{"id":19627,"date":"2025-02-07T17:46:14","date_gmt":"2025-02-07T10:46:14","guid":{"rendered":"https:\/\/b-company.jp\/?p=19627"},"modified":"2025-05-27T10:11:44","modified_gmt":"2025-05-27T03:11:44","slug":"construction-industry-in-vietnam-business-overview-and-foreign-investment-situation","status":"publish","type":"post","link":"https:\/\/b-company.jp\/ko\/construction-industry-in-vietnam-business-overview-and-foreign-investment-situation\/","title":{"rendered":"\ubca0\ud2b8\ub0a8 \uac74\uc124 \uc0b0\uc5c5 \u2013 \uc0ac\uc5c5 \uac1c\uc694 \ubc0f \uc678\uad6d\uc778 \ud22c\uc790 \uc0c1\ud669"},"content":{"rendered":"
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B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.<\/em><\/p>\n

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.<\/em><\/p>\n

This article is written in English and automatic translation is used for other language versions. Please refer to the English version for accurate content. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher. <\/em><\/p>\n<\/div>\n\t

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Vietnam\u2019s construction industry has become a cornerstone of its economic transformation, reflecting the country\u2019s rapid urbanization and industrialization. As one of the fastest-growing sectors in Southeast Asia, it has attracted both domestic and international attention for its potential to shape the nation\u2019s future.<\/p>\n

Overview of Vietnam\u2019s Construction Industry<\/strong><\/h3>\n

Vietnam\u2019s construction industry has been one of the key drivers of the nation\u2019s economic growth and urbanization over the past decade. In 2024, the industry recorded a growth rate of about 8% surpassing the annual target of 6.4% to 7.3%[1]<\/a>. With the highest growth rate since 2020, the construction industry is estimated to contribute around 28.2 billion USD to the nation\u2019s total GDP, which is equivalent to 6%. The Ministry of Construction (MOC) also highlighted many achievements of the sector, such as exceeding the targeted urbanization rate and meeting the targeted wastewater collection and treatment rate along with the national average housing area per capita[2]<\/a>.<\/p>\n

According to B&Company\u2019s Enterprise Database, in 2022, the industry had a total of 104,732 companies in operation, recording a total net revenue of 1,753,151 billion VND, or nearly 70 billion USD. The industry is segmented into three major areas, which are:<\/p>\n

– Construction of buildings (VSIC Code 41)<\/em> focuses on residential construction and non-residential infrastructures, driven by the rising demand for affordable housing, particularly in urban areas such as Hanoi and Ho Chi Minh City as well as the national industrialization process. The industry had a net revenue of 680,775 billion VND in 2022[3]<\/a>.<\/p>\n

– Civil engineering (VSIC Code 42) <\/em>led the construction industry with a net revenue in 2022 of 735,674 billion VND[4]<\/a>. The sector\u2019s activities encompass infrastructure development, including transportation networks, energy facilities, and water management systems.<\/p>\n

– Specialized construction activities (VSIC Code 43)<\/em>, which includes commercial spaces, industrial facilities, and retail complexes, posted a net revenue of 322,417 billion VND in 2022[5]<\/a>.<\/p>\n

Net revenue of Vietnam\u2019s construction industry, from 2020 to 2022 (Unit: Billion VND)<\/strong><\/p>\n

\"Net<\/em><\/p>\n

Source: B&Company\u2019s Enterprise Database<\/em><\/p>\n

Vietnam\u2019s construction industry is concentrated in the Red River Delta and Southeast, each on average accounting for 36% of net revenue and 30% of companies in 2022. The Central region ranked third, contributing 13% of net revenue and 19% of the industry\u2019s participants. The Highlands had the smallest share, with 3,619 companies generating just 2% of the industry\u2019s revenue.<\/p>\n

Structure of Vietnam\u2019s construction industry by region in 2022 (Unit: %)<\/strong><\/p>\n

\"Structure<\/em><\/p>\n

Source: B&Company\u2019s Enterprise Database<\/em><\/p>\n

The sector is mainly dominated by Vietnamese companies, both with notable names in the building construction sub-sector such as Hoa Binh Construction Group JSC, Conteccons Construction JSC, and Viet Nam Construction and Import – Export JSC. In 2022, Hoa Binh Construction Group JSC recorded the highest net revenue of the sector with over 14,000 billion VND. Zeit Ca Vietnam Co., Ltd was the sole representative of FDI enterprises among the top earners of the sector.<\/p>\n

