Market Research Report
Construction in Vietnam - Key Trends and Opportunities to 2025 (Q4 2021)
|Construction in Vietnam - Key Trends and Opportunities to 2025 (Q4 2021)|
Published: December 3, 2021
Content info: 47 Pages
Delivery time: 1-2 business days
Growth of Vietnam's construction industry is expected to deaccelerate in 2021, due to the recent surge of new Coronavirus (COVID-19) cases which pose a significant downside risk for industry growth this year. GlobalData expects the construction industry to record real growth of 1.8% in 2021, a downwards revision from our previous estimate of 10.8% growth. This revision is due to the sharp contraction of construction activity in Q3 2021, with construction value add falling by 20.6% year on year (YoY) due to the imposition of a sudden, strict lockdown by the Vietnamese government. According to the General Statistics Office (GSO), the construction industry's value add contracted by 0.6% YoY in the first nine months of 2021.
In order to revive the economy and drive growth, the government allocated VND792.7 trillion (US$35 billion) to its economic recovery plan for the 2022-2023 period. Through this plan, the government will promote infrastructure development with an investment of VND220 trillion (US$9.7 billion). Moreover, through its 2022 budget, the government will focus on bolstering the economic recovery and progressing post-pandemic reforms. The 2022 Budget will also prioritize public healthcare, digital infrastructure, economic resilience and socioeconomic reforms.
GlobalData expects Vietnam's construction industry to register a real average annual growth of 8.5% between 2022 and 2025, supported by ongoing construction works on the considerable pipelines of public infrastructure projects. As part of its transport infrastructure spending plan of between VND973.8 and 1,472 trillion (US$43-65 billion), the government plans to construct and renovate existing road, rail, inland water, sea and air transport infrastructure between 2021-2030.
GlobalData's Construction in Vietnam - Key Trends and Opportunities to 2025 (Q4 2021) report provides detailed market analysis, information and insights into Vietnam's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Vietnam. It provides -