On March 13, 2024, the Ministry of Construction issued Decision No. 167/QD-BXD announcing the Construction Price Index for the year 2023 ("Decision 167").
The Construction Price Index is determined and announced annually by the Ministry of Construction. It reflects the fluctuation of construction prices over time and serves as a basis for determining and adjusting preliminary estimates of total construction investment, construction budgets, bid package prices, contract prices, conversion of construction investment capital, and construction investment cost management.
The Construction Price Index is determined based on input cost factors published by local Construction Departments, including:
- Prices of construction materials;
- Construction labor rates;
- Prices of machinery and equipment for construction.
Below are some notable types of construction price indices that ATA Legal Services has provided to give you a clearer understanding of the fluctuation in construction prices in recent years:
|
No. |
Construction Price Index |
Compared to the base year 2020 |
Compared to the year 2022 |
|---|---|---|---|
|
A |
NATIONWIDE CONSTRUCTION PRICE INDEX |
115,07 |
103,65 |
|
B |
CONSTRUCTION PRICE INDEX BY TYPE OF PROJECT |
|
|
|
I |
Civil construction |
|
|
|
1 |
Residential construction |
113,12 |
102,72 |
|
… |
|
|
|
|
5 |
Office buildings |
113,34 |
104,12 |
|
II |
Industrial construction |
|
|
|
1 |
Building materials production facilities (brick and tile factories) |
106,50 |
102,82 |
|
2 |
Energy projects |
121,49 |
104,82 |
|
2.1 |
Power lines |
104,10 |
102,41 |
|
2.2 |
Substations |
104,10 |
102,41 |
|
III |
Technical infrastructure |
|
|
|
1 |
Water supply projects |
|
|
|
1.1 |
Water treatment plants |
110,26 |
102,29 |
|
1.2 |
Water pipelines |
105,52 |
100,29 |
|
2 |
Drainage projects |
|
|
|
2.1 |
Drainage pipelines |
118.48 |
105,91 |
|
2.2 |
Wastewater treatment facilities |
111,88 |
103,37 |
|
… |
|
|
|
Decision 167 shall come into effect from March 13, 2024.
Comment: