Despite losing the momentum due to COVID-19, it has continued to grow strongly (relatively) in 2020. According to the General Statistics Office (GSO) of Vietnam, construction value-add recorded a growth of 5.7% (year-on-year) in Q3 2020. As a result, the cumulative growth rate for the three quarters was at 5%. The industry will continue to gain further momentum in the fourth quarter and record an overall growth rate of 5.5% in 2020, says GlobalData, a leading data and analytics company.

Prior to the COVID-19 outbreak, the industry had recorded an average annual growth rate of 9.6% over the last five years (2015– 2019). However, construction activities were disrupted due to the stringent measures taken by the government to contain the spread of the virus, with the growth falling below 5% (in the first quarter of 2020) for the first time since the first quarter of 2013. Following the subdued growth of 4.4% and 4.6% in the first two quarters, respectively, the industry is showing signs of regaining the momentum in the third quarter, which is expected to accelerate further in the coming quarters.

““Vietnam plans to speed up spending on infrastructure projects to help support the overall construction output growth, with focus on improving regional connectivity through the development of the country’s rail, road and air transport infrastructure, coupled with efforts to boost energy production.”

 The residential construction sector is likely to remain under pressure in the short- term, with the support coming from government plans to build affordable houses for middle and low-income families in the country. To encourage the private investors, the government is also offering incentives to developers to construct affordable houses and has set aside US$1.3 billion for the construction of affordable houses in the country during the period of 2018 – 2022.”

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