While Vietnam's skyline is a testament to its booming construction sector, the numbers behind the cranes tell an even more compelling story of an industry that contributed VND 1,200 trillion to the GDP in 2022 and is racing toward a projected USD 65.8 billion market by 2028.
Key Takeaways
- Vietnam's construction industry contributed 6.4% to the national GDP in 2022, amounting to approximately VND 1,200 trillion.
- The total value of construction works completed in Vietnam reached VND 2.15 quadrillion in the first nine months of 2023, up 8.2% year-on-year.
- Vietnam's construction market size was estimated at USD 41.5 billion in 2023, projected to grow to USD 65.8 billion by 2028 at a CAGR of 9.6%.
- Vietnam's North-South Expressway project spans 2,063 km with 1,000 km completed by 2023.
- Long Thanh International Airport construction cost estimated at USD 16 billion, 25% complete in 2023.
- Ho Chi Minh City Metro Line 1 (Ben Thanh-Suoi Tien) 85% complete as of end-2023.
- Residential property market delivered 85,000 new units in 2023, up 20% YoY.
- Ho Chi Minh City apartment supply reached 12,000 units in Q4 2023.
- Hanoi new apartment launches totaled 25,000 units in 2023.
- Vietnam construction workforce totaled 7.1 million people in 2023.
- Average monthly wage in construction sector was VND 8.2 million in 2023.
- Skilled labor shortage affected 65% of construction firms in 2023.
- FDI into Vietnam construction reached USD 2.8 billion in 2023.
- South Korean investment in construction projects: USD 1.2 billion in 2023.
- Japanese firms invested USD 850 million in infrastructure PPPs 2023.
Vietnam's construction industry is booming with strong growth and massive infrastructure projects.
Employment and Labor Force
1Vietnam construction workforce totaled 7.1 million people in 2023.
Verified2Average monthly wage in construction sector was VND 8.2 million in 2023.
Verified3Skilled labor shortage affected 65% of construction firms in 2023.
Verified4Construction employment grew 4.2% to 6.8 million in 2022.
Directional5Female workers comprised 25% of construction labor force in 2023.
Single source6Migrant workers in construction: 2.5 million, 35% of total in 2023.
Verified7Training centers produced 150,000 construction technicians in 2023.
Verified8Labor productivity in construction increased 5.1% in 2023.
Verified9Unemployment rate in construction sector was 2.1% in Q4 2023.
Directional10Overtime hours averaged 12 hours/week for construction workers in 2023.
Single source11Foreign workers in construction: 15,000 legal visas issued in 2023.
Verified12Safety incidents: 1,200 accidents reported, 850 fatalities in construction 2023.
Verified13Union membership in construction: 4.2 million workers covered in 2023.
Verified14Youth employment (18-25) in sector: 1.8 million in 2023.
Directional15Engineer-to-worker ratio: 1:50 in large projects 2023.
Single source16Wage growth in construction: 7.5% YoY in 2023.
Verified17Informal workers: 60% of construction labor in 2023.
Verified18Vocational training enrollment: 500,000 in construction trades 2023.
Verified19Labor mobility rate: 25% annual turnover in construction firms 2023.
Directional20Construction foremen numbered 250,000 nationwide in 2023.
Single source21Health insurance coverage: 75% of construction workers in 2023.
Verified22Age distribution: 40% under 30 in construction workforce 2023.
Verified23Regional disparity: Southern region 55% of total construction jobs 2023.
Verified24Certification rate for welders: 45% in 2023.
DirectionalEmployment and Labor Force Interpretation
Despite the comforting hum of 7.1 million workers and rising wages, Vietnam's construction industry in 2023 was a precarious symphony of frenetic overtime, high mobility, and tragic safety laments, barely papering over a fundamental shortage of skilled and certified labor.
Infrastructure Projects
1Vietnam's North-South Expressway project spans 2,063 km with 1,000 km completed by 2023.
Verified2Long Thanh International Airport construction cost estimated at USD 16 billion, 25% complete in 2023.
Verified3Ho Chi Minh City Metro Line 1 (Ben Thanh-Suoi Tien) 85% complete as of end-2023.
Verified4Cai Mep-Thi Vai deep-water port expansion added 2.5 million TEU capacity in 2023.
Directional5Ring Road No. 4 in Hanoi, 37 km long, construction started in 2023 with VND 18 trillion budget.
Single source6Hochiminh City-Thu Dau Mot-Chon Thanh Expressway, 53 km, 40% complete in 2023.