Table 1: Top 10 companies in Vietnam\u2019s construction industry by net revenue in 2022<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
No.<\/strong><\/td>\nCompany Name<\/strong><\/td>\nVSIC Code<\/strong><\/td>\nCity\/Province<\/strong><\/td>\nCountry<\/strong><\/td>\nNet Revenue (Billion VND)<\/strong><\/td>\n<\/tr>\n
1<\/td>\nHoa Binh Construction Group JSC<\/td>\n41020<\/td>\nHCMC<\/td>\nVietnam<\/td>\n14,064<\/td>\n<\/tr>\n
2<\/td>\nRicons Construction Investment JSC<\/td>\n41010<\/td>\nHCMC<\/td>\nVietnam<\/td>\n\u00a011,290<\/td>\n<\/tr>\n
3<\/td>\nNewtecons Investment Construction JSC<\/td>\n41020<\/td>\nHCMC<\/td>\nVietnam<\/td>\n\u00a011,148<\/td>\n<\/tr>\n
4<\/td>\nConteccons Construction JSC<\/td>\n41010<\/td>\nHCMC<\/td>\nVietnam<\/td>\n\u00a010,775<\/td>\n<\/tr>\n
5<\/td>\nCentral Construction JSC<\/td>\n41010<\/td>\nHCMC<\/td>\nVietnam<\/td>\n\u00a09,014<\/td>\n<\/tr>\n
6<\/td>\nViet Nam Construction and Import – Export JSC<\/td>\n42990<\/td>\nHa Noi<\/td>\nVietnam<\/td>\n\u00a07,531<\/td>\n<\/tr>\n
7<\/td>\nZeit Ca Vietnam Co., Ltd<\/td>\n42990<\/td>\nHai Phong<\/td>\nS. Korea<\/td>\n\u00a07,146<\/td>\n<\/tr>\n
8<\/td>\nTrung Nam Construction and Engineering Corporation<\/td>\n42120<\/td>\nLam Dong<\/td>\nVietnam<\/td>\n\u00a06,884<\/td>\n<\/tr>\n
9<\/td>\nPC1 Group JSC<\/td>\n42210<\/td>\nHa Noi<\/td>\nVietnam<\/td>\n\u00a06,263<\/td>\n<\/tr>\n
10<\/td>\nUnicons Investment Construction Co., Ltd.<\/td>\n41010<\/td>\nHCMC<\/td>\nVietnam<\/td>\n\u00a05,771<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: B&Company\u2019s Enterprise Database<\/em><\/p>\n

Foreign direct investment in Vietnam\u2019s Construction industry<\/strong><\/h3>\n

The construction industry experienced a decline in inward investment following the global pandemic but has shown signs of recovery since 2023. \u00a0The pandemic significantly reduced new FDI projects, with numbers dropping from 139 in 2019 to 36 in 2022, and their total value decreased from $994 million to $353 million[6]<\/a>. However, 2023 saw a 13% increase in registered capital, highlighting renewed growth potential[7]<\/a>. By mid-2024, the sector recorded 1,837 active FDI projects, representing 4.5% of Vietnam\u2019s total FDI projects and a registered capital of approximately $11 billion, or 2.3% of the nation\u2019s total FDI value[8]<\/a>.<\/p>\n

Table 2: New licensed FDI projects in Vietnam\u2019s construction industry, from 2017 to 2023<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
Year<\/strong><\/td>\nQuantity (Unit: projects)<\/strong><\/td>\nValue (Unit: Million USD)<\/strong><\/td>\n<\/tr>\n
2017<\/td>\n128<\/td>\n1,260<\/td>\n<\/tr>\n
2018<\/td>\n118<\/td>\n659<\/td>\n<\/tr>\n
2019<\/td>\n139<\/td>\n994<\/td>\n<\/tr>\n
2020<\/td>\n79<\/td>\n619<\/td>\n<\/tr>\n
2021<\/td>\n28<\/td>\n465<\/td>\n<\/tr>\n
2022<\/td>\n36<\/td>\n311<\/td>\n<\/tr>\n
2023<\/td>\n40<\/td>\n353<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: <\/em>Statistical Yearbook of Vietnam<\/em><\/a>, B&Company synthesis<\/em><\/p>\n

FDI remains concentrated in the Red River Delta and the Southeast, Vietnam\u2019s key economic hubs. In 2022, 621 foreign companies in the construction sector generated a combined net revenue of 96,570 billion VND, with the Red River Delta contributing over half of the two indicators. The Southeast accounted for 44% of total net revenue and 43% of the companies. Japan led foreign investment with 90 firms active in the sector, including prominent names such as TTCL Vietnam Corporation Limited (building construction), Kinden Vietnam Co., Ltd. (civil engineering), and Phan Vu Investment Corporation (specialized construction activities). FDI firms from Japan have had many notable projects in recent years with innovative designs, such as the Bac Ninh High-Technological municipal waste-to-energy plant built by TTCL Vietnam Corporation in 2023[9]<\/a> or the modern office building Taisei Square Hanoi, the first LEED certified Grade A office building in West Hanoi, by Taisei Corporation in 2024.<\/p>\n

Taisei Square Hanoi, the first LEED certified Grade A office building in West Hanoi<\/strong><\/p>\n

