
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 74.81 Billion |
Market Size (2030) | USD 110.42 Billion |
CAGR (2025 - 2030) | 8.10 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Vietnam Construction Market Analysis
The Vietnam Construction Market size is estimated at USD 74.81 billion in 2025, and is expected to reach USD 110.42 billion by 2030, at a CAGR of 8.1% during the forecast period (2025-2030).
Vietnam has emerged as a prominent East Asian economic powerhouse, demonstrating remarkable transformation through strategic economic reforms and infrastructure construction development. The construction industry has been particularly dynamic, with the number of companies operating in Vietnam's industry and construction sector reaching approximately 276,900 in 2022, reflecting strong market growth. The country's infrastructure construction spending stands at an impressive 6% of GDP in 2022, positioning Vietnam as the leading country in ASEAN for infrastructure investment. This substantial investment has attracted both domestic and international players, fostering a competitive environment that drives innovation and quality improvements across the sector.
The residential construction segment has witnessed significant developments, particularly in addressing housing demands across various demographics. By July 2023, 307 social housing projects had been completed nationwide, delivering approximately 157,100 units with a total flooring space of nearly 8 million square meters. The government's ambitious initiative to construct at least one million units of affordable "social housing" by 2030 demonstrates its commitment to sustainable urban development. Currently, 419 social housing projects with about 432,500 apartments are under construction across the country, indicating robust activity in this sector.
The commercial construction real estate sector has shown remarkable resilience and growth, particularly in major urban centers. In Q3 2023, Ho Chi Minh City's office market demonstrated strong performance with occupancy rates reaching 90% and average retail rent varying significantly between CBD locations (VND 3.3 million/m2/month) and non-CBD areas (VND 1 million/m2/month). The industrial real estate construction segment has attracted substantial investment, with new players including domestic developers like Vinhomes and Thanh Cong Group, alongside international entities such as JD.com, Fraser, and ESR entering the market.
The infrastructure development landscape has shown impressive momentum, with 26 projects initiated and 20 projects completed in 2023 alone. Nine components of highway projects were operationalized, adding 475 kilometers to the national highway network and bringing the total operational highway length to 1,892 kilometers. The government's commitment to modern transport infrastructure development encompasses roads, railways, marine and inland waterways, and airports, with significant progress made in expanding the country's transportation network. This comprehensive approach to infrastructure development has positioned Vietnam as an increasingly attractive destination for construction investment and development.
Vietnam Construction Market Trends
Infrastructure Development Plans Driving the Construction Market
Vietnam has positioned itself as the leading ASEAN country for infrastructure construction investment, with an impressive allocation of 6% of its GDP towards infrastructure development, significantly higher than the regional average of 2.3%. This substantial commitment is evident in the government's comprehensive road development plan for 2021-2030, which aims to expand the current network of national highways to 29,795 kilometers and construct 3,034 kilometers of coastal roads connecting 28 cities and provinces. The ambitious infrastructure agenda also includes plans to scale up the existing 1,290 km of national highway to 5,000 km by 2030, while simultaneously upgrading road surfaces and enhancing connections to major ports, airports, and railway stations.
The government's commitment to infrastructure construction is further demonstrated through significant progress made in 2023, with 26 projects initiated and 20 projects completed during the year. Notable achievements include the completion of nine highway components covering 475 kilometers, bringing the total operational highway network to 1,892 kilometers nationwide. The transportation infrastructure expansion extends beyond roads, encompassing 22 airports (12 international and 10 domestic), with plans to increase the number to 26 by 2030 and 30 by 2050. The ongoing construction of Long Thanh International Airport in Dong Nai, which will eventually replace Ho Chi Minh City's Tan Son Nhat International Airport, exemplifies the country's commitment to developing world-class infrastructure facilities.
Rising Housing Demand and Urbanization
The Vietnamese housing market has demonstrated remarkable resilience and growth, driven by rapid urbanization and increasing disposable income levels. This is evidenced by the robust transaction volumes recorded in Q4 2022, with 14,349 successful condominium and individual house transactions, representing a 28% increase from the previous quarter. The market's dynamism is further illustrated by the extraordinary surge in land plot transactions, which reached 149,197 in Q4 2022, marking a substantial 130% increase from Q3 2022. These impressive figures underscore the strong fundamental demand for housing across different property types and regions.
