Vietnam’s Recent Construction “BOOM”
Vietnam is experiencing a construction “boom” in its economy and its overall construction sector continues to outpace its Southeast Asian neighbors. Commercial, infrastructure, utility & manufacturing related construction are experiencing significant growth as North American, European & Japanese companies direct their CAPEX funds into Vietnam.
Vietnam is one of the fastest-growing countries in Asia experiencing 8.7% annual growth. The Vietnamese construction sector is estimated to be in the $80 & $100 billion annual range in 2024. Vietnam is now viewed as “the place” to build new manufacturing / production facilities.
Below are several benchmarks for various construction projects compiled by Compass International:
Description
UoM
$ Cost Low SF
$ Cost High SF
$ Average Cost SF
$ Cost M2
Industrial Warehouse - 100,000 SF
SF / M2
35
45
40
430
Express Mall Center - 150,000 SF
SF / M2
40
55
48
511
Factory - 50,000 SF 1 Floor
SF / M2
35
50
43
457
Office 3 to 7 story mid-quality
SF / M2
125
165
145
1,560
Office 8 to 16 story 3/4 star
SF / M2
145
185
165
1,775
Shopping Center - 1,000,000 SF
SF / M2
110
160
135
1,453
Hotel 2/3 star - 5 story
SF / M2
90
160
125
1,345
Hotel 3/5 story - 7 story
SF / M2
125
200
163
1,749
Hospital 3 story- 200,000 SF
SF / M2
155
180
168
1,802
Apartment / Condo high-quality
SF / M2
85
115
100
1,076
Apartment / Condo mid-quality
SF / M2
65
95
80
861
High School - 250,000 SF 2 story
SF / M3
65
85
75
807
2023 Vietnam Construction Cost Benchmarks
- Appropriate for Ho Chi Minh, Hanoi & Da Nang
- Includes Architectural, Mechanical Design & Construction Management Fees
- Excludes land purchase
