National construction price index in 2023 increased by 3.65%

The Ministry of Construction has just issued Decision No. 167/QD-BXD announcing the National Construction Price Index in 2023, which determines that the general construction price index nationwide in 2023 will increase by 3.65% compared to 2022 and increase by 15.07% compared to 2020.

National construction price index in 2023: Up 3.65% compared to 2022

National construction price index in 2023 increased by 3.65% compared to 2022

The Ministry of Construction has issued Decision 167/QD-BXD announcing the national construction price index in 2023.

The Decision clearly states that the national construction price index is a relative indicator reflecting the level of fluctuations in construction prices over time nationwide.

The national construction price index published in this document is used as a basis for determining investment capital, for reference in analyzing the average price fluctuation of the construction price index when determining contingency costs in the total investment and for work related to assessing construction price fluctuations to serve macro management and operation.

Accordingly, this national construction price index is not used to adjust construction contract prices.

The 2023 national construction price index table includes: General construction price index for the whole country and price index by popular construction type (average for the whole country).

Compared to 2020, the price index of housing construction in 2023 increased by 13.12%; road construction with cement concrete roads increased by 17.56%, asphalt concrete increased by 23.10%; road bridge construction (cement concrete bridge) increased by 18.85%; industrial construction (construction material production construction) increased by 6.50%.

The national construction price index has calculated the fluctuations in construction costs, equipment costs, project management costs, construction investment consulting costs and some other cost items of construction investment costs.

Some cost items such as: compensation, support and resettlement costs, mine and explosive clearance, loan interest during construction (for projects using loan capital), initial working capital (for production and business projects) are not included in the calculation of the national construction price index.

Method for determining the national construction price index according to the provisions of Circular No. 13/2021/TT-BXD dated August 31, 2021 of the Minister of Construction guiding the method for determining technical and economic indicators and measuring construction volume.

The base date for determining the national construction price index is 2020.

Input cost factors to determine the construction price index include: Construction material prices, construction labor unit prices, machine and construction equipment prices based on price announcements of the Department of Construction in localities.

National Construction Price Index 2023