Verified7Vietnam's high-speed rail Hanoi-HCMC feasibility study approved, 1,541 km at 350 km/h.
Verified814 new bridges built over Mekong Delta in 2023, total length 15 km.
Verified9Power sector added 12 GW capacity via construction in 2023, including LNG plants.
Directional10Water supply projects in rural areas covered 85% of communes by 2023.
Single source11Flood control dikes in Red River Delta reinforced 500 km in 2023.
Verified12Danang-Bao Loc Expressway, 95 km, groundbreaking in 2023.
Verified13Vietnam Railways upgraded 2,500 km of tracks in 2023.
Verified14Smart city infrastructure in Thu Duc City, HCMC, USD 1 billion invested by 2023.
Directional155G tower construction reached 50,000 units nationwide in 2023.
Single source16Sewerage system expansion in Hanoi treated 40% of wastewater by 2023.
Verified17Offshore wind farms construction contracts signed for 3.4 GW in 2023.
Verified18Urban railway projects total 17 lines planned, 3 under construction in 2023.
Verified19Bridge No. 1 over Red River in Hanoi, 5 km, completed in 2023.
Directional20National grid transmission lines added 2,200 km in 2023.
Single source21Airport upgrades: 22 airports modernized, handling 120 million passengers by 2023.
Verified22Housing projects for social housing: 130,000 units started in 2023.
Verified23Irrigation systems rehabilitated 1,500 km canals in Central Highlands 2023.
Verified24Coastal road protection works: 200 km built in 2023.
Directional25New social housing developments in Hanoi: 20 projects, 15,000 apartments in 2023.
Single sourceInfrastructure Projects Interpretation
Vietnam is building itself into the future at a blistering pace, laying down expressways, raising airports, and wiring the nation for growth, but the sheer scale of this ambition means the hardhats are staying on for a long, long time.
Investments and FDI
1FDI into Vietnam construction reached USD 2.8 billion in 2023.
Verified2South Korean investment in construction projects: USD 1.2 billion in 2023.
Verified3Japanese firms invested USD 850 million in infrastructure PPPs 2023.
Verified4Singaporean real estate developers committed USD 1.5 billion in 2023.
Directional5Total PPP contracts in construction: 350 projects worth USD 30 billion by 2023.
Single source6Chinese FDI in hydropower construction: USD 600 million in 2023.
Verified7US companies invested USD 400 million in industrial parks 2023.
Verified8Domestic investment in construction: VND 3.2 quadrillion in 2023.
Verified9FDI registration in real estate and construction: USD 4.1 billion Q1-Q3 2023.
Directional10Taiwan FDI in manufacturing facilities construction: USD 700 million 2023.
Single source11BOT projects attracted USD 5 billion FDI cumulative to 2023.
Verified12ODA for infrastructure: USD 2.5 billion disbursed in 2023.
Verified13Hong Kong investors in commercial properties: USD 300 million 2023.
Verified14EU FDI in green construction: USD 250 million grants/loans 2023.
Directional15Thailand construction firms joint ventures: 50 projects USD 500 million 2023.
Single source16Private equity in construction startups: USD 150 million in 2023.
Verified17ADB loans for transport projects: USD 1 billion approved 2023.
Verified18Real estate FDI approvals: 120 projects in 2023.
Verified19Venture capital in proptech: USD 80 million for 10 firms 2023.
Directional20Korean EPC contracts: USD 2 billion in power plants 2023.
Single source21Cumulative FDI in construction sector: USD 25 billion by end-2023.
Verified22Malaysian investment in bridges: USD 200 million 2023.
Verified23Joint stock construction companies FDI: 40% foreign owned average 2023.
VerifiedInvestments and FDI Interpretation
While South Korean firms are essentially constructing a second Seoul within Vietnam's borders and Japan is methodically wiring the nation together, this unprecedented $30 billion foreign-funded building bonanza is quietly reshaping the country with concrete, capital, and cautious optimism.
Market Growth and Value
1Vietnam's construction industry contributed 6.4% to the national GDP in 2022, amounting to approximately VND 1,200 trillion.
Verified2The total value of construction works completed in Vietnam reached VND 2.15 quadrillion in the first nine months of 2023, up 8.2% year-on-year.
Verified3Vietnam's construction market size was estimated at USD 41.5 billion in 2023, projected to grow to USD 65.8 billion by 2028 at a CAGR of 9.6%.
Verified4The industry's growth rate accelerated to 7.1% in Q4 2023 compared to 5.9% in Q3 2023.
