This report provides detailed market analysis, information and insights into the Vietnamese construction market, including:
- The Vietnamese construction market’s growth prospects by sector, project type and type of construction activity
- Analysis of equipment, material and service costs across each project type within Vietnam
- Critical insight into the impact of industry trends and issues and the risks and opportunities they present to participants in the Vietnamese construction market
- Assessment of the competitive forces facing the construction industry in Vietnam and profiles of the leading players
- Data highlights of the largest construction projects in Vietnam
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The Vietnamese construction industry recorded a CAGR of 19% during the review period. However, Vietnam’s economy has undergone an extended period of insubstantial expansion, due to decelerated growth in the real estate sector, a banking system characterized by non-performing loans (NPLs) and a property market slump. This is reflected in the construction industry’s growth which slowed from 19.7% in 2011 to 6.5% in 2012.
Based on the assumption that the banking sector avoids a crisis and the government manages to rebuild growth momentum with carefully targeted stimulus measures and investment in large-scale infrastructure development projects, outlook for the industry is positive. Timetric expects the Vietnamese construction industry to record a CAGR of 11.96% over the forecast period.
This report provides a comprehensive analysis of the construction industry in Vietnam:
- Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in Vietnam using the construction output and value-add methods
- Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including regulation, cost management, funding and pricing
- Assessment of the competitive environment using Porter’s Five Forces
- Detailed profiles of the leading construction companies in Vietnam
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- Vietnam’s real GDP annual growth eased from 5.9% in 2011 to 5.0% in 2012 − the slowest rate since 1999. The industry sector, including construction, which represented 42% of the total GDP in 2012, rose by 4.52% annually. The service sector was the fastest growing sector in 2012, expanding by 6.42%. Vietnam’s economy is expected to grow by 5.3% and 5.7% annually in 2013 and 2014 respectively, and accelerate further to around 6.5% during 2015−2017. The growth is expected to be supported by a reduction in interest rates and improvements in export demand.
- Vietnam’s economy has undergone an extended period of insubstantial expansion, due to decelerated growth in the real estate sector, a banking system characterized by non-performing loans (NPLs) and a property market slump.
- The supply of new office space in the Central Business District (CBD) of Ho Chi Minh City (HCMC) has been limited. Many upcoming projects are being delayed as developers find it difficult to source credit and rents in CBDs increase. Consequently, many new projects are situated on the outskirts of the CBDs where more competitive rents are available.
- Vietnam is an export-oriented economy and the industrial sector accounts for over 40% of the country’s GDP. Despite an economic slowdown in some of Vietnam’s major trading partners such as China, Germany, South Korea and Switzerland, Vietnam still managed to record 20% export growth in 2012-2012 – driven chiefly by plastics, telecom equipment and clothing. The industrial construction market is expected to record a CAGR of 12.07% over the forecast period.
- Rising transportation costs, delays in the transport of goods and services, and limited access to a large domestic rural market are reducing industry competitiveness and undermining economic growth. The government has announced transport, road and energy infrastructure projects. Energy in particular is set receive substantial government funding under the Power Master Plan-7.
- Vietnamese families place a high emphasis on education, which is seen as a means of advancement. Despite the economic crisis, in 2009 the government maintained educational spending at 20% of the state budget. While the country has improved on a number of health indicators, the quality of health care available, especially in the more remote areas, corruption, and high out-of-pocket spending remain key issues. The institutional construction market is projected to register an anticipated CAGR of 10.63% over the forecast period.
- A property slump following the global financial crisis and a banking system struggling with an increasing share of non-performing loans (NPLs) has led to a situation of rising real estate inventory, falling property prices and many large residential construction projects being put on hold due to difficulties in obtaining credit.
- Investors facing financial problems are trying to sell off as many properties as possible to increase sales. Despite house prices declining during 2008−2012, buyers are reluctant to invest as they expect prices to decrease even further. It is thought that prices will bottom out by the end of 2013, and a recovery is expected thereafter. The residential construction market is projected to record a CAGR of 11.58% over the forecast period.
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