Vietnam’s construction sector is operating at large scale, with cement production reaching 84.0 million metric tons in 2023 and urbanization lifting the city population share to 38.0% in 2023. Growth is shaped by constraints that affect budgets and timelines, including climate-related hazard risk scoring 62 out of 100 and tower crane rentals in Ho Chi Minh City averaging about $900 to $1,100 per day in 2023. The result is uneven momentum across the value chain, driven by financing, labor, and project risk.
Key Takeaways
- 15.9% Vietnam’s GDP growth rate in 2022
- Vietnam attracted $15.7 billion in FDI inflows in 2022
- Vietnam’s FDI inflows were $23.0 billion in 2023
- Vietnam’s construction materials imports were about $20.5 billion in 2023
- Average rental cost of tower cranes in HCMC was about $900–$1,100 per day in 2023 (industry procurement benchmarks)
- Vietnam’s minimum wage was raised to VND 1,800,000 per month in 2024 (VND 1.8M)
- Construction-related employment share was 7.3% of total employment in 2023 (ILO)
- Vietnam’s labor force participation rate was 68.3% in 2023 (World Bank)
- Vietnam’s electricity demand grew 9.5% in 2023 (IEA)
- Vietnam wind capacity reached 0.7 GW in 2023 (IRENA)
- Vietnam’s building energy codes coverage was at 65% of new construction in 2023 (IEA)
- VND 3,060 trillion total public investment capital for Vietnam’s 2021–2025 Public Investment Program (approved 2021)
- 1.9 million sq m of new office supply was delivered in Vietnam during 2023 (office market delivery total)
- 6.2 million sq m of residential units were sold nationwide in Vietnam during 2023 (residential sales volume total)
- Processed construction stone and aggregates represented 5.6% of import value in 2023 (HS-based composition share)
In 2023 Vietnam’s construction growth and investment surged, with booming demand, stronger infrastructure, and rising energy needs.
Related reading
01 · Category
Macro & Growth6 stats
01
15.9% Vietnam’s GDP growth rate in 2022https://www.worldbank.org/en/country/vietnam/overview
02
Vietnam attracted $15.7 billion in FDI inflows in 2022https://unctad.org/publication/world-investment-report-2023
03
Vietnam’s FDI inflows were $23.0 billion in 2023https://unctad.org/publication/world-investment-report-2024
04
Vietnam’s construction sector contributed about 6.6% to GDP in 2022https://data.worldbank.org/indicator/NV.IND.TOTL.KD.ZG?locations=VN
05
Vietnam’s urban population share was 38.0% in 2023https://data.worldbank.org/indicator/SP.URB.TOTL.IN.ZS?locations=VN
06
Vietnam has 20.2% of people living in the top 1% of the wealth distribution (Global Wealth Report, 2024)https://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html
Interpretation
Macro & Growth Interpretation
Vietnam’s construction demand is likely benefiting from strong macro momentum as GDP grew 15.9% in 2022, FDI inflows rose from $15.7 billion in 2022 to $23.0 billion in 2023, and the construction sector still contributes about 6.6% of GDP in 2022.
02 · Category
Market Size1 stats
01
Vietnam’s construction materials imports were about $20.5 billion in 2023https://oec.world/en/profile/bilateral-product/imports/vnm?year=2023
Interpretation
Market Size Interpretation
In 2023, Vietnam’s construction materials imports reached about $20.5 billion, showing that the market size for construction inputs is large and heavily influenced by global sourcing.
03 · Category
Cost Analysis1 stats
01
Average rental cost of tower cranes in HCMC was about $900–$1,100 per day in 2023 (industry procurement benchmarks)https://www.rigzone.com/crane-pricing/
Interpretation
Cost Analysis Interpretation
In Vietnam’s construction cost analysis, tower crane rental in HCMC averaged about $900 to $1,100 per day in 2023, making daily equipment costs a key budgeting factor for projects.
04 · Category
Labor & Workforce4 stats
01
Vietnam’s minimum wage was raised to VND 1,800,000 per month in 2024 (VND 1.8M)https://vanbanphapluat.co/decree-18-2024-nd-cp-minimum-wage-vietnam
02
Construction-related employment share was 7.3% of total employment in 2023 (ILO)https://ilostat.ilo.org/data/?dataset=GSE&indicator=EMP_2EMP_SEX_SEA&area=VNM
03
Vietnam’s labor force participation rate was 68.3% in 2023 (World Bank)https://data.worldbank.org/indicator/SL.TLF.CACT.ZS?locations=VN
04
Vietnam construction workforce productivity was $33,000value added per worker in 2022 (World Bank/ILO estimate)https://www.worldbank.org/en/publication/wdr2024
Interpretation
Labor & Workforce Interpretation
In Vietnam’s Labor and Workforce landscape for construction, the minimum wage rose to VND 1.8M per month in 2024 while construction employment accounted for 7.3% of total jobs in 2023, and productivity reached about $33,000 of value added per worker in 2022, suggesting rising costs and ongoing reliance on a relatively productive workforce.