Directional5Construction investment capital utilization reached 95.2% of the planned target in 2023.
Single source6The sector's revenue grew by 10.5% in 2023, driven by public investment projects.
Verified7Vietnam's construction output increased by 6.8% in 2022, the highest since 2019.
Verified8The market is forecasted to register an AAGR of 6.7% from 2024 to 2028.
Verified9Construction activities grew by 9.2% in the first half of 2023.
Directional10The industry's value added increased by 5.4% in 2023.
Single source11Total construction investment disbursed was VND 2.6 quadrillion in 2023, up 7.3%.
Verified12The sector accounted for 28% of total social investment in 2022.
Verified13Construction growth in Hanoi reached 8.5% in 2023.
Verified14Nationwide construction index rose 6.2% in January 2024.
Directional15The market size in Ho Chi Minh City was USD 15 billion in 2023.
Single source16Sector growth projected at 8-10% annually through 2030.
Verified17Construction value added per capita was VND 12 million in 2022.
Verified18Public construction investment grew 12% in 2023.
Verified19Private sector construction output up 4.5% in 2023.
Directional20Foreign-influenced construction grew 15% in 2023.
Single source21Digital construction market segment to grow at 12% CAGR to 2028.
Verified22Green building certifications increased by 25% in 2023.
Verified23BIM adoption in construction rose to 35% of large projects in 2023.
Verified24Prefabricated construction market valued at USD 2.5 billion in 2023.
Directional25Construction machinery market size USD 1.8 billion in 2023.
Single source26Cement production capacity reached 120 million tons in 2023.
Verified27Steel consumption in construction hit 12 million tons in 2023.
Verified28Real estate-linked construction grew 11% in Q3 2023.
Verified29Industrial construction output up 14% in 2023.
Directional30Tourism infrastructure construction investment VND 50 trillion in 2023.
Single sourceMarket Growth and Value Interpretation
Vietnam isn't just building infrastructure; it's methodically constructing its economic future, brick by ambitious brick, with a blueprint showing consistent, impressive growth across nearly every measurable metric.
Residential and Commercial Construction
1Residential property market delivered 85,000 new units in 2023, up 20% YoY.
Verified2Ho Chi Minh City apartment supply reached 12,000 units in Q4 2023.
Verified3Hanoi new apartment launches totaled 25,000 units in 2023.
Verified4Commercial office space in Grade A buildings in HCMC: 1.2 million sqm vacancy 15% in 2023.
Directional5Retail space nationwide grew by 800,000 sqm in 2023.
Single source6Luxury villa developments in Da Nang: 2,500 units sold in 2023.
Verified7Industrial parks expanded by 5,000 ha in 2023, mostly in Southern region.
Verified8Condominium prices in Hanoi averaged VND 45 million/sqm in 2023.
Verified9Shopping mall construction: 15 new centers with 1 million sqm GLA in 2023.
Directional10Affordable housing starts: 100,000 units nationwide in 2023.
Single source11Office leasing in Hanoi: 250,000 sqm absorbed in 2023.
Verified12Hotel construction: 8,000 new rooms added in key tourist cities 2023.
Verified13Mixed-use developments in HCMC: 10 projects launched, USD 2 billion value.
Verified14Townhouse sales volume up 30% to 35,000 units in 2023.
Directional15Data center construction: 200 MW capacity under development in 2023.
Single source16Warehouse space supply increased 1.5 million sqm in Southern Vietnam 2023.
Verified17High-rise residential towers completed: 150 buildings with 40,000 apartments 2023.
Verified18Commercial property investment transactions: USD 1.5 billion in 2023.
Verified19Student housing beds constructed: 50,000 new units in Hanoi and HCMC 2023.
Directional20Office fit-out costs averaged USD 25/sqm in Grade A HCMC 2023.
Single source21Serviced apartment supply grew 15% to 25,000 units in 2023.
Verified22Logistics parks developed: 20 new parks totaling 3,000 ha in 2023.
Verified23Residential land plot sales: 20,000 plots transacted in Hanoi suburbs 2023.
Verified24Commercial center rental rates USD 50/sqm/month in HCMC premium malls 2023.
DirectionalResidential and Commercial Construction Interpretation
While Vietnam's construction cranes seem to be tirelessly signing "Yes, we're building everything," the market whispers a tale of two cities—a booming residential and logistics surge cautiously eyeing the significant 15% vacancy in HCMC's premium offices.
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