Vietnam Construction Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 36,232.00 Million
Market Forecast in 2033:USD 70,578.22 Million
Market Growth Rate (2025-33): 7.69%
The Vietnam construction market size was valued at USD 36,232.00 Million in 2024. Looking forward, IMARC Group estimates the market to reach USD 70,578.22 Million by 2033, exhibiting a CAGR of 7.69% during 2025-2033. Southern Vietnam dominated the market, holding a significant market share of over 35.0% in 2024. The increasing demand for cloud services and big data analytics, rising need for more reliable and scalable data processing and storage facilities, and stringent regulatory compliance represent some of the key factors contributing to the Vietnam construction market share.
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Vietnam Construction Market Trends and Drivers:
The Vietnamese construction market is undergoing a profound transformation, pivoting decisively towards sustainable and green building practices as a core growth driver, rather than a niche interest. This paradigm shift is fueled by a potent combination of heightened regulatory pressure, increasing investor demand for ESG-compliant assets, and a growing public consciousness about environmental resilience. The government’s Power Development Plan VIII, which aggressively promotes renewable energy integration, is directly influencing building design, mandating higher efficiency standards and on-site power generation capabilities. Consequently, developers are increasingly specifying low-carbon materials like fly ash concrete and recycled steel, while investing in advanced building management systems (BMS) to optimize energy and water consumption throughout a structure’s lifecycle. The premium for certified green buildings—those achieving LOTUS or LEED certification—is rapidly diminishing as economies of scale are achieved, making them not just an ethical choice but a financially astute one due to significantly lower operational costs and enhanced tenant attraction rates. This trend is creating a burgeoning sub-sector for specialized consultants, green material suppliers, and technology providers, fundamentally reshaping the industry’s value chain and establishing sustainability as the new baseline for all future development.
A second powerful dynamic revolutionizing the sector is the accelerated adoption of digitalization and off-site manufacturing techniques to combat chronic challenges of skilled labor shortages, cost overruns, and project delays. The industry is moving beyond basic CAD software to embrace full-scale Building Information Modeling (BIM) Level 3, which creates intelligent 3D models that facilitate clash detection, precise quantity take-offs, and seamless collaboration between architects, engineers, and contractors before ground is even broken. This digital thread is being integrated with modern methods of construction (MMC), particularly prefabrication, prefinished volumetric construction (PPVC), and modular building techniques. Factories across industrial zones in Bac Ninh and Dong Nai are now producing standardized building components—from bathroom pods to entire hotel rooms—which are then transported and assembled on-site with surgical precision. This industrialized approach slashes construction timelines by up to 50%, drastically reduces material waste by over 70%, and significantly improves on-site safety and quality control. This convergence of digital and physical construction processes is not merely a trend but a fundamental modernization of the industry, enhancing productivity, predictability, and profitability for forward-thinking firms.
The market is being propelled by unprecedented infrastructure-led growth, catalyzed by substantial public investment and facilitated by progressive public-private partnership (PPP) frameworks. The government’s commitment to upgrading national logistics capabilities is manifest in a pipeline of mega-projects, including the expansive North-South Expressway system, new international seaports like Lach Huyen, and urban metro lines in Hanoi and Ho Chi Minh City designed to alleviate crippling congestion. This infrastructural boom is acting as a primary catalyst, enhancing connectivity between economic zones and industrial corridors, which in turn stimulates private sector investment in adjacent real estate, including logistics warehouses, industrial parks, and residential townships. Concurrently, robust domestic demand, driven by continued urbanization and a rising middle class with increasing disposable income, ensures a resilient foundation for the residential and retail construction segments. Demand is particularly strong for affordable and mid-end housing, as well as for modern, Grade-A retail spaces that cater to evolving consumer preferences. This dual engine of public infrastructure and private consumption creates a powerful, synergistic dynamic that ensures sustained growth and diverse opportunities across the entire construction ecosystem.
Vietnam Construction Market Industry Segmentation:
Analysis by Sector:
- Residential Construction
- Commercial Construction
- Industrial Construction
- Infrastructure (Transportation) Construction
- Energy and Utilities Construction
Regional Insights:
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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