Industrial parks (IPs) have great potential for development in the domestic property market in the coming time, Savills Vietnam's recent report on industry zones said. The report said according to the planning and investment ministry, there were 299 industrial parks in Vietnam as of July 2015, with a total area of approximately 84,000ha, of which the total leasable area was 56,000ha (66 percent). The leased area is approximately 26,000ha, at 46 percent occupancy. There are 212 operating IPs with less than 60,000ha of land, and 87 IPs with less than 24,000ha of land that are under site clearance and infrastructure construction. Savills Vietnam said recent research by Standard Chartered bank showed a shift of investment from China to the ASEAN community in a bid to capitalise on the upcoming Trans-Pacific Partnership (TPP). Forty-four percent of the respondents said they would choose Vietnam for its large domestic market, 29 percent for lower operational costs and 18 percent for an ample labour supply. Notably, giant tech firm Microsoft has closed its two Nokia plants in China in favour of a new location in Vietnam. The company was reportedly expanding its 210-million-USD plant in Bac Ninh's Vietnam - Singapore IZ and tripling its current head count of 5,000. The Regional Comprehensive Economic Partnership (RCEP) and the ASEAN Economic Community (AEC), in which Vietnam and Singapore are members, also facilitate bilateral investment opportunities, Savills Vietnam, a foreign consulting firm in the property sector, said. The Vietnam - Singapore Industrial Park (VSIP), located in central Quang Ngai province, has so far drawn 7.8 billion USD in FDI since it opened at the end of 2013. Singapore-based Mapletree Investments has reportedly committed to invest 1 billion USD in developing IZs, offices and apartments in Vietnam. Other Singaporean firms such as Famed Banyan Tree, Keppel Land and CapitaLand, have announced plans to invest in large-scale property projects in Vietnam. The report said the northern key economic zone (NKEZ) covers seven provinces and municipalities of Hanoi, Hai Phong, Vinh Phuc and Bac Ninh, besides Hung Yen, Quang Ninh and Hai Duong. There are 46 industrial parks (IPs) in the NKEZ, covering a total area of more than 12,100ha. Most IPs are located along National Highway 5 (Hanoi - Hai Phong), Thang Long - Noi Bai Expressway, National Highway 2 or National Highway 18 (Bac Ninh - Mong Cai). Meanwhile, the key southern economic zone comprises Ho Chi Minh City and surrounding provinces such as Binh Duong, Dong Nai, Long An and Ba Ria-Vung Tau. The zone has 106 operating IPs with a total area of 33,500ha.These IPs are located near national highways, provincial roads, international airports and railway stations, besides ports.-VNA