2024 is projected to be a year of recovery and growth for the construction industry as the economy stabilizes, investment and construction demands increase, and supportive policies are gradually implemented.

New Opportunities for the Construction Industry in 2024

Construction contractors faced numerous challenges in 2023, including rising input costs, prolonged debt, project suspensions, and the risk of business closure for many companies. Therefore, in 2024, the government has taken new measures to support industry recovery, such as amending related laws and issuing direct directives from the government, including Resolution 33/NQ-CP on solutions to remove obstacles and promote real estate market development; and decrees facilitating enterprises' access to credit and tax reductions. These are timely and practical solutions to revive the construction industry and create new opportunities for contractors.

According to a report by the Vietnam Real Estate Research Institute (VIRES), the Vietnamese real estate market is expected to officially recover in a V-shaped pattern from the second quarter of 2024. It is forecasted that capital sources supporting the real estate market will continue to grow and develop stably, and even more strongly, thanks to the development of the financial and securities markets in the coming time.

The recovery of related industries and government support have opened up new opportunities for construction contractors.

Additionally, another positive sign is the return of foreign direct investment (FDI) to Vietnam. The country is taking advantage of the opportunity to shift global supply chains and investment flows due to its favorable geographical location, political stability, competitive labor costs, and participation in numerous free trade agreements. As a result, the demand for the construction of industrial parks, factories, warehouses, infrastructure, and related services is expected to increase in the coming time.

Anticipating market movements, many contractors have taken new strategic steps to seize recovery opportunities. Ecoba, a construction and project management contractor with over 20 years of experience and consistently ranked among the Top 10 Most Reputable Construction Companies in Vietnam for four consecutive years (according to Vietnam Report), is also preparing plans to strengthen its internal capabilities, leverage its strengths, and achieve long-term development.

Laying the Foundation for 2024: Ecoba's Recovery Strategy

In 2024, the real estate and construction market is expected to see a clear differentiation, with projects in prime locations, transparent legal frameworks, and high quality being prioritized and increasing in value.

Analyzing the current situation, Vo Tien Dat, General Director of Ecoba Vietnam, stated: "Construction contractors should focus on projects with high potential, large demands, the ability to generate profits, and bring high efficiency to both investors and buyers. These projects are often in sectors such as infrastructure, energy, environment, and industrial parks."

This is also the area that Ecoba prioritizes in the current phase, with projects such as the Nitori Furniture Factory and The Wisteria - Hinode Royal Park.

Ecoba Vietnam selects potential projects that align with the company's strengths and capabilities.

Moreover, dynamic construction businesses are seizing opportunities from government policies to create a competitive advantage.

"With the government's support and facilitation for construction contractors at this time, contractors should strengthen financial management, have a reasonable plan, and take advantage of credit support packages to improve capital utilization efficiency and enhance payment capacity," said Vo Tien Dat.

With these strategic orientations, Ecoba Vietnam is confident in overcoming difficulties, maintaining its position as a reputable and professional construction contractor, and meeting the demands of investors. Positive signs from the market have motivated construction businesses to seek innovative solutions, improve their capabilities and quality. Preparing a solid foundation and being agile in shaping development strategies will help construction businesses "turn the tide" in the upcoming golden period.