Due to the interruption of COVID-19, the output growth of the Vietnamese construction industry is expected to decelerate to 5.2% in 2020, but after that, the average annual growth between 2021-2024 is expected to be 7.7%. The government’s focus is on improving regional connectivity through efforts to develop the railway, road, and air transportation infrastructure and to promote energy production to support this growth.
In June 2020, the National Assembly passed the “Law on PPP Investment”, gradually regulating investment activities under the PPP model and attracting private investment. The government’s efforts to balance the supply and demand of affordable housing will also generate momentum in the residential sector. Continued urbanization will continue to generate demand for residential and infrastructure development
The residential construction market will maintain a leading position in the forecast and will account for more than 30% of the industry’s total value by 2024. The government’s efforts to narrow the gap between the supply and demand of affordable housing in the country are expected to achieve the predicted market. According to the Ministry of Construction’s estimates, by 2020, the country will need to build more than 1 million affordable housing units to accommodate the growing low. Income population.
The government plans to increase the per capita housing area in Vietnam from 16.7 square meters per capita in 2015 to 25.0 square meters per capita in 2020. Therefore, the government plans to build 1 million affordable housing units by 2020. Therefore, Vietnam has initiated various social housing programs, such as the housing program for poor rural families and low-rent housing for employees in industrial zones. And low-income urban social housing local governments.
The Vietnamese construction market is fiercely competitive, with major international companies participating. The Vietnamese construction market provides growth opportunities in the forecast, and gradually increases to promote market competition. The Vietnamese construction market occupies a considerable share of the minority participants and has a considerable level of integration.
The city has planned to build a Vietnamese version of the Pudong New Area in the First Tim New City on the opposite bank of the Saigon River, build a cluster of Vietnamese skyscrapers, and restore the glory of Paris in the Far East. Vietnam’s construction industry is developing day by day, which is a good opportunity.
Therefore, investing in Vietnam is a good choice. If you want to know more about the construction industry in Vietnam, you can contact YAXIN. We have a professional team and offices in Ho Chi Minh and Hanoi, Vietnam. Can help you solve problems at any time, welcome to consult.
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