266 PROJECTS
6,511,000 m2 GFA certified
As of December 31, 2022. Source: USGBC, GBIG, VGBC, EDGE

In 2022, 58 new projects have been certified with either EDGE, LEED or LOTUS, equivalent to 1.17M m2 GFA. This marked a good recovery from 2021, but still lower than 2020 strong growth of 1.36M m2 GFA certified. However, this steady growth of green buildings is a positive sign, given the strong headwind that the real estate industry is facing.

Looking at the late 2022 figures, residential buildings (approx. 37%) and industrial buildings (approx. 38%) remained two most popular green certified building typologies, followed by Office (more than 12%) and Hospitality (approx. 9%).
In comparison with the green building market of 2019, some trends have been highlighted as follows:

1. Industrial sector grew significantly in the green building certified space. By the end of 2019, only 750 thousand square meters of industrial space were certified green, compared to ~2.47M square meters by late 2022 (more than 3 times). This is a consequence of manufacturing chains moving to Vietnam, thanks to the government’s policies attracting FDI.
2. The impact of Covid pandemic, credit tightening, and strict inspections on construction and land acquisition process have affected the housing sector. Only approx. 1M square meters of green certified floor space were added in the last 03 years (from 2020 to end of 2022) to the sum of 1.4M square meters achieved by late 2019). EDGE contributed approx. 950 thousand and LEED 50 thousands square meters. This was the first time a residential project get LEED certified in Vietnam.
3. The market recorded strong growth from early 2020 until now in hospitality sector. Hospitality projects in late 2019 contributed only 2% of total green certified floor area, this figure is now approx. 9%. The certified GFA in hospitality increased 10 folds, from approx. 54 thousand square meters in late 2019 to approx. 582 square meters in late 2022)

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