Vietnam Construction Market to Grow at a CAGR of 8.01% During 2024-2032, Stimulated by Increasing Urbanization and Infrastructural Development

December 18, 2023 | Construction and Manufacturing

According to the latest report by IMARC Group, titled “Vietnam Construction Market Report by Sector (Residential Construction, Commercial Construction, Industrial Construction, Infrastructure (Transportation) Construction, Energy and Utilities Construction), and Region 2024-2032,” the Vietnam construction market is expected to exhibit a CAGR of 8.01% during 2024-2032. Construction refers to the process of building, assembling, or forming structures and infrastructure. It encompasses a vast range of activities, from the simple construction of residential homes to complex mega-projects, such as skyscrapers, bridges, tunnels, and industrial facilities. Construction projects involve a multitude of aspects, including planning, design, financing, and execution, often necessitating the collaboration of a diverse array of professionals such as architects, engineers, project managers, and contractors. The process typically involves several phases, including site preparation, foundation laying, structural framing, installation of systems and utilities, and finishing touches. It requires careful management and coordination to ensure that projects are completed efficiently, within budget, and to the requisite quality standards. The construction industry plays a pivotal role in shaping the physical environment we inhabit, contributing to economic development and societal progress.

Vietnam Construction Market Trends:

Rapid urbanization and population growth in the country, fueling demand for new residential and commercial developments is primarily driving the construction market. In line with this, the government's increased focus on infrastructure development, including the improvement of transportation networks and utility systems is favoring the market growth. Moreover, foreign direct investment (FDI) and public-private partnerships (PPP) are introducing capital and expertise into the sector, creating a favorable outlook for market expansion. At the same time, the rise of the middle class in Vietnam spurring the demand for higher-quality and luxury housing and modern retail spaces is providing an impetus to the market growth. Besides this, the flourishing expansion of the tourism industry leading to the development of hotels, resorts, and entertainment complexes is acting as another significant growth-inducing factor. Concurrently, Vietnam's strategic geographical location, with access to key shipping routes, is encouraging the growth of industrial construction, particularly in the areas of manufacturing and logistics, contributing to the market growth. In addition to this, the emerging trends towards environmental sustainability and green building practices influencing the construction practices and materials used are fostering the market expansion. Furthermore, the increasing adoption of advanced construction technologies, such as Building Information Modeling (BIM), prefabrication, and modular construction enhancing efficiency, reducing project timelines, and minimizing costs is impelling the market growth. Apart from this, the rise in public infrastructure projects, such as the development of new airports, seaports, and mass transit systems is presenting lucrative opportunities for market expansion.

Market Summary:

  • Based on the sector, the market has been segmented into residential, commercial, industrial, infrastructure (transportation), and energy and utilities construction.
  • On a regional basis, the market has been segregated into Northern, Central, and Southern Vietnam.
  • The competitive landscape of the market has also been examined, with some of the key players being An Phong Construction Joint Stock Company, Central Construction Joint Stock Company, Construction Joint Stock Company, Coteccons Construction JSC, CTCI Vietnam Co. Ltd., GS E&C Vietnam, Newtecons, etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Sector
  • Region
Sectors Covered Residential Construction, Commercial Construction, Industrial Construction, Infrastructure (Transportation) Construction, Energy and Utilities Construction
Regions Covered Northern Vietnam, Central Vietnam, Southern Vietnam
Companies Covered An Phong Construction Joint Stock Company, Central Construction Joint Stock Company, Construction Joint Stock Company, Coteccons Construction JSC, CTCI Vietnam Co. Ltd., GS E&C Vietnam, Newtecons, etc. (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
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Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Vietnam Construction Market to Grow at a CAGR of 8.01% During 2024-2032, Stimulated by Increasing Urbanization and Infrastructural Development
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