Measures to expand market inroads into the Vietnamese construction market

Abstract

To the construction industry that had recently suffered from a depressed domestic construction economy, the overseas construction market offers a foothold to overcome the limitations of the domestic market. In order to promote the continuous growth and development of overseas construction exports, Korean construction companies need to secure overseas market information, and to be strongly competitive. However the Korean construction industry has weaknesses in its ability to obtain information and experience, which are the most important factors in entering the overseas construction market. Therefore, this study aims to suggest business entry road maps by business types, in order to enter the Vietnamese construction market, which presents abundant development potential. To measure the Vietnamese construction market, a market entry evaluation model, which integrates the evaluation scores of marketability and competitiveness, was utilized to analyze the market entry potential by project types. According to the analysis results, general building projects and infrastructure projects in Vietnam in the long term are projected to expand from the currently dominant private investment projects, to a larger scope, along with the increase of public investments. In particular, as for public investments in the general building field, market entries will be smoother in the form of Public-Private Partnership.