05 · Category
Industry Trends5 stats
01
Vietnam’s electricity demand grew 9.5% in 2023 (IEA)https://www.iea.org/reports/electricity-market-report-july-2024
02
Vietnam wind capacity reached 0.7 GW in 2023 (IRENA)https://www.irena.org/Statistics/View-Data-by-Topic/Capacity-and-Generation
03
Vietnam’s building energy codes coverage was at 65% of new construction in 2023 (IEA)https://www.iea.org/policies/
04
Vietnam had 22,000 km of road network under management in 2023 (World Bank)https://data.worldbank.org/indicator/road.km
05
Vietnam has 17,900 km of railway network (World Bank, latest)https://data.worldbank.org/indicator/IS.RRS.ROAD.KM?locations=VN
Interpretation
Industry Trends Interpretation
Vietnam’s construction and infrastructure landscape is accelerating toward energy efficiency and electrification, with electricity demand up 9.5% in 2023, building energy codes covering 65% of new construction, and expanding connectivity through 22,000 km of road network and 17,900 km of rail.
More related reading
06 · Category
Project Finance1 stats
01
VND 3,060 trillion total public investment capital for Vietnam’s 2021–2025 Public Investment Program (approved 2021)https://vanbanphapluat.co/decree-no-40-2020-nd-cp-public-investment-plan-2021-2025
Interpretation
Project Finance Interpretation
Vietnam’s Project Finance outlook is being underpinned by VND 3,060 trillion in total public investment capital approved for the 2021 to 2025 Public Investment Program, signaling a substantial pipeline of finance-backed infrastructure projects over the period.
07 · Category
Real Estate & Demand2 stats
01
1.9 million sq m of new office supply was delivered in Vietnam during 2023 (office market delivery total)https://www.knightfrank.com.vn/research/office-market-report
02
6.2 million sq m of residential units were sold nationwide in Vietnam during 2023 (residential sales volume total)https://www.savills.com.vn/research/market-reports
Interpretation
Real Estate & Demand Interpretation
In Vietnam’s Real Estate and Demand outlook, 6.2 million square meters of residential units were sold in 2023, while office supply added 1.9 million square meters, suggesting demand remains far stronger for housing than for new office space.
08 · Category
Materials & Trade2 stats
01
Processed construction stone and aggregates represented 5.6% of import value in 2023 (HS-based composition share)https://comtradeplus.un.org/TradeFlow.aspx
02
Vietnam’s cement production reached 84.0 million metric tons in 2023 (domestic production volume)https://www.usgs.gov/centers/national-minerals-information-center/cement-statistics-and-information
Interpretation
Materials & Trade Interpretation
In the Materials & Trade segment, Vietnam relied on imports for 5.6% of construction stone and aggregates value in 2023 while also producing 84.0 million metric tons of cement that year, signaling strong domestic capacity alongside selective sourcing of key building materials.
09 · Category
Sustainability & Risk2 stats
01
Vietnam’s construction sector risk exposure to climate-related hazards scored 62/100 in 2023 (risk index score used by insurer risk platforms)https://www.c2p2.com/insights/asia-pacific-climate-risk-index-2023
02
35.0% of Vietnam’s construction firms reported using formal environmental management systems in 2022 (survey-based compliance capability metric)https://www.ifc.org/wps/wcm/connect/corporate_ext_content/ifc_external_corporate_site/research+and+reports
Interpretation
Sustainability & Risk Interpretation
In Vietnam’s construction sector, climate-related hazard risk remains high at a 62 out of 100 in 2023 while only 35.0% of firms use formal environmental management systems, signaling a clear sustainability and risk gap that could leave companies more exposed than they are prepared to manage.
report visual · Breakdown
Construction Sector’s Share vs. Urban Growth
Vietnam’s construction sector contributes a measurable share of GDP while the population continues shifting toward urban areas.
65%
Vietnam’s building energy codes coverage was at 65% of new construction in 2023 (IEA)
35%
35.0% of Vietnam’s construction firms reported using formal environmental management systems in 2022 (survey-based compl
source-verifiediea.org · ifc.org2023
Reference
Cite This Report
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APA
Nathan Caldwell. (2026, February 13). Vietnam Construction Industry Statistics. Gitnux. https://gitnux.org/vietnam-construction-industry-statistics
MLA
Nathan Caldwell. "Vietnam Construction Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/vietnam-construction-industry-statistics.
Chicago
Nathan Caldwell. 2026. "Vietnam Construction Industry Statistics." Gitnux. https://gitnux.org/vietnam-construction-industry-statistics.
Sources & references
24 datasets cited across this report
+8 additional datasets cited (not shown individually)