Vietnam braces for swathes of major infrastructure projects in 2021

A couple of airport projects worth over US$5b started early this year.

In Q1/2021, Gross Domestic Product (GDP) grew by a robust 4.5% year-on-year (YoY), according to the Vietnam General Statistics Office (GSO). According to Savills, the Ministry of Planning and Investment reported that Q1/2020 Foreign Direct Investment (FDI) including newly registered capital, adjusted capital, and capital contribution, or share purchases, by foreign investors totalled US$10.1 billion, up 18.5% YoY. 

FDI disbursement of US$4.1 billion was up 6.5% YoY. The figures are further testament to Vietnam’s success in containing the pandemic after being only one of a handful of countries to report positive growth in 2020. 

Here’s more from Savills:

2021 looks set to be a year for major infrastructure projects. The US$4.6 billion Phase 1 of Long Thanh International Airport officially started on 5th January 2021 with completion scheduled for 2025. Works includes a 4 km runway, taxiways, aprons, and a 373,000 sq m terminal with an annual capacity of 25 million passengers and 1.2 million tonnes of cargo. Tan Son Nhat International Airport will have a new US$474 million terminal T3, to support the regularly overcapacity T1 domestic terminal. T3 is expected to be complete and in operation by 2023. 

Significant road projects getting underway in 2021 include the US$209 million Phase 1 of the My Thuan - Can Tho Expressway, which started on 4th January 2021. The US$230 million Tan Van-Nhon Trach section 1A, Phase 1 of Ring Road 3, while in the Mekong Delta, National Highway 1A will see upgrades to the bypasses of Hau Giang, Soc Trang and Ca Mau. 

A collaboration between Mitsubishi Estate and SwanCity Viet Nam, will advance development of SwanBay’s latest 34 ha phase of river-front residences. This follows the success of the Daisan Project, another Mitsubishi Estate collaboration with SwanCity in Jakarta, Indonesia. 

Trung Thuy Group with a Takashimaya subsidiary, Toshin Development, recently announced investment cooperation in the Lancaster Luminaire project in Ha Noi, which is expected to become a new city landmark. The mixed-use complex will supply luxury apartments, Grade A offices, and a high-end commercial centre. 

Masterise Homes are bringing branded residences to VietNam in a partnership with Marriott International. The Grand Marina Saigon ground-breaking ceremony, held on 24th March 2021, marks their first project together which, when complete, will represent the largest supply of Marriott branded residences in the world.