Vietnam Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q2 2025)
Summary
The construction industry in Vietnam is expected to grow by 6% in real terms in 2025, supported by an increase in public and private sector investment in housing and power construction projects, coupled with investments as part of the 2025 Budget. In December 2024, the National Assembly of Vietnam approved the 2025 budget, with an estimated expenditure of VND2.1 quadrillion ($86.3 billion), which marks an increase of 21.4% compared to 2024. The uncertainty of a trade war with the US is, however, expected to pose a downside risk to the industry’s output in the short term. In early April 2025, the US President Donald Trump imposed a massive 46% duty on imports from Vietnam, as part of a new wave of global impositions announced that week. President Trump’s tariffs on the Vietnamese imports are likely to impact the country’s GDP target of 8% this year, given that exports and foreign investment in manufacturing are key drivers of Vietnam's economy. On the other hand, if President Trump's tariff on Vietnamese goods causes a 10% drop in the country's shipments to the US, it could cut GDP growth by 0.84%. Although the tariffs are paused until July 2025, the uncertainty over the re-imposition of tariffs, could weigh on economic growth and construction industry’s output in 2025
GlobalData expects the construction industry in Vietnam to register an annual average growth rate of 7.1% from 2026 to 2029, supported by the Ministry of Industry and Trade’s strategy to produce 20 million tonnes of hydrogen per year by 2050, coupled with government investments in transport infrastructure, and housing projects. In April 2025, the Vietnamese government announced that it plans to begin construction on nine major railway lines, estimated at VND1.8 quadrillion ($67 billion), before 2030. Indeed, this is in line with the government’s aim to modernize and expand its rail network significantly.
GlobalData’s Construction in Vietnam - Key Trends and Opportunities to 2029 (Q2 2025) report provides detailed market analysis, information, and insights into the Vietnamese construction industry, including -
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