Looking ahead, the Ministry of Construction projects that Vietnam's housing demand will experience unprecedented growth, requiring an additional 70 million square meters of housing space annually by 2030, equivalent to 17,500 thirty-story buildings. To address this massive demand, particularly in the affordable housing segment, the government has launched an ambitious project to construct at least one million units of affordable "social housing" for low-income people by 2030. The initiative, with a total estimated cost of VND 849 trillion (USD 36.1 billion), demonstrates the government's commitment to addressing housing accessibility. The project's implementation is already underway, with nine social housing projects commencing construction in the first half of 2023, expected to deliver 18,768 units to the market.
Growing Focus on Sustainable Construction
Vietnam's construction sector is experiencing a significant shift towards sustainable construction, driven by rising energy costs and increasing environmental awareness. The country currently has 381 green construction projects under construction, with projections indicating this number will rise to 582 by 2030, demonstrating a strong commitment to sustainable development practices. This transformation is supported by the Ministry of Construction's proactive approach through the implementation of comprehensive guidelines for green building certification, which has effectively encouraged developers to adopt environmentally conscious construction practices and innovative sustainable construction technologies.
The push for sustainable construction is further reinforced by practical economic considerations, as building owners and operators seek to reduce operational costs through energy-efficient design and systems. The government's support for green construction extends beyond regulatory frameworks to include specific initiatives promoting energy-efficient buildings and environmentally responsible construction practices. This commitment is evident in the increasing number of developers incorporating sustainable features such as proper insulation, energy-efficient appliances, and smart systems in their projects, creating a new standard for construction in Vietnam that balances environmental responsibility with economic viability. The trend towards sustainable construction is also driving innovation in building materials and construction technology, leading to the development of more resource-efficient and environmentally friendly building solutions.
Segment Analysis: By Sector
Residential Construction Segment in Vietnam Construction Market
The residential construction segment maintains its dominant position in Vietnam's construction market, commanding approximately 37% market share in 2024, with a value of USD 11.05 billion. This leadership position is primarily driven by the government's ambitious plan to construct over 1 million social housing units by 2030, addressing the growing housing demands of the urban population. The segment's strength is further reinforced by the implementation of various government initiatives, including the deployment of VND 120 trillion in credit programs offering interest rates 1.5-2% lower than average mid-term bank loans for investors and home buyers. Major cities like Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and Hai Phong are prioritizing independent social housing projects, while the private sector is actively participating in residential construction development projects.

Infrastructure Construction Segment in Vietnam Construction Market
The infrastructure construction segment is projected to experience the highest growth rate of approximately 9% during 2024-2029, driven by Vietnam's substantial infrastructure development plans. The government's commitment to infrastructure construction is evident in its spending of about 6% of GDP on infrastructure, making it the leading country in ASEAN for infrastructure investment. The ambitious development plans include expanding the current 1,892 kilometers of operational highways to 5,000 kilometers by 2030, constructing new international airports, and developing deepwater ports. The segment's growth is further supported by significant projects like the North-South Expressway system and various regional connectivity initiatives, positioning Vietnam as a crucial transportation hub in Southeast Asia.
Remaining Segments in Vietnam Construction Market
The commercial construction, industrial construction, and energy & utilities construction segments collectively form a significant portion of Vietnam's construction market. The commercial construction segment is experiencing steady growth driven by the expansion of office spaces and retail developments in major cities. The industrial construction segment is benefiting from increased foreign direct investment and the development of new industrial parks and manufacturing facilities. The energy and utilities construction segment is gaining momentum through renewable energy projects and power infrastructure development, supporting Vietnam's growing energy demands and transition towards sustainable power sources.
Vietnam Construction Industry Overview
Top Companies in Vietnam Construction Market
The Vietnam construction market features prominent players like Hoa Binh Construction Group, Coteccons Construction Company, Vinaconex Construction, and international firms such as Hyundai Engineering & Construction and Samsung C&T Corporation. Companies are increasingly focusing on technological advancement through the implementation of digital solutions like Building Information Modeling (BIM) and enterprise resource planning (ERP) systems to enhance operational efficiency. Strategic partnerships, particularly with foreign companies, are becoming more common as firms seek to leverage complementary capabilities and expand their construction services. Companies are also emphasizing sustainable construction practices and green building certifications to meet evolving market demands. The sector is witnessing significant investment in workforce development and training programs to build expertise in emerging technologies and construction methodologies, while expansion into new geographic markets and construction segments remains a key growth strategy.
