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This study covers the Vietnamese FM market, which includes cleaning services, M&E services, and parking management only. The FM market in Vietnam accounted more than $250 million in 2020, after a 2.8% decline due to the COVID-19 pandemic. Nonetheless, market growth will remain favorable until 2026 with increasing FM demand and awareness on outsourced cleaning. The market is expected to grow at a CAGR of more than 5% in the 2020 to 2026 time period to reach nearly $400 million in 2026. Market growth will be driven by heightened awareness on hygiene and sanitation, and the desire to reduce cost of building operations.

The outlook of the market is likely to positively impact leading FM companies in Vietnam. Most end users (building owners) would require more holistic FM services and it is important that market participants are prepared with flexibility in workforce, use of efficient methods or technologies, and competitive pricing.

Cleaning service remains one of the most commonly outsourced building services in Vietnam, and its marginal growth in 2020 is due to sanitization demand in the midst of pandemic. It is the only FM service segment that registered positive growth in 2020.