This report provides detailed market
analysis, information and insights into the Vietnamese construction market,
including:
- The Vietnamese construction market’s growth prospects
by sector, project type and type of construction activity
- Analysis of equipment, material and service costs
across each project type within Vietnam
- Critical insight into the impact of industry trends and
issues and the risks and opportunities they present to participants in the
Vietnamese construction market
- Assessment of the competitive forces facing the
construction industry in Vietnam and profiles of the leading players
- Data highlights of the largest construction projects in
Vietnam
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Executive summary
The Vietnamese construction industry
recorded a CAGR of 19% during the review period. However, Vietnam’s economy has
undergone an extended period of insubstantial expansion, due to decelerated
growth in the real estate sector, a banking system characterized by
non-performing loans (NPLs) and a property market slump. This is reflected in
the construction industry’s growth which slowed from 19.7% in 2011 to 6.5% in
2012.
Based on the assumption that the
banking sector avoids a crisis and the government manages to rebuild growth
momentum with carefully targeted stimulus measures and investment in
large-scale infrastructure development projects, outlook for the industry is
positive. Timetric expects the Vietnamese construction industry to record a
CAGR of 11.96% over the forecast period.
Scope
This report provides a comprehensive
analysis of the construction industry in Vietnam:
- Historical (2008-2012) and forecast (2013-2017)
valuations of the construction market in Vietnam using the construction
output and value-add methods
- Segmentation by sector (commercial, industrial, infrastructure,
institutional and residential) and by project type
- Breakdown of values within each project type, by type
of activity (new construction, repair and maintenance, refurbishment and
demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including
regulation, cost management, funding and pricing
- Assessment of the competitive environment using
Porter’s Five Forces
- Detailed profiles of the leading construction companies
in Vietnam
Reasons to buy
- Identify and evaluate market opportunities using our
standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level via
600+ time series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies by
leveraging our critical and actionable insight
- Assess business risks, including cost, regulatory and
competitive pressures
- Evaluate competitive risk and success factors
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Key highlights
- Vietnam’s real GDP annual growth eased from 5.9% in
2011 to 5.0% in 2012 − the slowest rate since 1999. The industry sector,
including construction, which represented 42% of the total GDP in 2012,
rose by 4.52% annually. The service sector was the fastest growing sector
in 2012, expanding by 6.42%. Vietnam’s economy is expected to grow by 5.3%
and 5.7% annually in 2013 and 2014 respectively, and accelerate further to
around 6.5% during 2015−2017. The growth is expected to be supported by a
reduction in interest rates and improvements in export demand.
- Vietnam’s economy has undergone an extended period of
insubstantial expansion, due to decelerated growth in the real estate
sector, a banking system characterized by non-performing loans (NPLs) and
a property market slump.
- The supply of new office space in the Central Business
District (CBD) of Ho Chi Minh City (HCMC) has been limited. Many upcoming
projects are being delayed as developers find it difficult to source
credit and rents in CBDs increase. Consequently, many new projects are
situated on the outskirts of the CBDs where more competitive rents are
available.
- Vietnam is an export-oriented economy and the
industrial sector accounts for over 40% of the country’s GDP. Despite an
economic slowdown in some of Vietnam’s major trading partners such as
China, Germany, South Korea and Switzerland, Vietnam still managed to
record 20% export growth in 2012-2012 – driven chiefly by plastics,
telecom equipment and clothing. The industrial construction market is
expected to record a CAGR of 12.07% over the forecast period.
- Rising transportation costs, delays in the transport of
goods and services, and limited access to a large domestic rural market
are reducing industry competitiveness and undermining economic growth. The
government has announced transport, road and energy infrastructure
projects. Energy in particular is set receive substantial government
funding under the Power Master Plan-7.
- Vietnamese families place a high emphasis on education,
which is seen as a means of advancement. Despite the economic crisis, in
2009 the government maintained educational spending at 20% of the state
budget. While the country has improved on a number of health indicators,
the quality of health care available, especially in the more remote areas,
corruption, and high out-of-pocket spending remain key issues. The
institutional construction market is projected to register an anticipated
CAGR of 10.63% over the forecast period.
- A property slump following the global financial crisis
and a banking system struggling with an increasing share of non-performing
loans (NPLs) has led to a situation of rising real estate inventory,
falling property prices and many large residential construction projects
being put on hold due to difficulties in obtaining credit.
- Investors facing financial problems are trying to sell
off as many properties as possible to increase sales. Despite house prices
declining during 2008−2012, buyers are reluctant to invest as they expect
prices to decrease even further. It is thought that prices will bottom out
by the end of 2013, and a recovery is expected thereafter. The residential
construction market is projected to record a CAGR of 11.58% over the
forecast period.
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