Vietnam’s construction industry has seen substantial growth in recent years, driven by robust economic development and significant government investment in infrastructure projects.
The sector is highly competitive, featuring both domestic and international players.
These companies are actively involved in various large-scale projects across the country, including residential, commercial, and industrial developments.
The construction industry in Vietnam is projected to expand steadily, supported by continued investments in transport infrastructure and energy projects.
Foreign direct investment is also playing a crucial role in advancing industrial construction, particularly in the development of production facilities for sectors like automotive and electronics.
The market is expected to maintain a positive trajectory, with key opportunities in both public and private sectors over the next decade.
Vietnam’s construction industry in numbers
Vietnam’s construction industry has shown steady growth, supported by government investment in infrastructure, rapid urbanisation, and a booming real estate sector.
The industry is also witnessing an increasing inflow of foreign direct investment, especially in residential and industrial projects, as Vietnam becomes a regional manufacturing hub.
Vietnam’s construction market
The Vietnam construction market is projected to grow significantly, with an estimated market size of US$69.2 billion in 2024, reaching US$102.2 billion by 2028.
This represents a compound annual growth rate of 8.10 percent over the forecast period, according to data collated by Mordor Intelligence.
This growth is fueled by the country’s robust economic development, increased urbanisation, and substantial government investments in infrastructure projects.
Vietnam’s construction equipment market
Vietnam’s construction equipment market is expected to grow at a CAGR of 11.25 percent from 2024 to 2030, reaching US$316 million in revenue, driven by surging demand for infrastructure, industrial development, and real estate expansion a report from Arizton Advisory & Intelligence has found.
Listed Vietnam construction firms, revenue / US$m
| 2024 | 2025 | 25 / 24 | |
| Total | 2,273.26 | 2,814.02 | -19.22% |
| Thai Holdings | 37.38 | 37.57 | -0.50% |
| CII Bridges & Roads Investment | 96.12 | 99.98 | -3.86% |
| PC1 Group | 386.95 | 502.41 | -22.98% |
| Song Da Corporation | 207.17 | 254.95 | -18.74% |
| Coteccons Construction | 808.03 | 955.44 | -15.43% |
| SCG Construction Group | 103.86 | 250.36 | -58.51% |
| Construction Corporation No 1 | 389.99 | 453.47 | -14.00% |
| Deo Ca Traffic Infrastructure Investment | 127.02 | 145.96 | -12.98% |
| Ho Chi Minh City Infrastructure Investment | 116.74 | 113.88 | 2.52% |
Key construction firms in Vietnam
These are some of the main construction firms in Vietnam.
Domestics construction firms in Vietnam
Key domestic construction firms in Vietnam include several well-established companies that play a significant role in the sector.
Thai Holdings
Headquartered in Hanoi, Vietnam, Thai Holdings is a diversified conglomerate involved in construction, real estate, and energy.
The company focuses on developing large-scale infrastructure projects throughout the country.
CII Bridges & Roads Investment
Based in Ho Chi Minh City, CII Bridges & Roads Investment specialises in infrastructure development, particularly in the construction of toll roads and bridges, playing a significant role in enhancing Vietnam’s transportation network.
PC1 Group
PC1 Group, with its head office in Hanoi, operates in the construction and energy sectors, primarily focusing on power infrastructure.
The company is actively involved in building electrical and renewable energy projects across Vietnam.
Song Da Corporation
Headquartered in Hanoi, Song Da Corporation is a state-owned enterprise recognised for its expertise in hydropower construction and large-scale infrastructure projects, contributing substantially to the development of Vietnam’s hydropower sector.
Coteccons Construction
Coteccons Construction, located in Ho Chi Minh City, is one of Vietnam’s leading construction firms.
The company is known for its work on high-rise and commercial building projects, as well as its contributions to modern urban developments.
SCG Construction Group
With its main office in Bangkok, Thailand, and a significant presence in Ho Chi Minh City, SCG Construction Group operates in Vietnam through construction materials and project development, focusing on residential and commercial construction projects.
Bamboo Capital Group
Headquartered in Ho Chi Minh City, Bamboo Capital Group is a diversified firm involved in construction, renewable energy, and real estate.
The company focuses on large-scale infrastructure projects with an emphasis on sustainable development.
Construction Corporation No 1
Based in Hanoi, Construction Corporation No 1 is a long-standing Vietnamese construction company with expertise in residential, industrial, and infrastructure projects, playing a key role in the country’s development.
Deo Ca Traffic Infrastructure Investment
Deo Ca Traffic Infrastructure Investment, headquartered in Ho Chi Minh City, specialises in transportation infrastructure, particularly tunnels and highways, helping to improve connectivity in Vietnam’s mountainous and remote areas.
Ho Chi Minh City Infrastructure Investment (CII)
Located in Ho Chi Minh City, Ho Chi Minh City Infrastructure Investment is heavily involved in urban infrastructure projects within the city, including toll roads, water supply, and urban development initiatives to support its rapid growth.
GUIDE: Investing in real estate projects in Vietnam
Investing in real estate projects in Vietnam offers significant opportunities for foreign firms, driven by the country’s economic growth, urbanisation, and rising demand for residential, commercial, and industrial spaces.
However, navigating the market requires a thorough understanding of local regulations, investment structures, and cultural nuances.
