Vietnam Construction Market - Growth, Trends, COVID-19 Impact, and Forecast (2023 - 2028)

Vietnam Construction Market is Segmented by Sector (Commercial Construction, Residential Construction, Industrial Construction, Infrastructure (Transportation) Construction, and Energy and Utilities Construction). The report offers market size and forecasts for Vietnam construction market in value (USD billion) for all the above segments.

Vietnam Construction Market Size

Vietnam Construction Industry Summary
Study Period: 2019 - 2028
CAGR: > 8.5 %

Major Players

Vietnam Construction Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Vietnam Construction Market Analysis

The size of Vietnam construction market is USD 23.1 billion in the current year and is anticipated to register a CAGR of over 8.5% during the forecast period.

  • Vietnam has risen to prominence as the most recent East Asian growth engine, attracting the attention of international investors. It is in the midst of a transformation. The government's economic reforms transformed the country into one of the world's fastest-growing economies.
  • Despite the epidemic, the Vietnamese economy continued to demonstrate significant growth patterns, making the country a favorable investment destination for foreigners. In the residential construction market, high-end condos in the city remained in demand despite the pandemic, and there were no signs of a fall in prices.
  • From now to 2023, the supply of industrial land in the North is expected to increase by an average of 7.4% per annum, while the supply of warehouse and ready-built factories is also expected to increase by 46% and 10% per annum, respectively.
  • In housing projects, the Hanoi People's Committee issued a decision approving the outline for devising the capital's housing development program for 2021-2030, with a vision toward 2040.
  • The increasing demand for warehousing drives investment in Vietnam's logistics system with foreign enterprises' appearance and further business expansion. E-commerce and food delivery has now become very crucial in everyday life.
  • Vietnam’s competitive advantage will continue to increase as work progresses on major infrastructure projects aimed at improving logistics in the country: the construction of the North-South Expressway linking Hanoi and Ho Chi Minh City will increase domestic transportation capacity along a corridor that connects industrial zones with urban centers, ports and the border with China.
  • With the strong growth of industrial real estate during the pandemic, many new investors decided to enter the market, including domestic developers (Vinhomes, Thanh Cong Group) and foreign developers (, Fraser, ESR). In addition, investment funds have also participated via investment into potential projects such as Actis, which recently announced an investment into a local industrial park operator.

Vietnam Construction Industry Segmentation

Construction is the installation, maintenance, and repair of buildings and other stationary structures, as well as the construction of roadways and service facilities that form fundamental components of structures and are required for their operation. Construction encompasses the processes involved in constructing buildings, infrastructure, and industrial facilities, as well as related operations, from start to finish.

A complete assessment of the Vietnam Construction Market includes an assessment of the economy and the contribution of sectors in the economy, a market overview, market size estimation for key segments, and emerging trends in the market segments in the report. The report sheds a light on the market trends like growth factors, restraints, and opportunities in this sector. The competitive landscape of the Vietnam Construction Market is depicted through the profiles of active key players. The report also covers the impact of COVID–19 on the market and future projections. Vietnam construction market is segmented by sector (commercial construction, residential construction, industrial construction, infrastructure (transportation) construction, and energy and utilities construction). The report offers market size and forecasts for Vietnam construction market in value (USD billion) for all the above segments.

By Sector
Residential Construction
Commercial Construction
Industrial Construction
Infrastructure (Transportation) Construction
Energy and Utilities Construction

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Vietnam Construction Market Trends

This section covers the major market trends shaping the Vietnam Construction Market according to our research experts:

Government plans to develop Infrastructure driving the Construction Market

Vietnam's government adopted the country's road development plan for 2021-2030 in September 2021. By 2030, the plan seeks to create nearly 5,000 kilometers of expressways, up from 3,841 kilometers in 2021. By 2030, Vietnam plans to construct 172 national highway routes with a total length of 29,795 kilometers, up from 5,474 kilometers in 2021. It also intends to construct 3,034 kilometers of coastal roads that will connect 28 cities and provinces. The top building projects in Vietnam that were started in the third quarter of 2022 -

Lotte Eco Smart City (USD900m) - On a 7.45ha plot of ground in Ho Chi Minh City, a mixed-use complex will be built as part of the project. Beginning in Q3 2022, construction is scheduled to be finished in Q1 2029. The project is a part of the government's 2002 development strategy for the Thu Thiem district.

Ju Teng Electronic Components and Auto Parts Manufacturing Plant (USD200m) - On 120 ha of land in Nghe An, the proposal calls for the building of an auto parts and electronic component manufacturing facility. Beginning in Q3 2022, construction is anticipated to be completed in Q2 2023. The project seeks to supply the region's rising demand for electronic components.

Deep C 2 Hai Phong Industrial Zone Core5 Hai Phong (USD60m) - In Hai Phong, a 96,000m2 ready-built warehouse is being constructed as part of the project. The construction project began in Q3 2022 and is anticipated to be finished in Q2 2023. The project seeks to give the area cutting-edge logistics facilities.

Vietnam Construction Market- State Investment in Infrastructure

Investments in Residential Sector

Another 278 projects, including 276,000 units with a total area of 13.8 million square meters, are under development. In the year 2022, some real estate developers planned to build apartments worth VND 1 billion (approximately USD 44,150) per unit, increasing hopes of quenching the need for affordable housing.

To meet the increased demand for cheap housing, real estate developer Hung Thinh Corp., building material maker Dong Tam Group, and wood firm Truong Thanh Furniture Corp. announced an affordable housing initiative at the beginning of Q1 of 2022.

About US$15.4 billion in foreign investment was attracted to Vietnam in the first nine months of 2022, an increase of 16.2% over the same time in 2021. With over US$3.5 billion received, real estate investment continues to place second among sectors attracting the most foreign direct investment, accounting for 18,7% of the total investment.