\"Taisei<\/em><\/p>\n

Source: <\/em>Taisei Square Hanoi<\/em><\/a><\/p>\n

Government policies<\/strong><\/h3>\n

The government has aimed to maintain the current growth rate of the construction industry to fuel Vietnam\u2019s urbanization and industrialization. In 2024, the government passed Decision No. 179\/QD-TTg approving the construction industry development strategy to 2030, orientation to 2045[10]<\/a>. The Decision highlighted many key targets for the sector in urban development and construction management, as well as aiming to tackle key social challenges such as housing shortages and wastewater treatment with the support of the sector.<\/p>\n

Table 3: Notable objectives under the construction industry development strategy to 2030, orientation to 2045 in Decision No. 179\/QD-TTg<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
No.<\/strong><\/td>\nSector<\/strong><\/td>\nSpecific objectives<\/strong><\/td>\n<\/tr>\n
By 2025<\/strong><\/td>\nBy 2030<\/strong><\/td>\n<\/tr>\n
1<\/td>\nConstruction planning and architecture<\/td>\nFormulation of architectural management regulations in urban areas<\/td>\n80% of urban and rural residential areas having architectural management regulations<\/td>\n<\/tr>\n
2<\/td>\nUrban development<\/td>\n–\u00a0 Urbanization rate: 45%<\/p>\n

–\u00a0 Urban construction land proportion: 1.5-1.9%<\/p>\n

–\u00a0 Urban areas: 950-1,000<\/td>\n

–\u00a0\u00a0 Urbanization rate: 50%<\/p>\n

–\u00a0\u00a0 Urban construction land proportion: 1.9-2.3%<\/p>\n

–\u00a0\u00a0 Urban areas: 1,000-1,200<\/td>\n<\/tr>\n

3<\/td>\nUrban technical infrastructure<\/td>\n–\u00a0 Collection rate of urban wastewater: 70%<\/p>\n

–\u00a0 Coverage of the urban rainwater drainage system: 70%<\/td>\n

Collection rate of urban wastewater: 80%<\/p>\n

–\u00a0\u00a0 Coverage of the urban rainwater drainage system: 80%<\/td>\n<\/tr>\n

4<\/td>\nHousing<\/td>\n–\u00a0 Average living area per capita: 27 m2\/person<\/td>\n–\u00a0\u00a0 Average living area per capita: 30 m2\/person<\/td>\n<\/tr>\n
5<\/td>\nConstruction management<\/td>\n–\u00a0 Construction production value: 8-10%<\/p>\n

–\u00a0 Labor productivity growth rate: 8%\/year<\/td>\n

–\u00a0\u00a0 Construction production value: 8-10%<\/p>\n

–\u00a0\u00a0 Labor productivity growth rate: 10%\/year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: <\/em>TVPL<\/em><\/a>, B&Company synthesis<\/em><\/p>\n

Conclusion<\/strong><\/h3>\n

Vietnam\u2019s construction industry presents a dynamic and competitive market, shaped by its diverse segments and a mix of domestic and international players. While challenges persist, the industry\u2019s robust growth prospects, coupled with government support and private sector innovation, ensure that it will remain a key pillar of Vietnam\u2019s economic transformation.<\/p>\n

\n

[1]<\/a> The Government Electronic Newspaper. The construction sector’s growth is the highest since 2020 <Assess<\/a>><\/p>\n

[2]<\/a> MOC. Report on the 2024 Year-End Review and Directions and Tasks for 2025 of the Construction Sector <Assess<\/a>><\/p>\n

[3]<\/a> Enterpise Database. Company & Industry Report 2022<\/p>\n

[4]<\/a> Enterpise Database. Company & Industry Report 2022<\/p>\n

[5]<\/a> Enterpise Database. Company & Industry Report 2022<\/p>\n

[6]<\/a> GSO. Statistical Yearbook of Vietnam in 2019 <Assess<\/a>><\/p>\n

[7]<\/a> GSO. Statistical Yearbook of Vietnam in 2023 <Assess<\/a>><\/p>\n

[8]<\/a> FIA. The situation of foreign investment attraction in Vietnam in the first half of 2024 <Assess<\/a>><\/p>\n

[9]<\/a> TTCL Vietnam. Project experiences \u2013 Bio & Renewable Energy <Assess<\/a>><\/p>\n

[10]<\/a> TVPL. Decision No. 179\/QD-TTg on approval for the construction industry development strategy to 2030, orientation to 2045 <Assess<\/a>><\/p>\n

\u00a0<\/strong><\/p>\n

* If you wish to quote any information from this article, please kindly cite the source along with the link to the original article to respect copyright.<\/em><\/p>\n\n\n\n
B&Company<\/em><\/strong><\/p>\n

The first Japanese company specializing in market research in Vietnam since 2008. We provide a wide range of services including industry reports, industry interviews, consumer surveys, business matching. Additionally, we have recently developed a database of over 900,000 companies in Vietnam, which can be used to search for partners and analyze the market.<\/p>\n

Please do not hesitate to contact us if you have any queries.<\/p>\n

info@b-company.jp<\/em><\/a>\u00a0+ (84) 28 3910 3913<\/strong><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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