CTP's Strategic Expansion in Vietnam: A Logistics Infrastructure Powerhouse with EBITDA Growth Potential

The Netherlands-based CTP, a global leader in industrial real estate, has made a bold move into Vietnam’s logistics sector, committing over EUR1 billion ($1.16 billion) to develop industrial parks and logistics infrastructure in the northern province of Hung Yen. This strategic entry aligns with Vietnam’s transformation into a regional logistics hub, driven by nearshoring trends, e-commerce growth, and government-led infrastructure upgrades. For investors, CTP’s Vietnam venture represents a compelling opportunity to capitalize on long-term EBITDA growth, supported by a logistics market projected to expand at a 6.67% CAGR from 2025 to 2030, reaching USD 52.06 billion in 2025 alone [1].

Strategic Location and Infrastructure Synergies

Hung Yen, CTP’s primary focus, is strategically positioned near Hanoi and connected to major expressways and ports, making it an ideal node for high-tech and green industrial parks [3]. The province’s competitive labor costs and skilled workforce further enhance its appeal. CTP’s CEO, Remon Vos, emphasized that the region’s accessibility and infrastructure align with global manufacturers’ “China plus one” strategies, which seek diversified production bases outside China [3]. This positioning is critical as Vietnam’s logistics costs—currently 16.5% of GDP, above the global average—stand to decline with improved infrastructure, including the expansion of ports like Phuoc An and Lach Huyen [4].

Market Dynamics and EBITDA Potential

Vietnam’s logistics industry is undergoing rapid modernization. The contract logistics segment, a key focus for CTP, is expected to grow at a 7.4% CAGR from 2024 to 2030, driven by e-commerce and manufacturing demand [1]. CTP’s expertise in high-quality, full-service business parks—proven in Europe—positions it to capture a significant share of this growth. The company’s H1 2025 financials already reflect robust operational efficiency, with a 78.9% EBITDA margin and a 14.4% year-on-year increase in gross rental income [4]. These metrics suggest that CTP’s Vietnam projects could replicate its European success, where EBITDA multiples for logistics companies average 6.12 [2].

Government and FDI-Driven Momentum

Vietnam’s government is accelerating infrastructure investments, allocating $13.8 billion for seaport upgrades and $25 billion for 2024 transport projects [1]. These efforts aim to reduce logistics costs and enhance cargo distribution efficiency, directly benefiting CTP’s operations. Additionally, foreign direct investment (FDI) in logistics infrastructure is surging, with global firms like ITL Corporation partnering with Japanese logistics experts to build integrated networks [4]. This collaborative ecosystem underscores Vietnam’s attractiveness and validates CTP’s long-term bet on the market.

Challenges and Mitigation Strategies

Despite the optimism, challenges persist. High transportation costs and labor shortages remain hurdles [4]. However, CTP’s focus on green and tech-driven logistics—such as smart warehouses and real-time tracking systems—addresses these issues by improving efficiency and scalability [1]. The company’s disciplined investment strategy, including a 10.3% yield on cost for H1 2025 developments [4], further strengthens its resilience against market volatility.

Conclusion: A High-Conviction Investment

CTP’s Vietnam strategy is a masterclass in aligning with macroeconomic tailwinds. By leveraging Vietnam’s strategic location, infrastructure upgrades, and e-commerce boom, the company is poised to generate substantial EBITDA growth. With the logistics market projected to reach USD 88.13 billion in logistics costs by 2030 [1], and CTP’s proven ability to deliver high-margin industrial parks, this investment offers a rare combination of scale, sustainability, and profitability. For investors, the message is clear: CTP’s Vietnam venture is not just a market entry—it’s a gateway to a logistics revolution.

Source:
[1] Vietnam Logistics Market Outlook to 2030 [https://www.nexdigm.com/market-research/report-store/vietnam-logistics-market-research-report/]
[2] EBITDA Multiples by Industry in 2025 [https://www.equidam.com/ebitda-multiples-trbc-industries/]
[3] Dutch industrial park builder CTP plans to invest over $1 bln in Vietnam [https://theinvestor.vn/dutch-industrial-park-builder-ctp-plans-to-invest-over-1-bln-in-vietnam-d16826.html]
[4] CTP N.V. Reports Strong H1 2025 Earnings with Sales of EUR 367.2 million [https://www.ainvest.com/news/ctp-reports-strong-h1-2025-earnings-sales-eur-367-2mln-revenue-eur-452-3mln-2508/]