Vietnam Construction Market Size By Process (New Construction, Alteration), By Sector (Residential, Commercial), And Forecast
Published on: 2024-08-08 | No of Pages : 320 | Industry : latest updates trending Report
Publisher : MIR | Format : PDF&Excel
Vietnam Construction Market Size By Process (New Construction, Alteration), By Sector (Residential, Commercial), And Forecast
Vietnam Construction Market Size And Forecast
Vietnam Construction Market size was valued at USD 101.73 Million in 2023 and is projected to reach USD 197.33 Million by 2031, growing at a CAGR of 9.93% from 2024 to 2031.
Government plans to develop infrastructure and growing demand for affordable housing are the factors driving the market growth. The Vietnam Construction Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Vietnam Construction Market Definition
The term ‘construction’ refers to the process of building anything. It may be anything from highways to office buildings to a brand new movie theatre. The larger the project is, the longer it will take to complete, therefore some work may take a few weeks while others may take several years. There is a lot of hard work involved in building a structure, and there are several stages. For instance, during the full construction cycle of a building, work will begin with the foundation stage and progress through the frame, drywall, exterior, and finishing. These stages may alter depending on what is being built, and there may be more or fewer stages. Construction is a collaborative effort that necessitates a lot of collaboration. Depending on the size of the project, a construction project may require a large or small staff.
There are numerous duties to be done, each needs a different set of talents, regardless of the size of the organization. On a construction site, each individual is responsible for their job, which they must complete by using their abilities. On a single building site, hundreds of men and women may be working as engineers, roofers, plumbers, electricians, and other trades. Not every member of the staff will be on the job site; some may be delivering supplies on the road or planning the project back at the office. The building also necessitates a wide range of equipment, from simple hand tools to heavy machinery such as vehicles. Both of these forms of equipment, if not handled properly, can be extremely harmful to the individual using it as well as everyone else in the vicinity.
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Vietnam Construction Market Overview
The construction market plays a vital role in the development of the country and its economy. The construction market incorporates the sales revenues earned by organizations that build buildings or engineer projects (for instance, utility systems and highways). In addition, the construction market consists of maintenance, additions, repairs, alterations, and new work. The Vietnam Construction Market is the leading high-geared market across the globe. Generally, in Vietnam, there is no lack of work for construction companies. Because Vietnam’s construction sector is constantly enjoying strong economic development. Also, the government of Vietnam is taking major steps to encourage foreign investment through the public-private partnerships (PPP) model, which is forecasted to uphold the construction industry over the upcoming period.
Besides, owing to the COVID-19 pandemic, Vietnam’s construction sector lacked strength and faced a lot of difficulties which act as a major restraint on the market. On the contrary, another factor projected to drive growth in the target market is that the growing urbanization and population are rising swiftly and demand for new housing, schools, hospitals, roads, water treatment facilities, and many more infrastructure projects is increasing rapidly. Additionally, the government of Vietnam regulated the new rules and regulations for developing market transparency and resolving inequality between local and foreign contractors and also focuses on transport infrastructure. It aims to enhance the efficiency of moving goods and travelers because transport infrastructure is one of the most important factors for a country’s progress, which acts as the major key growth driver of the market.
Vietnam Construction MarketSegmentation Analysis
The Vietnam Construction Market is Segmented on the basis of Process, and Sector.
Vietnam Construction Market, By Process
- New Construction
- Alteration
- Addition
To Get a Summarized Market Report By Process-
Based on Process, the market is segmented into New Construction, Alteration, and Addition. The New Construction segment stands as a formidable force within the Vietnamese construction market landscape, wielding significant potential for growth and investment. With its expanding urbanization and infrastructure development, Vietnam presents a fertile ground for stakeholders in this sector. From residential complexes to commercial projects, the demand for new construction remains robust, driven by evolving consumer preferences and government initiatives. As a dominating process segment, it offers lucrative opportunities for players to capitalize on, promising sustained expansion and profitability in the dynamic Vietnamese construction market.
Vietnam Construction Market, By Sector
- Residential
- Commercial
- Industrial
- Others
To Get a Summarized Market Report By Sector-
Based on Sector, the market is segmented into Residential, Commercial, Industrial, and Others. The residential segment emerges as a dominant force within the Vietnamese construction market, poised for substantial growth and investment. Fueled by rapid urbanization, changing demographics, and rising disposable incomes, the demand for housing solutions continues to surge across Vietnam. From affordable housing initiatives to upscale residential developments, this sector offers diverse opportunities for developers and investors alike. With supportive government policies and evolving consumer preferences, the residential segment stands as a cornerstone of the construction market in Vietnam, promising sustained profitability and expansion for stakeholders attuned to its dynamics and opportunities.
Key Players
The Vietnam Construction Market is fragmented with the presence of a huge number of players in the market. The major players in the market are, COFICO Company, Hoa Binh Construction Group, VISICONS,.JSC., FECON Corporation, RICONS, Phuc Hung Holdings Construction JSC, Song Da Corp JSC, Coteccons Construction JSC, Delta Construction Group, and Newtecons. This section provides company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with Coating Type benchmarking and SWOT analysis.
Company Market Ranking Analysis
The company ranking analysis provides a deeper understanding of the top 3 players operating the Construction market. takes into consideration several factors before providing a company ranking. The top three players are the Coteccons Construction JSC, Hoa Binh Construction Group, and RICONS. The factors considered for evaluating these players include the company’s brand value, product portfolio (including product variations, specifications, features, and price), company presence across major regions, product related sales obtained by the company in recent years and its share in the total revenue. further studies the company’s product portfolio based on the technologies adopted or new strategies undertaken by the company to enhance its market presence Vietnamly or regionally.
Company Regional/Industry Footprint
The company’s regional section provides geographical presence, regional-level reach, or the respective company’s sales network presence. For instance, Coteccons Construction JSC, Hoa Binh Construction Group, and RICONS has a presence in Vietnam.
Apart from this, the industrial footprint section provides a cross-analysis of industry verticals and market players that gives a clear picture of the company landscape concerning the industries they serve their products. The product portfolio of the companies is classified in terms of their diversification as well as the number of products/services that are available. The geographic reach and the market penetration are determined considering the penetration of the company’s products and services in various geographical regions and industries.
Ace Matrix
This section of the report provides an overview of the company evaluation scenario in the Vietnam Construction Market. The company evaluation has been carried out based on the outcomes of the qualitative and quantitative analyses of various factors such as product portfolios, technological innovations, market presence, revenues of companies, and the opinions of primary respondents.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | COFICO Company, Hoa Binh Construction Group, VISICONS,.JSC., FECON Corporation, RICONS, Phuc Hung Holdings Construction JSC, Song Da Corp JSC. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support
Customization of the Report
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