Assessment of factors impact on the development of the construction market in Vietnam

Abstract

During the market economy, the construction market becomes a condition for the survival and development of the construction enterprises. The development of the construction market promotes the development of the construction industry, the materials production, the construction machinery, the construction technology and shortening the construction schedule, improving the construction quality, reducing construction costs. Due to the impact of the Covid pandemic and the increase in the price of raw materials, the profits of the construction enterprises are reduced, leading to the construction industry's growth rate reaching the lowest level in the past 10 years. Vietnam's construction market is also affected by factors such as economic growth, urbanization, expansion of capital sources, international integration, etc. This study focuses on assessing the factors affecting the development of the construction market in Vietnam using expert interview method. The experts are highly qualified, knowledgeable about the construction market, correctly identified the nature and rules of the current construction market. The research results show that all considered factors have a high or very high impact on the development of the construction market. In which the speed of urbanization, economic growth, the real estate market has a strong and rapid impact on the construction market.