The year 2024 marks important steps forward for the construction industry in the context of the world economy facing many difficulties. The summary report released by the Ministry of Construction at the fourth quarter press conference showed many outstanding results, while identifying challenges and directions for the coming year.
According to the report, the GDP of the Construction industry in 2024 is estimated to reach from 7.8% to 8.2%, exceeding the initial target. This is the highest growth rate of the industry in many years, contributing to the national GDP growth.
The urbanization rate reached 44.3%, exceeding the National Assembly's target of 43.7%. This is an important milestone in the process of developing urban infrastructure and moving towards a more modern Vietnam.
Social housing development has also recorded many positive results. To date, 96 social housing projects have been completed, providing more than 57,000 houses, making an important contribution to solving the housing needs of low-income workers. However, this result has not yet reached the planned target of 130,000 social housing units.
The real estate market in 2024 recorded positive changes after a long period of stagnation. Real estate transactions, including apartments, individual houses and land plots, increased significantly. However, local price fluctuations continued in some major urban areas, causing concerns for investors and homebuyers.
Despite significant achievements, the construction industry still faces many challenges. The system of technical standards and regulations has not been completed in a timely manner, while the need for innovation and improvement is constantly increasing. Many real estate projects have not been thoroughly handled, causing obstacles for businesses and investors.
Faced with these difficulties, the Ministry of Construction has set out many directions and tasks for 2025. In particular, the target of a national urbanization rate of at least 45% is considered the focus. Policies for developing technical infrastructure, social housing and commercial housing will continue to be promoted.
The Ministry emphasized that the completion of legal institutions will be the most important foundation to ensure sustainable development. In particular, the Law on Urban and Rural Planning, along with policies on social housing, will continue to be implemented synchronously and effectively.
In 2025, the Construction industry affirms its determination to continue to lead the national economic growth. The vision of a sustainable, modern and harmonious urban system will continue to be the guiding principle in all activities of the industry.