Read more: Investing in Real Estate Projects in Vietnam for Foreign Firms
Foreign construction firms in Vietnam
These foreign firms have been driving Vietnam’s construction and infrastructure development, contributing expertise, technology, and investment that support the country’s rapid growth
GS Engineering & Construction (South Korea)
GS Engineering & Construction is a major player in Vietnam’s construction sector, involved in various large-scale infrastructure projects, including highways and urban transit systems.
The company’s expertise in civil engineering and construction makes it a significant contributor to Vietnam’s development plans.
Hyundai Engineering & Construction (South Korea)
Hyundai Engineering & Construction is active in the Vietnamese market, focusing on projects such as power plants and large infrastructure developments.
Their involvement in complex projects highlights their role in enhancing Vietnam’s infrastructure capabilities.
Taisei Corporation (Japan)
Taisei Corporation is engaged in several high-profile projects, including the construction of modern urban buildings and commercial complexes.
The company’s contributions are vital in meeting the growing demand for modern infrastructure in Vietnam’s urban areas.
Kajima Corporation (Japan)
Kajima Corporation is involved in the construction of industrial parks and large-scale commercial developments.
Their presence in Vietnam reflects the country’s increasing attractiveness for foreign industrial investments.
Bouygues Construction (France)
Bouygues Construction has been active in Vietnam’s transport and urban development projects, contributing to the construction of roads and bridges. Their expertise in sustainable construction practices aligns well with Vietnam’s push for green development.
Siemens (Germany)
Siemens plays a key role in Vietnam’s renewable energy and transportation sectors. The company is involved in several projects aimed at modernising the country’s power grid and developing urban transportation systems.
Fluor Corporation (USA)
Fluor Corporation is involved in industrial construction, including manufacturing plants and energy facilities. Their operations in Vietnam focus on enhancing the country’s industrial infrastructure and meeting the demands of a growing economy.
Chiyoda Corporation (Japan)
Chiyoda Corporation is a prominent player in Vietnam’s oil and gas sector, working on refining and petrochemical projects. Their expertise in this field supports Vietnam’s ambitions to expand its energy sector and reduce reliance on imported fuels.
GUIDE: Starting a construction business in Vietnam
Starting a construction business in Vietnam presents many opportunities, as the country’s economic growth and rising incomes are fueling demand for commercial and residential properties as well as large-scale infrastructure projects.
However, entering Vietnam’s construction industry can be tricky and there is a lot that prospective business operators should know.
For a clear, concise guide, see: How to Start a Business in Vietnam
Key challenges for Vietnam’s construction industry
The construction industry in Vietnam faces several key challenges:
Regulatory and Bureaucratic Hurdles
Complex regulations and bureaucratic procedures pose significant challenges for the construction sector.
Delays in obtaining permits and navigating legal constraints can hinder project timelines and increase costs.
Streamlining these processes and improving transparency could help alleviate these issues and promote smoother operations for both local and foreign companies.
Skilled Labour Shortage
The industry struggles with a shortage of skilled labour, which impacts project efficiency and quality.
The demand for specialised workers often outpaces supply, leading to wage inflation and project delays.
Addressing this challenge requires investment in vocational training and collaboration between the government and the private sector to build a more skilled workforce.
Material Price Fluctuations
Fluctuations in the prices of construction materials, such as steel and cement, create uncertainty and financial pressure for construction companies.
These price changes can affect project budgets and profitability, making cost management a critical aspect of successful project execution.
These challenges highlight the need for reforms and strategic investments to ensure the sustainable growth of Vietnam’s construction industry.
See also: Cement Industry in Vietnam
FAQ: Vietnam’s construction sector
These are some of the most common questions about Vietnam’s construction sector.
How big is Vietnam’s construction market?
Vietnam’s construction industry was valued at US$69.2 billion in 2024 and is projected to grow to US$102.2 billion by 2028, with a compound annual growth rate (CAGR) of 8.10 percent, driven by infrastructure investment and urbanisation.
What are the major construction sectors in Vietnam?
Vietnam’s construction sector spans residential, commercial, industrial, and infrastructure projects. Growth is particularly strong in transport infrastructure, energy facilities, and manufacturing zones supported by FDI.
Who are the top construction companies in Vietnam?
Leading domestic firms include Coteccons Construction, PC1 Group, Construction Corporation No 1, and Song Da Corporation. Major foreign players include GS Engineering & Construction, Hyundai E&C, Kajima, and Bouygues Construction.
How much foreign direct investment goes into Vietnam’s construction industry?
In 2024, Vietnam’s construction sector attracted US$642.77 million in newly registered FDI across 52 new projects, with international investment concentrated in industrial and infrastructure developments.
What challenges does Vietnam’s construction industry face?
Key challenges include bureaucratic delays, a skilled labour shortage, and fluctuating material prices. These issues can slow project execution and increase costs, highlighting the need for regulatory reform and workforce development.
What’s next?
The outlook for Vietnam’s construction industry is marked by both opportunities and challenges.
On one hand, a push for infrastructure development and urban expansion is expected to drive demand for construction projects across the country. However, there are notable constraints that could hinder the sector’s progress.
Overall, while the Vietnamese construction industry has the potential for growth, its future will depend heavily on addressing these structural issues and creating a more favourable environment for both local and foreign investors.
With this in mind, foreign construction firms considering doing business in Vietnam should make sure to keep up with the latest updates in the industry by subscribing to the-shiv.
First published September 28, 2025. Last updated February 26, 2026.