Construction in Vietnam - Key Trends, Upcoming Trends, On-going Demand, Scope, Industry Status, Market Status and Opportunities to 2023

This research study added to the broad database of Market Research Hub (MRH) focusing on the Construction in Vietnam - Key Trends and Opportunities to 2023 delivers an in-depth outlook to present information about executive summary and key performance indicators. Furthermore, readers can gather knowledge about the economic status, demographics and competitive landscape which is prevailing in the concerned industry during the review period, 2023. Overall, the purpose of this assessment is to present a clear picture highlighting the transformations expected to occur in the Construction in Vietnam driven by major trends and opportunities.

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Construction in Vietnam - Key Trends and Opportunities to 2023

Summary

Vietnams construction industry registered growth of 8.5% in real terms in 2018. This was preceded by an average annual growth rate of 9.3% during the preceding four years. Growth during the review period (2014-2018) was driven by positive developments in regional economic conditions and government investment in energy and transport infrastructure.

The industrys output value is expected to continue to expand in real terms over the forecast period (2019-2023), with investments in infrastructure construction, tourism infrastructure and housing projects continuing to drive growth. According to the governments estimates, the country requires an investment of VND1.0 quadrillion (US$48.0 billion) until 2023 to develop its transport infrastructure. In addition, the governments aim to improve local energy resources is expected to support investment in energy infrastructure projects, which will in turn fuel growth in the industry.

The trade war between the US and China is also expected to divert foreign investment towards Vietnam, a given the relative improvement in the countrys attractiveness as a manufacturing destination. This is likely to have a positive impact on construction industry, particularly in the industrial and logistics sectors.

The industrys output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 7.87% over the forecast period.

GlobalDatas "Construction in Vietnam - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Vietnamese construction industry, including -
- The Vietnamese construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Vietnamese construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- GlobalData expects the residential construction market to account for 42.6% of the industrys total value in 2023 driven by the countrys rising population, ongoing urbanization and positive developments in regional economic conditions. Market expansion over the forecast period is also expected to be driven by public and private sector investments in the construction of new residential buildings to meet the increasing demand for housing.

- Forecast-period growth in the energy and utilities construction market will be driven by the governments plan to increase the share of renewable energy in terms of the total energy mix, encouraging investment in renewable energy infrastructure. The government aims to generate 31% of the countrys total consumer primary energy through renewable sources by 2020, 32.3% by 2030 and 44% by 2050. The plan is to generate 3.3% of the countrys total electricity production through solar power by 2030 and 20% by 2050.

- GlobalData expects the infrastructure construction market to record a forecast-period CAGR of 13.96% in nominal terms, supported by the governments focus on the development of the countrys rail, road, airport and other core transport infrastructure through the PPP model. To cope with a rise in air traffic demand, the Ministry of Transport plans to expand the countrys airport infrastructure. In March 2018, the government announced the expansion plan of Tan Son Nhat International Airport. The plan includes the construction of a new terminal to handle 20 million passengers annually and expand two existing terminals in order to handle 30 million passengers annually by 2025. The total cost of the project is expected to be VND30.0 trillion (US$1.3 billion).

- The industrial markets growth in the forecast-period will be driven by increases in investments in industrial and manufacturing activities, as well as positive developments in domestic and regional economic conditions. Growth in the market will also be supported by the governments focus on the development of economic zones and industrial parks in the country. In the first half of 2018, the government approved an investment plan worth VND21.0 trillion (US$921.0 million) to improve the countrys economic zones and industrial parks by 2020.

- The total construction project pipeline in Vietnam - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at VND13.4 quadrillion (US$588.6 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 63.9% of the pipeline value being in projects in the pre-planning and planning stages as of January 2019.

Scope

This report provides a comprehensive analysis of the construction industry in Vietnam. It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Vietnam, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants.

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Table of Contents

1. EXECUTIVE SUMMARY
2. CONSTRUCTION OUTLOOK: AT-A-GLANCE
3. LATEST NEWS AND INDICATORS
4. KEY DRIVERS AND RISKS
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5. CONSTRUCTION OUTLOOK
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction

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