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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