Construction in Vietnam - Key Trends and Opportunities to 2025 (Q3 2021)
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Vietnam's construction industry continues to outperform its regional peers in South-East Asia, registering growth of 6.8% in real terms in 2020. GlobalData expects the construction industry to record real growth of 10.8% in 2021, supported by investments in transport and energy infrastructure. According to the General Statistics Office (GSO), the construction industry's value-add continues to gain momentum, following a slowdown in the first half of 2020, growing by an estimated 14.5% year on year (YoY) in the first half of 2021. However, a surge of new Coronavirus (COVID-19) cases in recent weeks may precipitate a further downturn, if the government imposes stricter lockdown measures.
In June 2020, the national assembly of Vietnam ratified a law on public-private partnerships (PPP), consolidating existing legal frameworks and developing Vietnam's approach to foreign investment. Being in effect since January 2021, the law makes significant progress in simplifying the existing legislative apparatus that international financiers face when investing in Vietnamese PPP projects. This clearer approach to the architecture is hoped to attract higher levels of foreign investment, supporting the construction industry's output over the forecast period.
In March 2021, the Ministry of Industry and Trade (MoIT) released a draft power development plan outlining a VND7.6 quadrillion (US$320.6 billion) investment capital requirement for the development of the power network between 2021 and 2045. Of the total, VND3 quadrillion (US$128.3 billion) will be invested between 2021-2030, which includes VND2.3 quadrillion (US$95.4 billion) for generation and VND777.2 trillion (US$32.9 billion) for the grid. With this, the total installed capacity of electricity sources is expected to reach 137.2GW by 2030 and 276.7GW by 2045. Furthermore, in April 2021, the Ministry of Transport proposed a VND1,000-1,500 trillion (US$42.3-63.5 billion) spending plan, with three different proposals towards renovating road, rail, inland waterway, sea and air transport infrastructure during the period of 2021-2030.
GlobalData's Construction in Vietnam - Key Trends and Opportunities to 2025 (Q3 2021) report provides detailed market analysis, information and insights into Vietnam's construction industry, including -
This report provides a comprehensive analysis of the construction industry in Vietnam. It provides -