Market Dominated by Mix of Players
The Vietnamese construction industry exhibits a dynamic competitive landscape characterized by a mix of established domestic players and international construction giants. Local Vietnamese companies maintain a strong presence in the market, though their dominance is relatively lower compared to other Southeast Asian countries like Indonesia, Thailand, and Malaysia. The market structure is increasingly evolving with the entry of foreign-invested enterprises, which possess competitive advantages in terms of financial capabilities, construction technology, and project management expertise. The implementation of the Public-Private Partnership (PPP) Law has created new opportunities for private sector participation, particularly benefiting foreign players who are expected to play an increasingly significant role in the coming years.
The market demonstrates a fragmented structure with numerous players operating across different segments and regions. Merger and acquisition activities are gradually increasing as companies seek to strengthen their market position and expand their service portfolios. International construction firms, particularly from Japan, South Korea, and China, are actively pursuing joint ventures and collaborations with local companies to establish a stronger foothold in the market. The government's focus on infrastructure development and urbanization has attracted several Chinese construction companies, with major groups like China Railway Group Limited and Power China showing increased interest in infrastructure projects.
Innovation and Adaptation Drive Market Success
Success in the Vietnamese construction market increasingly depends on companies' ability to adapt to evolving industry demands and technological advancement. Incumbent firms are focusing on developing specialized expertise in high-growth segments such as green building, industrial construction, and infrastructure development. Companies are also investing in digital construction initiatives, including the adoption of advanced project management tools and construction technologies. Building strong relationships with government entities and understanding local regulatory frameworks have become crucial factors for maintaining market position, while developing robust supply chain networks and maintaining financial stability are essential for long-term success.
For new entrants and growing players, differentiation through technological innovation and specialized service offerings presents a viable path to market growth. Companies are increasingly focusing on developing expertise in specific construction segments or technologies to create unique value propositions. The ability to form strategic partnerships, particularly with international firms, can provide access to advanced technologies and project management expertise. Understanding and adapting to local market dynamics, including regulatory requirements and cultural nuances, remains crucial for success. Companies must also maintain strong financial positions and efficient cost management practices to remain competitive in a market characterized by intense price competition and evolving client demands.
Vietnam Construction Market Leaders
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Song Da Corp JSC
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COFICO
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Hoa Binh Construction Group JSC
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Coteccons Construction JSC
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Visicons Construction and Investment JSC
- *Disclaimer: Major Players sorted in no particular order

Vietnam Construction Market News
- November 2023: COFICO and joint venture partners TVC and Searefico opportunistically attended the Taking Over Singing Ceremony of The New Betalactam Factory that Meets Global GMP Standards for the Investor – DHG Pharmaceutical Joint Stock Company. The project is located at Tan Phu Thanh Industrial Park – Phase 1, Chau Thanh A district, Hau Giang province, with a total project area of about 6 hectares. It is expected that after completion and operation in 2024, the Betalactam factory will meet global GMP standards, requiring high technical specifications in the stages of design, construction, and finishing. This project holds particular significance for the plan to develop high-quality product lines and deliver numerous qualified product lines to replace imported drugs for consumers of DHG Pharma.
- October 2023: Song Da Corp JSC invested in the implementation of the 500kV circuit 3 line projects (from Quang Trach, Quang Binh, to Pho Noi, Hung Yen) at the Government Headquarters. Deputy Prime Minister Tran Hong Ha requested the Ministry of Industry and Trade to strictly adhere to the specific planning and critical paths (charts) of the project's implementation progress, in accordance with the Prime Minister's direction. According to a report by Vietnam Electricity Group (EVN), the 500 kV line circuit 3 (from Quang Trach, Quang Binh, to Pho Noi, Hung Yen) includes four component projects: Quang Trach - Quynh Luu, Quynh Luu - Thanh Hoa, Nam Dinh 1 - Thanh Hoa, and Nam Dinh 1 - Pho Noi.
