Market Size of Vietnam Facility Management Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 5.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Vietnam Facility Management Market Analysis
The Vietnam facility management market is expected to register a CAGR of 5% over the forecast period.
- GDP growth in Vietnam is predicted to reach 6.6 % in 2022 and 6.8 % in 2023, according to updated IMF forecasts from October 2021, subjected to post-pandemic global economic recovery. The strong growth in GDP is one of the potential drivers for the Vietnam Facility Management market.
- Textiles, food, furniture, plastics, paper, tourism, and telecommunications are all major state-owned sectors in Vietnam. Agriculture accounted for 14.8% of GDP, Industry 33.7%, and Services 41.6%, indicating that the economy is heavily reliant on industry and service sectors, which provides opportunities for Facility Management Services.
- Cleaning remains one of Vietnam's best and most frequently outsourced building services, and sanitization demand during a pandemic drives its marginal increase. The only FM service segment exhibited positive growth during the pandemic.
- The Companies JLL and CBRE led the market in terms of competition, leveraging their real estate expertise in their FM operations in Vietnam. Other players, such as ADEN Services and Atalian/Unicare, are putting up a tough fight, and their market share may grow during the forecast period. Other local FM companies are also likely to enhance their market positions.
- The Companies JLL and CBRE led the market in terms of competition, leveraging their real estate expertise in their FM operations in Vietnam. Other players, such as ADEN Services and Atalian/Unicare, are putting up a tough fight, and their market share may grow during the forecast period. Other local FM companies are also likely to enhance their market positions.
- Facilities management organizations have experienced a diverse response to the COVID-19 outbreak. The restrictions on people's movement resulted in a drop in project work and a slowdown in activity at numerous client sites. The pandemic lockdown had a negative impact on significant industry participants such as JLL, CBRE, RCR Resolve FM Vietnam, Sodexo, Aden, and others.
Vietnam Facility Management Industry Segmentation
Facility management (FM) is a profession that incorporates many disciplines to ensure functionality, safety, comfort, and efficiency of the built environment by integrating people, process, place, and technology. FMs contribute to the business's bottom line through their responsibility for often maintaining an organization's most significant and most valuable assets, such as property, equipment, buildings, and other environments that house personnel, productivity, inventory, and other elements of the operation. The objective of professional FM as an interdisciplinary business function is to coordinate the demand and supply of facilities and services in both public and private organizations.
Vietnam Facility Management market is Segmented by End-user (Commercial, Institutional, Public/Infrastructure, Industrial and Other), Facility Management type (In-house Facility Management and Outsourced Facility Management), and Offering type (Hard FM and Soft FM).
By Type of Facility Management Type | |||||
In-house Facility Management | |||||
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By Offerings | |
Hard FM | |
Soft FM |
By End-User | |
Commercial | |
Institutional | |
Public/Infrastructure | |
Industrial | |
Others |
Vietnam Facility Management Market Size Summary
The Vietnam facility management market is poised for steady growth, driven by the country's robust economic expansion and increasing foreign direct investment. The market is characterized by a diverse range of services, with cleaning and security services seeing heightened demand due to the growth in real estate and commercial activities. The market landscape is competitive, with major players like JLL and CBRE leveraging their real estate expertise to maintain a strong presence. However, local companies such as ADEN Services and Atalian/Unicare are also emerging as significant competitors, potentially increasing their market share in the coming years. The market's fragmentation indicates a dynamic environment with numerous players vying for prominence.
Vietnam's strategic position as a top destination for foreign investment, particularly in high-tech industries, further bolsters the facility management sector. The country's political stability and supportive policies for foreign investment have attracted significant capital, especially in industrial parks and supporting industries. This influx of investment is expected to drive demand for facility management services, as businesses seek to optimize their operations and ensure compliance with safety and security standards. The ongoing evolution of consumer preferences towards more sophisticated shopping experiences also contributes to the rising demand for facility management services, highlighting the sector's potential for continued expansion.
Vietnam Facility Management Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Impact of COVID-19 on the Facility Management Industry
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2. MARKET SEGMENTATION
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2.1 By Type of Facility Management Type
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2.1.1 In-house Facility Management
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2.1.2 Outsourced Facility Mangement
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2.1.2.1 Single FM
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2.1.2.2 Bundled FM
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2.1.2.3 Integrated FM
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2.2 By Offerings
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2.2.1 Hard FM
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2.2.2 Soft FM
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2.3 By End-User
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2.3.1 Commercial
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2.3.2 Institutional
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2.3.3 Public/Infrastructure
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2.3.4 Industrial
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2.3.5 Others
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Vietnam Facility Management Market Size FAQs
What is the current Vietnam Facility Management Market size?
The Vietnam Facility Management Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Vietnam Facility Management Market?
JLL Vietnam, CBRE Group, RCR Vietnam, Sodexo and ADEN Vietnam are the major companies operating in the Vietnam Facility Management Market.