Vietnam Facility Management Market Size (2024 - 2029)

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).