The first nine months of 2022 saw the highest growth in GDP in a decade, an increase of 8.83% over the same time in 2017. This demonstrates that Vietnam continues to be one of the Asia Pacific markets with the greatest prospects for investment.

In the residential sector, Keppel Land signed an agreement to buy 49% shares in 3 land plots in Bac An Khanh Urban Area (Hoai Duc, Hanoi) of Phu Long Real Estate Joint Stock Company for a total price of about USD 119 million, to develop a housing project that will include 1.020 apartments and 240 shophouses. Additionally, Keppel Land revealed that they are selling off a 30-hectare home development in Ho Chi Minh City.

A 5.6-hectare development property plot in Binh Duong New City, valued at nearly USD 54 million, is being purchased by Gamuda property.

Vietnam Construction Sector - Number of  Residential Units Supply by City

Vietnam Construction Industry Overview

The construction market in Vietnam is fiercely competitive, with big domestic and international businesses. Song Da Corp JSC, Truong Xuan Investment And Construction JSC, COFICO, Hoa Binh Construction Group JSC, and Coteccons Construction JSC are just a few of the key competitors in the sector.

The building business in Vietnam has grown significantly in recent decades. Furthermore, Vietnam's construction capability has advanced significantly, allowing it to handle the building needs of large-scale projects.

In Vietnam, the construction sector is characterized by a considerable quantity of initial investment capital and a reliance on bank financing. Low disbursement rates and project postponement using public investment funding are two factors that have had a substantial impact on construction enterprises' financial status.

To deal with the challenges, many enterprises in the industry have implemented various development strategies, such as maintaining core industries (construction, installation, or building of underground works) while diversifying into real estate, hydropower, and renewable energy.

Vietnam Construction Market Leaders

  1. Song Da Corp JSC


  3. Hoa Binh Construction Group JSC

  4. Coteccons Construction JSC

  5. Visicons Construction and Investment JSC

*Disclaimer: Major Players sorted in no particular order

Vietnam Construction Market Concentration

Vietnam Construction Market News

  • September 2022: Vietnam launches USD 520 million industrial parks Work has started on the 10 km² industrial parks in Binh Thuan province in southern Vietnam. Upon completion in 2025, the USD 520 milliparksark will serve a variety of sectors, from building materials to food processing.
  • July 2022: Vietnam begins construction of the USD 320 million Cadia Qui Nhon mixed-use development project. The project will include two 40-story multi-purpose high-rise buildings on a 0.52-hectare site in Binh Dinh province. Construction work began in Q2 2022 and will be completed in Q4 2024. The purpose of this project is to provide a variety of facilities, including commercial, residential, and other facilities, to meet the lifestyle needs of the local people.

Vietnam Construction Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Current Economic and Construction Market Scenario in Vietnam

    2. 4.2 Market Overview of Construction Materials in Vietnam

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Technological Innovations in the Construction Sector

    5. 4.5 Impact of Government Regulations and Initiatives on the Industry

    6. 4.6 Comparison of Key Industry Metrics of Vietnam with Other ASEAN Member Countries (Analyst's View)

    7. 4.7 Insights into Industry Value Chain Analysis

    8. 4.8 Comparison of Construction Cost Metrics of Vietnam with Other ASEAN Member Countries (Analyst's View)

    9. 4.9 Impact of COVID-19 on the Market


    1. 5.1 Market Drivers

    2. 5.2 Market Restraints

    3. 5.3 Market Opportunities

  6. 6. MARKET SEGMENTATION (Market Size By Value)

    1. 6.1 By Sector

      1. 6.1.1 Residential Construction

      2. 6.1.2 Commercial Construction

      3. 6.1.3 Industrial Construction

      4. 6.1.4 Infrastructure (Transportation) Construction

      5. 6.1.5 Energy and Utilities Construction


    1. 7.1 Market Overview

    2. 7.2 Company Profiles

      1. 7.2.1 Song Da Corp JSC

      2. 7.2.2 COFICO

      3. 7.2.3 Hoa Binh Construction Group JSC

      4. 7.2.4 Coteccons Construction JSC

      5. 7.2.5 Visicons Construction and Investment JSC

      6. 7.2.6 Fecon Corp JSC

      7. 7.2.7 Ricons Construction Investment Group JSC

      8. 7.2.8 Delta Corp

      9. 7.2.9 Vincons Vietnam Construction JSC

      10. 7.2.10 ECOBA Vietnam JSC

      11. 7.2.11 Newtecons Vietnam

      12. 7.2.12 Hung Thinh Incons JSC

      13. 7.2.13 Choyoda Corp

      14. 7.2.14 CTCI Corp

      15. 7.2.15 Danieli & C. Officine Meccaniche SpA

      16. 7.2.16 GS Engineering and Construction

      17. 7.2.17 Hyundai Engineering & Construction Co. Ltd

      18. 7.2.18 An Phong

      19. 7.2.19 Takco

      20. 7.2.20 Central Cons*

    3. *List Not Exhaustive

    1. 8.1 Existing Infrastructure

    2. 8.2 On-going Projects

    3. 8.3 Upcoming Projects



  11. 11. APPENDIX

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Vietnam Construction Market Research FAQs

The Vietnam Construction Market is studied from 2019 - 2028.

The Vietnam Construction Market is growing at a CAGR of >8.5% over the next 5 years.

Song Da Corp JSC, COFICO, Hoa Binh Construction Group JSC, Coteccons Construction JSC, Visicons Construction and Investment JSC are the major companies operating in Vietnam Construction Market.

Vietnam Construction Industry Report

Statistics for the 2023 Vietnam Construction market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Construction analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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