Vietnam Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
Vietnam Construction Market Report Overview
Vietnam construction market was valued at $87.7 billion in 2022. The market is projected to grow at an AAGR of more than 6% during the period 2024-2027. Investment under Vietnam’s draft Power Development Plan Eight (PDP VIII) for the period of 2021–30, with a vision towards 2045, will support construction output over the forecast period. Further supporting construction activity will be Ho Chi Minh City’s investment in the construction of approximately 454km of highways, belts, national highways and large bridges with a total investment of about VND266 trillion ($11.5 billion) from 2021 until 2025.
Vietnam Construction Market 2022-2027 ($ Billion)
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The Vietnam construction market research report provides detailed market analysis, information, and insights into Vietnam’s construction industry, including the industry’s growth prospects by market, project type and construction activity. Furthermore, it also provides a critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Vietnam’s construction industry. It also provides information on the mega-project pipeline, focusing on development stages and participants, as well as listings of major projects in the pipeline.
| Market Size (2022) | $87.7 billion |
| AAGR (2024-2027) | >6% |
| Forecast Period | 2023-2027 |
| Historical Period | 2018-2022 |
| Key Sectors | Commercial Construction, Industrial Construction, Infrastructure Construction, Energy and Utilities Construction, Institutional Construction, and Residential Construction |
| Leading Contractors | Hyundai Engineering & Construction Co. Ltd, Hoa Binh Construction Group, Civil Engineering Construction Corporation No. 4 Ltd, Coteccons Group, Vietnam National Oil and Gas Group, Civil Engineering Construction Corporation No. 6, GS Holdings Corp, Lilama Corp, An Quy Hung Co Ltd, and Sumitomo Corp |
| Leading Consultants | Transport Engineering Design Inc, Japan International Cooperation Agency, Nippon Koei Co Ltd, Tedi South, Korea International Cooperation Agency, Transport Investment & Construction Consultant JSC, Japan Railway Technical Service (JARTS), Nikken Sekkei Ltd, Royal HaskoningDHV, and Vietnam Electricity |
Vietnam Construction Market Segmentation by Sectors
The key sectors in the Vietnam construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. The residential construction sector dominated the market in 2022, followed by infrastructure 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. Forecast-period growth in this sector will also be supported by the ongoing recovery in the tourism sector, as well as growth in wholesale and retail trade activities.
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. The sector’s growth will be supported by investment in industrial parks and economic zones, as well as an improvement in external demand and the wider economy.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. The sector’s output will be supported by the government’s plan to improve regional connectivity through the development of transport infrastructure.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. The sector’s growth will be supported by the government’s focus on the development of energy infrastructure—particularly renewable energy infrastructure.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. The sector’s growth will be supported by public and private sector investment in the development of the country’s educational and healthcare sectors.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The sector’s growth will be supported by the government’s focus on affordable housing construction. The government plans to construct 1 million affordable houses for industrial workers and people with low incomes by 2030. However, rising interest rates and tight credit availability pose significant downside risks to the sector’s growth this year.
Vietnam Construction Market Analysis, by Sectors, 2022 (%)
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Vietnam Construction Market - Competitive Landscape
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, Vietnam National Oil and Gas Group, Civil Engineering Construction Corporation No. 6, GS Holdings Corp, Lilama Corp, An Quy Hung Co Ltd, and Sumitomo Corp. Hyundai Engineering & Construction Co. Ltd was the leading contractor in the Vietnam construction market in 2022, followed by Hoa Binh Construction Group.
Vietnam Construction Market by Contractors, 2022 (%)
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The leading consultants in the Vietnam construction market are Transport Engineering Design Inc, Japan International Cooperation Agency, Nippon Koei Co Ltd, Tedi South, Korea International Cooperation Agency, Transport Investment & Construction Consultant JSC, Japan Railway Technical Service (JARTS), Nikken Sekkei Ltd, Royal HaskoningDHV, and Vietnam Electricity. Transport Engineering Design Inc was the leading consultant in the Vietnam construction market in 2022, followed by Japan International Cooperation Agency.
Vietnam Construction Market by Consultants, 2022 (%)
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Segments Covered in the Report
Vietnam Construction Sectors Outlook (Value, US$ Billion, 2018-2027)
- Commercial Construction
- Leisure and Hospitality Buildings
- Office Buildings
- Outdoor Leisure Facilities
- Retail Buildings
- Other Commercial Construction
- Industrial Construction
- Chemical and Pharmaceutical Plants
- Manufacturing Plants
- Metal and Material Production and Processing plants
- Waste Processing Plants
- Infrastructure Construction
- Rail Infrastructure
- Road Infrastructure
- Other Infrastructure Projects
- Energy and Utilities Construction
- Electricity and Power
- Oil and Gas
- Telecommunications
- Sewage Infrastructure
- Water Infrastructure
- Institutional Construction
- Educational Buildings
- Healthcare Buildings
- Institutional Buildings
- Research Facilities
- Religious Buildings
- Residential Construction
- Single-Family Housing
- Multi-Family Housing
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 (commercial, industrial, infrastructure, energy and utilities, institutional and residential) 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
List of Tables
List of Figures
Frequently Asked Questions
The construction market size in Vietnam was $87.7 billion in 2022.
The construction market in Vietnam is projected to achieve an AAGR of more than 6% during 2024-2027.
The residential construction sector led the Vietnam construction market in 2022.
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, Vietnam National Oil and Gas Group, Civil Engineering Construction Corporation No. 6, GS Holdings Corp, Lilama Corp, An Quy Hung Co Ltd, and Sumitomo Corp.
The leading consultants in the Vietnam construction market are Transport Engineering Design Inc, Japan International Cooperation Agency, Nippon Koei Co Ltd, Tedi South, Korea International Cooperation Agency, Transport Investment & Construction Consultant JSC, Japan Railway Technical Service (JARTS), Nikken Sekkei Ltd, Royal HaskoningDHV, and Vietnam Electricity.
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