GTJASVN Research _Construction Sector Outlook 2026_Posititve_Feb 2026_en

Pillars Supporting the 2026 Construction Industry Outlook

1.Public investment remains the key pillar, with expected disbursement approaching VND 1 quadrillion

2.Real estate recovery and the planning of new mega-urban areas are creating significant project opportunities

3.Industrial park construction is supported by strong FDI prospects despite the 2025 tariff issues

Investment Recommendation

Regarding the investment outlook, we continue to focus on leading companies in the industry:

• Infrastructure construction companies will continue to benefit from the planning of major North–South projects, including the North–South high-speed railway, component projects of the North–South expressway, as well as East–West connecting routes in Southern Vietnam.
• In the civil construction segment, leading companies such as CTD continue to build a growing backlog, thanks to their strong experience and superior construction efficiency.

Notably, despite the large construction backlog, companies in the sector still face several challenges, particularly the rising prices and shortages of raw materials as construction activity accelerates across all segments. In addition, the recent upward trend in interest rates is increasing financial pressure on businesses. Therefore, we emphasize focusing on companies with strong financial capacity.

Recommended Stocks: CTD, VCG, HHV