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The Vietnam construction industry’s output growth is expected to decelerate to 5.2% in 2020, owing to COVID-19 disruption, but is thereafter forecast to grow at an annual average rate of 7.7% between 2021-2024. This growth will be supported by the government’s focus on improving regional connectivity through the development of the country’s rail, road and air transport infrastructure, coupled with efforts to boost energy production.
Reflecting the COVID-19 effect, the real growth rate for the construction value-add series has fallen below 5% for the first time since the first quarter of 2013. According to the General Statistics Office (GSO), the industry’s value-add at 2010 constant prices grew by 4.6% year-on-year in the second quarter of 2020 (the latest data available at the time of writing), compared to year-on-year growths of 4.4%, 10.3% and 9% in Q1 2020, Q4 2019 and Q3 2019, respectively. In the coming quarters, the construction industry’s output growth is expected to pick up, driven by the government’s focus on the development of the country’s transport and energy infrastructure.
Efforts to attract foreign investment through the public private partnerships (PPP) model will support the construction industry over the forecast period. In June 2020, the national assembly adopted the law on PPP investment, which is aimed at regulating investment activities and attracting private investment under the PPP model. The government’s efforts to balance supply and demand for affordable housing will also generate momentum in the residential sector. Ongoing urbanization will continue to generate demand for residential and infrastructure development.
Embassy of Vietnam, New Delhi and THE POLICY TIMES invite you to the Indo-Vietnam Business Forum - Exploring Vietnam's High Growth in Constructions and Building Materials H.E. (Mr.) Pham Sanh Chau, Ambassador of Vietnam to India will chair the Forum in presence of Vietnamese relevant Ministry and industry representatives.
Ambassador of Vietnam to India