Vietnam Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2028
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Vietnam Construction Market Report Overview
The Vietnam construction market size was $95.8 billion in 2023. The market will achieve an AAGR of more than 6% during 2025-2028. The government’s focus on the development of rail and road transport, renewable energy generation, and affordable housing will drive the market growth during the forecast period. A continued improvement in the tourism activity will also support the market growth.
Vietnam Construction Market Outlook, 2023-2028 ($ Billion)
Buy the Full Report to Know More about the Vietnam Construction Market Forecast
The Vietnam construction market research report gives a comprehensive understanding of project types and construction activities in the country. It analyzes the mega-project pipeline, focusing on development stages, participants, and listings of major projects in the pipeline. The market report further discusses the key sectors in the construction market and their growth drivers. Along with reviewing the details of the construction projects, our analysts have elaborated on emerging trends and assessed key risks and opportunities that will influence the Vietnamese construction market growth in the coming years.
Market Size (2023) | $95.8 billion |
AAGR (2025-2028) | >6% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
Key Contractors | · Hyundai Engineering & Construction Co Ltd
· Hoa Binh Construction Group · Civil Engineering Construction Corporation No. 4 Ltd · Coteccons Group · Civil Engineering Construction Corporation No. 6 |
Key Consultants | · Transport Engineering Design Inc
· Japan International Cooperation Agency · ID&E Holdings · Tedi South · Korea International Cooperation Agency |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Vietnam Construction Market Segmentation by Sectors
The residential construction sector accounted for the highest market share in the Vietnam construction market in 2023
The key sectors in the Vietnam construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The ongoing recovery in the tourism and services sectors along with investment in leisure and hospitality, retail, office, and data center buildings will drive the commercial sector’s growth during the forecast period. Another factor driving the market growth is the ‘Tourism Development Program,’ under which the government aims to attract foreign and domestic tourists.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. Investment in semiconductor plants and industrial parks and an expected rise in foreign direct investment in the manufacturing sector will drive the sector’s growth during the forecast period.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The government’s efforts to develop the country’s road, rail, and other public transport infrastructure will support the infrastructure sector’s output during the forecast period.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The government’s focus on the development of energy infrastructure as part of Vietnam’s Eight Power Development Plan (PDP8) for the period of 2021-2030 will drive the sector growth during 2025-2028.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Public and private investment in the development of the education and healthcare sectors will fuel the growth of the institutional construction sector during the forecast period.
Residential construction: The project types in this sector include single-family housing and multi-family housing. Investment from private and public sources will aid the development of affordable housing as a part of the government’s effort to build social housing apartments by 2030. This investment, in turn, will support the residential sector output over the forecast period.
Vietnam Construction Market Analysis by Sectors, 2023 (%)
Buy the Full Report for more Sector Insights into the Vietnam Construction Market
Vietnam Construction Market - Competitive Landscape
Hyundai Engineering & Construction Co Ltd emerged as the leading contractor and Transport Engineering Design Inc as the leading consultant in the Vietnam construction market in 2023
A few of the leading contractors in the Vietnam construction market are:
- Hyundai Engineering & Construction Co Ltd
- Hoa Binh Construction Group
- Civil Engineering Construction Corporation No. 4 Ltd
- Coteccons Group
- Civil Engineering Construction Corporation No. 6
Domestic contractors account for most of the project pipeline in the Vietnamese construction market.
Vietnam Construction Market Analysis by Contractors, 2023 (%)
Buy the Full Report to Know More about the Contractors in the Vietnam Construction Market
A few of the leading consultants in the Vietnam construction market are:
- Transport Engineering Design Inc
- Japan International Cooperation Agency
- ID&E Holdings
- Tedi South
- Korea International Cooperation Agency
Consultants with headquarters outside Vietnam are involved in most of the project pipeline by value.
Vietnam Construction Market Analysis by Consultants, 2023 (%)
Buy the Full Report to Know More about Consultants in the Vietnam Construction Market
Vietnam Construction Market - Latest Developments
- Among the largest commercial projects currently in the pipeline is the Bien Hoa Aqua Smart City project. This project includes the construction of a shopping mall, indoor and outdoor sports complexes, a five-star marina, a hotel, and other related facilities.
- Among the largest industrial projects currently in the pipeline is the Automobile and Seaport Complex. It is currently in the execution stage and includes the construction of an automobile parts manufacturing plant and a seaport complex.
Segments Covered in the Report
Vietnam Construction Sectors Outlook (Value, $ Billion, 2019-2028)
- Commercial Construction
- Industrial Construction
- Infrastructure Construction
- Energy and Utilities Construction
- Institutional Construction
- Residential Construction
Scope
This report provides:
- A comprehensive analysis of the construction industry in Vietnam.
- Historical and forecast valuations of the construction industry in Vietnam, featuring details of key growth drivers.
- Segmentation by sector and by sub-sector.
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.
Reasons to Buy
- Identify and evaluate market opportunities using GlobalData’s standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData’s critical and actionable insight.
- Assess business risks, including cost, regulatory, and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
Table
Figures
Frequently asked questions
-
What was the construction market size in Vietnam in 2023?
The construction market size in Vietnam was $95.8 billion in 2023.
-
What will the Vietnam construction market growth rate be during the forecast period?
The construction market in Vietnam is projected to achieve an AAGR of more than 6% during 2025-2028.
-
Which sector accounted for the highest share of the Vietnam construction market in 2023?
The residential construction sector accounted for the highest market share in the Vietnamese construction market in 2023.
-
Which are the leading contractors in the Vietnamese construction market?
A few of the leading contractors in the Vietnamese construction market are Hyundai Engineering & Construction Co Ltd, Hoa Binh Construction Group, Civil Engineering Construction Corporation No. 4 Ltd, Coteccons Group, and Civil Engineering Construction Corporation No. 6, among others.
-
Which are the leading consultants in the Vietnamese construction market?
A few of the leading consultants in the Vietnamese construction market are Transport Engineering Design Inc., Japan International Cooperation Agency, ID&E Holdings, Tedi South, and Korea International Cooperation Agency, among others.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.