Vietnam's Construction Industry: Key Highlights of 2023

Despite economic challenges, Vietnam's construction sector in 2023 achieved and surpassed various planned targets, marking significant progress and resilience.

Vietnam's Construction Industry: Key Highlights of 2023
Photo by Nathan Cima / Unsplash

In 2023, Vietnam's construction industry faced numerous economic challenges and unprecedented situations. However, it managed to not only meet but also exceed its planned targets, showcasing remarkable resilience and progress. Here are the ten notable highlights of the construction sector in Vietnam for the year 2023:

  1. Completion of Set Goals: The Ministry of Construction issued 22 action programs and plans, along with four directives to implement resolutions from the Party, National Assembly, Government, and decisions from the Prime Minister. The ministry worked closely with three provinces on production, business, public investment, infrastructure construction, and import-export activities.
  2. Achievement of Key Indicators: The sector achieved 10 out of 12 set targets, including a 7.06% growth in construction, contributing 0.51% to the overall GDP. Urbanization rate reached 42.7%, with the average housing area per person nationwide being 26 square meters. Additionally, 96% of urban residents now have access to clean water through centralized systems.
  3. Legislative Reforms: The National Assembly passed two significant laws drafted by the Ministry of Construction: the Housing Law and the Real Estate Business Law. These laws institutionalized the Party's viewpoints and ensured consistency, coherence, and stability in the legal system.
  4. Implementation of Resolution No. 06-NQ/TW: Focused on sustainable urban development in Vietnam up to 2030 with a vision for 2045, the ministry undertook key tasks and solutions, including proposing the "legalization" of urban development and management.
  5. Social Housing Development Policy: The ministry submitted and got approval for a project to invest in at least one million social housing units from 2021 to 2030. It also collaborated with the State Bank of Vietnam to launch a 120 trillion VND credit package for social housing projects.
  6. Facilitation of Real Estate Market: Amidst market difficulties, the ministry advised the government to issue Resolution No. 33/2023/NQ-CP, aiming to promote a safe, healthy, and sustainable real estate market.
  7. First International Architecture Exhibition: The ministry successfully organized the first International Architecture Expo 2023 in Phu Quoc, Kiên Giang Province, focusing on new directions and solutions for the development of Vietnamese architecture.
  8. Decentralization and Empowerment: The ministry continued to decentralize authority in various areas, including construction project approval, urban development areas, and foreign contractor licensing.
  9. Digital Transformation: The ministry completed the deployment of a shared data integration platform (LGSP), enhancing management, information sharing, and online administrative procedures.
  10. Effective Coordination: The ministry collaborated with the State Inspection Council for Construction Works, conducting inspections on 35 national importance and complex projects, ensuring safe and effective operation.

In summary, despite facing economic headwinds, Vietnam's construction sector in 2023 demonstrated significant achievements, contributing to the country's overall development and urbanization.

Source: Kinh tế & Đô thị