The Rise of Vietnam’s Construction Sector: A Transformative Era
Vietnam’s construction sector is experiencing a remarkable renaissance, characterized by a surge in mega projects that not only enhance its infrastructure but also establish the nation as a competitive player on the global stage. As the country embarks on innovative architectural endeavors, it strives to elevate its status in the international community.
Key Projects Shaping Vietnam’s Landscape
Minister of Construction Nguyen Thanh Nghi has highlighted the tremendous progress achieved in the last four decades, with more than 120 large-scale projects of national significance being successfully completed. Many of these projects feature groundbreaking designs, innovative construction techniques, and state-of-the-art technologies, some of which are making their debut in the region.
Notable Projects
Some of the iconic infrastructure projects include:
- Hydropower Plants: Hoa Binh, Yaly, Son La, and Lai Chau are notable for their massive contributions to energy production.
- Bridges and Highways: The Can Tho Bridge and the Hanoi-Hai Phong Expressway reflect Vietnam’s commitment to improving transportation networks.
- Ports and Airports: Cai Lan Port, Noi Bai, and Tan Son Nhat International Airports have modernized transport and logistics capabilities.
Recent achievements also include the flourishing North-South Expressway and urban transit lines such as the Nhon-Hanoi station and the Cat Linh-Ha Dong rail line.
A New Era of Local Contractors
Prime Minister Pham Minh Chinh praised Vietnamese contractors for their critical roles in these achievements during a meeting focused on accelerating infrastructure development in October 2024. Nguyen Quoc Hiep, Chairman of the Vietnam Association of Construction Contractors, pointed out that while the market has historically been dominated by foreign enterprises, local contractors are now gaining valuable expertise and the capacity for project management.
Vietnamese Firms Taking the Lead
Companies like Hoa Binh Construction Group are now leading in prestigious projects such as the North-South expressway and high-profile constructions like the Landmark 81 skyscraper in Ho Chi Minh City.
Commitment to Sustainable Practices
The construction industry in Vietnam is also prioritizing sustainable practices. Urban areas are being designed to be environmentally friendly, integrating greenery into the urban landscape, as visibly represented by the picturesque photo of Hanoi’s green traffic roads.
Hanoi greens traffic roads (Photo: VNA)
Strategies for Future Development
To ensure continued growth, the Vietnamese government emphasizes six key strategic tasks:
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Recognizing Infrastructure Importance: Acknowledging how infrastructure creates new spaces for development, enhancing land value, mobility, and economic competitiveness.
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Resource Pooling: Diversifying investments from state funds, citizens, businesses, and public-private partnerships to create a collaborative environment for infrastructure development.
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Advancing Technology: Promoting the advancement and transfer of cutting-edge technology and improving the skillset of human resources.
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Institutional Reform: Revising procedures related to construction projects to eliminate bottlenecks and streamline processes.
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Self-Reliance: Encouraging domestic companies to harness internal strengths while collaborating internationally.
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Resolving Challenges: Addressing institutional, resource, and workforce issues to bolster the construction sector’s capacity.
Urban Development Initiatives
In recent years, Vietnam has witnessed urban expansion driven by significant investments in transportation, with the government approving around 470 trillion VND (19 billion USD) from 2020 to 2025. This financing is shaping urban spaces, thereby providing domestic firms an accelerated path to growth.
Future Vision
Experts predict that the next decade shall present abundant opportunities for the construction industry. With Vietnam’s GDP growth consistently exceeding expectations—hovering around 6% to 7%—the construction sector is set to play a pivotal role, contributing approximately 11% to 12% of GDP.
A Bright Future
With ongoing projects leveraging innovative practices, vast potential lies ahead for Vietnam’s construction sector. The advancement of local contractors positions them to not only meet local demands but also compete globally. As the industry moves forward, there is a collective aspiration to embrace new heights in construction quality, sustainability, and innovation.
An overview of Ho Chi Minh City (Photo: Lao Dong)
As the construction sector continues to evolve, it remains a vital component of Vietnam’s economic strategy, driving growth and modernizing the urban fabric of both major cities and rural areas alike.