Vietnam emerges as a dynamic force in Southeast Asia’s economic landscape, with its construction sector showcasing remarkable growth. Valued at approximately USD 95.8 billion in 2023, this market attracts a wide array of stakeholders, from investors and developers to government entities, who can benefit from the in-depth insights offered by expert Vietnam construction consulting services, essential for effective strategic planning and informed decision-making.

Overview of Vietnam’s Construction Market

With an expected average annual growth rate (AAGR) of over 6% from 2025 to 2028, the Vietnamese construction market size is poised for significant expansion. This growth is primarily driven by the government’s strategic initiatives to develop rail and road transport, renewable energy sources, and affordable housing projects. Additionally, the recovery in tourism activity is expected to further bolster market growth during this period.

Sector-Specific Growth Dynamics in Vietnam’s Construction Market

The Vietnam construction market is diverse, with several key sectors driving its expansion:

• Residential Construction: As the leading sector in 2023, residential construction continues to grow, supported by investments in both single-family and multi-family housing. The government’s focus on social housing projects by 2030 is expected to propel this sector further.
• Commercial Construction: Recovery in tourism and services has spurred developments in leisure, hospitality, retail, and office buildings. The ‘Tourism Development Program’ aims to enhance tourist facilities, contributing to the sector’s growth.
• Industrial Construction: This sector is expanding due to investments in semiconductor plants and industrial parks, with increased foreign direct investment anticipated in the manufacturing sector.
• Infrastructure Construction: Significant government investment in developing road, rail, and other public transport infrastructures is set to enhance this sector’s output.
• Energy and Utilities Construction: The sector is likely to see growth from the government’s Eight Power Development Plan (PDP8), focusing on enhancing energy infrastructure from 2021 to 2030.
• Institutional Construction: Investments in education and healthcare facilities are boosting this sector, with both public and private sectors contributing to its development.

Vietnam Construction Key Players and Market Dynamics

According to GlobalData Research, the Vietnamese construction market features several key players who are instrumental in its growth. Hyundai Engineering & Construction Co Ltd was the leading contractor in 2023, with Transport Engineering Design Inc serving as the leading consultant. Other notable contractors include Hoa Binh Construction Group, Civil Engineering Construction Corporation No. 4 Ltd, Civil Engineering Construction Corporation No. 6 Ltd, and Coteccons Group. The market is predominantly influenced by domestic contractors, who play a crucial role in the ongoing development projects across the country.

Positioning for Success in Vietnam’s Construction Market

The vibrant potential and strategic significance of Vietnam’s construction sector form a cornerstone of the nation’s economic future. Anticipated to grow at an annual rate of over 6% from 2025 to 2028, the sector is energized by key government initiatives aimed at enhancing rail and road transport, renewable energy generation, and affordable housing. These initiatives are setting the stage for substantial growth, offering myriad opportunities for stakeholders. For those looking to navigate this expanding market, our Vietnam construction consulting services provide essential insights and strategic guidance to leverage these opportunities effectively, ensuring you are well-positioned to thrive in this dynamic environment.