Vietnam Construction Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Current Economic and Construction Market Scenario in Vietnam
- 4.2 Market Overview of Construction Materials in Vietnam
- 4.3 Technological Innovations in the Construction Sector
- 4.4 Impact of Government Regulations and Initiatives on the Industry
- 4.5 Comparison of Key Industry Metrics of Vietnam with Other ASEAN Member Countries (Analyst's View)
- 4.6 Insights into Industry Value Chain Analysis
- 4.7 Comparison of Construction Cost Metrics of Vietnam with Other ASEAN Member Countries (Analyst's View)
- 4.8 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Urbanization and population growth
- 5.1.2 Government policies and Foreign Investnents
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5.2 Market Restraints
- 5.2.1 Skilled Labor Shortage
- 5.2.2 Material Price Fluctuations
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5.3 Market Opportunities
- 5.3.1 Technology Adoption
- 5.3.2 Public-Private Partnerships
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5.4 Industry Attractiveness - Porter's Five Forces Analysis
- 5.4.1 Bargaining Power of Suppliers
- 5.4.2 Bargaining Power of Consumers
- 5.4.3 Threat of New Entrants
- 5.4.4 Threat of Substitute Products
- 5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION (Market Size By Value)
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6.1 By Sector
- 6.1.1 Residential Construction
- 6.1.2 Commercial Construction
- 6.1.3 Industrial Construction
- 6.1.4 Infrastructure (Transportation) Construction
- 6.1.5 Energy and Utilities Construction
7. COMPETITIVE LANDSCAPE
- 7.1 Market Overview
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7.2 Company Profiles
- 7.2.1 Song Da Corp JSC
- 7.2.2 COFICO
- 7.2.3 Hoa Binh Construction Group JSC
- 7.2.4 Coteccons Construction JSC
- 7.2.5 Visicons Construction and Investment JSC
- 7.2.6 Fecon Corp JSC
- 7.2.7 Ricons Construction Investment Group JSC
- 7.2.8 Delta Corp
- 7.2.9 Vincons Vietnam Construction JSC
- 7.2.10 ECOBA Vietnam JSC
- 7.2.11 Newtecons Vietnam
- 7.2.12 Hung Thinh Incons JSC
- 7.2.13 Choyoda Corp
- 7.2.14 CTCI Corp
- 7.2.15 Danieli & C. Officine Meccaniche SpA
- 7.2.16 GS Engineering and Construction
- 7.2.17 Hyundai Engineering & Construction Co. Ltd
- 7.2.18 An Phong
- 7.2.19 Takco
- 7.2.20 Central Cons*
- *List Not Exhaustive
8. MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS (PROJECT DESCRIPTION, VALUE, LOCATION, SECTOR, AND CONTRACTORS)
- 8.1 Existing Infrastructure
- 8.2 On-going Projects
- 8.3 Upcoming Projects
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
11. APPENDIX
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.
The 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 the Vietnam construction market in value (USD) for all the above segments.
By Sector | Residential Construction |
Commercial Construction | |
Industrial Construction | |
Infrastructure (Transportation) Construction | |
Energy and Utilities Construction |
Vietnam Construction Market Research FAQs
How big is the Vietnam Construction Market?
The Vietnam Construction Market size is expected to reach USD 74.81 billion in 2025 and grow at a CAGR of 8.10% to reach USD 110.42 billion by 2030.
What is the current Vietnam Construction Market size?
In 2025, the Vietnam Construction Market size is expected to reach USD 74.81 billion.
Who are the key players in Vietnam Construction Market?
Song Da Corp JSC, COFICO, Hoa Binh Construction Group JSC, Coteccons Construction JSC and Visicons Construction and Investment JSC are the major companies operating in the Vietnam Construction Market.
What years does this Vietnam Construction Market cover, and what was the market size in 2024?
In 2024, the Vietnam Construction Market size was estimated at USD 68.75 billion. The report covers the Vietnam Construction Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Construction Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Vietnam Construction Market Research
Mordor Intelligence provides a comprehensive analysis of the construction industry in Vietnam. The report leverages extensive expertise in building construction and infrastructure development research. Our detailed report covers the entire spectrum of construction activities. These range from residential construction and commercial construction to civil construction projects. The analysis also encompasses the construction materials, construction machinery, and construction equipment sectors. Additionally, it examines emerging trends in building technology and construction management.
Stakeholders gain valuable insights into new construction developments and the growing adoption of building automation systems. The report explores sustainable construction practices and green construction initiatives. It also highlights innovations in modular construction and prefabricated construction. Our analysis covers construction chemicals, construction robotics, and digital construction technologies that are shaping the industry's future. The complete report is available as an easy-to-read downloadable PDF. It offers detailed insights into infrastructure construction, smart construction solutions, and construction technology advancements that are transforming Vietnam's building industry.