Việt Nam's construction sector has grown 7.48 per cent on-year (12/10/2024)

Workers work at the construction site of Terminal T3 at Tân Sơn Nhất Airport. - VNA/VNS Photo

For the first nine months of 2024 compared to the same period last year, the construction sector has grown by 7.48 per cent.

In addition, the average housing floor area per capita nationwide is estimated at 26.5 sq.m, an increase of 0.9 sq.m compared to 2023.

These figures were highlighted at a conference on October 10 where the Ministry of Construction reviewed its nine-month performance and outlined key tasks for the final quarter of 2024.

Minister of Construction Nguyễn Thanh Nghị said that the construction industry has achieved positive results in the first nine months of 2024 compared to the same period in 2023.

Major goals were largely met, including the development of social housing, improvements in the legal framework and the announcement by local authorities of monthly and quarterly construction material prices, ensuring quality across projects.

For the remaining three months of the year, Nghị stressed the importance of prioritising legislative work and closely following established programmes and plans. Of these, he highlighted the Law on Urban and Rural Planning and the Law on Urban Development Management as particularly important for developing the sector.

In the housing and real estate sector, the minister directed the Department of Housing and Real Estate Market Management to collaborate with the Legal Department to guide local authorities in implementing the Law on Housing, the Law on Real Estate Business and related regulations.

He called for problem solving in real estate projects, advancing social housing initiatives and quickly issuing housing policies for those who have made significant contributions to the nation.

Meanwhile, businesses were asked to review their production and business plans and divestment strategies.

2024 has been considered a challenging year for construction enterprises, particularly in both construction and building material production. The Việt Nam National Cement Corporation (VICEM) proposed the Ministry of Construction's support in restructuring efforts, reducing clinker taxes and obtaining mineral extraction permits.

Despite surpassing revenue targets in the first nine months, Việt Nam Machinery Installation Corporation (LILAMA) forecasts challenges in 2025, especially in securing new projects and contracts.

LILAMA is currently negotiating with Thyssenkrupp Nucera to secure contracts for manufacturing electrolysis modules for green hydrogen production projects. The company is also seeking assistance from the Ministry of Construction in resolving obstacles related to state capital divestment.