HCMC – The Ministry of Construction has asked other ministries, local authorities, investors, and contractors to review whether sharp increases in fuel and construction material prices justify adjustments to construction contracts under existing laws.
The ministry said the review should assess the impact on each contract based on dates of signing, completed work volumes, and measures already taken to address rising costs. The process will help determine whether the situation qualifies as force majeure or a fundamental change in circumstances.
According to the ministry, a scenario in which fuel prices rise 100% could increase construction costs for major transport infrastructure projects by about VND42.3 trillion, piling significant pressure on the State budget.
The ministry has instructed local governments to apply existing regulations to guide investors and contractors in adjusting construction unit prices and contract values to ease difficulties for builders, reported the Government news website (baochinhphu.vn).
Deputy Minister of Construction Bui Xuan Dung said lump-sum and fixed-unit-price contracts can only be adjusted in force majeure cases under the Construction Law and related decrees.
Construction contracts may also be revised if contract execution conditions change fundamentally under the 2023 Bidding Law, as amended, and the 2015 Civil Code, he added.
Regulations require contracting parties to specify cases eligible for price adjustments, as well as procedures, scope, methods, and legal grounds for revising contract values. Adjustment methods must match the contract type and nature of the work.
The ministry said the aim is to ensure investment efficiency, prevent losses, and balance the interests of all parties.
Official data showed 44 major projects, including public-private partnership projects, are being monitored by the national steering committee for key infrastructure works. Total investment in these projects is estimated at VND569 trillion.
Construction costs account for about VND413 trillion, while unfinished work is valued at around VND267 trillion. Of that amount, 23 projects with construction costs of about VND103.23 trillion are scheduled for completion in 2026, while 21 others worth roughly VND163.9 trillion are expected to finish after 2026.
