Vietnam Construction Market Size By Process (New Construction, Alteration), By Sector (Residential, Commercial), And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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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

So, what exactly is ‘construction’? Well, it's basically the act of building – anything! Think of it like thisit could be anything from highways to towering office buildings or even a shiny, brand new movie theatre. Now, the bigger the project, the longer it's gonna take, right? Some jobs might wrap up in a few weeks, while others can drag on for years. Building stuff is definitely hard work, and it happens in phases. Take a building, for examplethings usually kick off with the foundation, and then you move on to the frame, drywall, exterior, and all the finishing touches. Of course, those steps can change depending on what you're building, and there might be more or fewer of them. Construction is a real team effort and requires tons of collaboration. And the number of people you need? That depends on how big the project is – could be a small crew or a whole army!

No matter how big the company, there's always tons to do, and each task calls for different skills. Think of a construction siteeveryone's got their own job, and they need to use their abilities to get it done. You might have hundreds of folks working there at once—engineers, roofers, plumbers, electricians, you name it! And not everyone is actually on the site; some are out delivering supplies or planning things back at the office. Plus, building something needs a ton of equipment, from simple hammers to massive vehicles. But be careful, both those hand tools and that heavy machinery can be seriously dangerous if you don't use them right.

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Vietnam Construction Market Overview

The construction market is super important for a country's growth and economy! Think of it as all the money made by companies building houses or big projects like roads and power grids. It includes everything from fixing a leaky roof to building a brand-new skyscraper. And guess what? Vietnam's construction market is really booming right now – like, seriously the fastest-growing in the world. There's usually plenty of work to go around for construction crews in Vietnam, thanks to the country's constantly improving economy. Plus, the Vietnamese government is really pushing to get foreign investors involved through deals called public-private partnerships (PPP), which should keep the construction industry strong for a while.

The COVID-19 pandemic really hit Vietnam's construction industry hard, causing a lot of struggles and holding things back. But, on a brighter note, Vietnam's cities are growing fast, and so is the population. This means there's a huge demand for new homes, schools, hospitals, roads, water treatment plants, and tons of other infrastructure projects. This growing need is a major boost for the market. Plus, the Vietnamese government is stepping up and making new rules to make the market fairer and more open, aiming to level the playing field for both local and foreign contractors. They're also really focusing on improving transport infrastructure. After all, making it easier to move goods and people is super important for the country's development, and that's a big factor driving the market forward.

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-

When we look at the different Sectors, like Residential, Commercial, and Industrial, the residential side of the Vietnamese construction market is really taking off! We're seeing a lot of growth and investment there. It's all because of people moving to cities fast (urbanization!), the population changing, and folks having more money to spend. Basically, everyone's looking for a place to live. From cheap houses to fancy apartments, there are tons of chances for builders and investors. Plus, the government's helping out and people know what they want, so the residential sector is a big deal in Vietnam's construction scene. If you understand how it works, you can make some serious money!

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

Want to know who's leading the pack in the Construction market? Our company ranking analysis dives deep into the top 3 players to give you the inside scoop. But it's not just a popularity contest! We consider several factors before we crown anyone a winner. So, who are the big names? We're talking Coteccons Construction JSC, Hoa Binh Construction Group, and RICONS. We're looking at things like brand value, what they're selling (think product variations, specs, features, and price), where they're doing business, how much they're selling these products, and their overall piece of the revenue pie. We also dig into their product portfolio, checking out the tech they're using and any new strategies they're trying to boost their presence, whether it's in Vietnam specifically or across the region.

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 ATTRIBUTESDETAILS
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
  • By Process
  • By Sector
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We'll dive deep into the market, looking at it from all angles – not just the money side, but also the human side. We'll break things down into segments and give you hard numbers (in USD Billion!) for each one. We'll also point out which regions and segments are likely to explode with growth and which ones are already on top. Expect a geographical breakdown, showing where the product or service is really being used and what's influencing the market in each area. We'll map out the competitive landscape, ranking the big players and highlighting their recent moves – new products, partnerships, expansions, and acquisitions over the last five years. Get detailed company profiles, including overviews, insights, product comparisons, and SWOT analyses for the key players. You'll get a clear picture of where the market is now and where it's headed, considering recent developments like growth opportunities, drivers, challenges, and restraints in both emerging and established regions. We'll even give you an in-depth look at the market using Porter's five forces and break down the entire Value Chain. Finally, we'll paint a picture of the market's dynamics and highlight growth opportunities on the horizon, plus you get 6 months of post-sales analyst support to help you navigate it all.

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