HCMC – Vietnam’s construction sector expanded 7.48% in the first nine months of 2024 over the same period last year, said the Ministry of Construction during a meeting held on October 10.
Minister of Construction Nguyen Thanh Nghi highlighted the sector’s positive performance, particularly in social housing development, legal reforms, and regular updates on construction material prices. He noted that most objectives for the year had been achieved.
Looking ahead to the final quarter of the year, the ministry outlined its focus on legislative improvements.
Nghi stressed the importance of progressing on urban and rural planning law and called for improved communication regarding policy changes. He also emphasized the need for closer monitoring of urban management, particularly in areas such as water drainage and the use of underground space in cities.
Despite the sector’s growth, challenges remain. Enterprises are encouraged to review their business strategies and consider measures such as divesting assets. State-run companies have been advised to enhance internal management and oversight.
State-run enterprises, including the Vietnam Cement Industry Corporation (VICEM) and Vietnam Machinery Installation Corporation (LILAMA), reported positive business outcomes in the first nine months but raised concerns about future challenges. VICEM requested government support for restructuring and tax reductions, while LILAMA sought assistance with capital divestment.
Deputy Minister of Construction Nguyen Van Sinh acknowledged the efforts of many units but noted that some tasks remained unfinished. He urged for stricter supervision and reforms to enhance the autonomy of state-run entities.
