Minister of Construction Nguyen Thanh Nghi speaks at the conference.

The sector made significant strides, meeting key objectives in the government’s 2024 socio-economic development plan. According to Ngo Lam, the Ministry’s Office Chief, the construction sector’s growth was estimated at 7.8 – 8.2% in 2024, surpassing the target set by the government at 6.4-7.3%.

Urbanisation reached 44.3%, exceeding the target of 43.7%, while the average housing area per person was 26.5 m2, and over 21,000 social housing units were completed. Social housing projects are progressing, with 622 ongoing projects since 2021, totalling 565,177 units.

Policy frameworks are increasingly refined, and the real estate market has recovered from its toughest period. However, the sector continues to face challenges from broader economic difficulties and long-standing issues that are hard to resolve in the short term.

The sector encounters difficulties, such as delays in legal framework development and project approval processes. The Ministry is focused on completing legislation and improving efficiency, with plans to increase urbanisation to 45% by 2025 and complete 100,000 social housing units.

Efforts will also focus on merging the Ministry of Construction with the Ministry of Transport to streamline operations and reduce the number of administrative units.