHP and INCO for specific industrial zone projects, TCC for transportation infrastructure, DAKMI 3 for hydroelectric power, and MCI for infrastructure development.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/IDICO-Industrial-zone-108412133893989

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Idico