Construction is a process of constructing a structure for instance building, framework or model using various materials. Any construction project is made out of particular variations within a fixed framework of distinct stages such as design, production & conversion of raw materials into manufactured products, and construction. All these stages consist of its own internal stages, processes, and features that combine together to complete a construction project.
According to study, “Vietnam Construction Comprehensive Report Q4/2019” the key companies operating in the Vietnam construction market are Coteccons Construction Joint Stock Company, Petro Vietnam Construction Joint Stock Corporation, Hoa Binh Construction & Real Estate Corporation, Construction Corporation No.1 Joint Stock Company, Ninh Binh Vissai Joint Stock Company, Delta Civil And Industrial Construction Company Ltd., CIENCO4 Group, Construction Joint Stock company 47, Song Da Corporation.
Based on type of construction, Vietnam construction market is segmented into buildings construction, heavy & civil engineering construction, specialty trade contractors and land planning & development. Building construction is further sub-segmented into residential building construction and non-residential building construction. Residential building construction includes new housing for-sale builders, single-family housing construction (individual houses), multifamily housing construction (apartments) and residential remodelers. Non-residential building construction includes institutional buildings and commercial buildings. Heavy & civil engineering construction is further sub-segmented into highway, street & bridge construction and utility system construction. Highway-street & bridge construction includes bridges and tunnels, roads and highways and others. Utility system construction includes water or sewer line & related structures construction, power or communication line & related structures construction and oil & gas pipeline and related structures construction. Specialty trade contractors is further sub-segmented into building equipment contractors, building finishing contractors and foundation, structure & building exterior contractors. Building equipment contractors include electrical contractors & other wiring installation contractors, plumbing, heating & air-conditioning contractors and other building equipment contractors. Foundation, structure & building exterior contractors include concrete work, framing contractors, roofing contractors, glass & glazing contractors, masonry contractors, siding contractors and others. Building finishing contractors include drywall & insulation contractors, finish carpentry contractors & flooring contractors, painting & wall covering contractors, tile & terrazzo contractors and other building finishing contractors. In addition, land planning & development is further sub-segmented into commercial & institutional land planning or development, residential land planning & development and industrial land planning or development.
The Vietnam construction market is driven by increase in prefabrication & modular construction projects, followed by growth in technological integration, rise in focus on sustainability, rise in the popularity of project management software, growth in improved safety procedures, rise in material costs, and increase in demand for industrial building industries. However, geo-political tensions may impact the market. Moreover, rise in green construction projects and increase in use of autonomous construction vehicles are key trends for market.
Vietnam is one of the most attractive destination country for retailers in Southeast Asia owing to growth in economy. The country is attracting a large and emergent amount of foreign investment due to rise in export-oriented economy and increase in demand for land & industrial plants. In near future, it is predicted that this industry will be reached at rapid pace on account of rise in government’s efforts to improve the quality of the country’s inclusive infrastructure with investments in infrastructure construction, increase in housing projects and rise in tourism infrastructure during the forecast period.
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Ankur Gupta, Head Marketing & Communications