The market for Green Buildings in Vietnam | |

Is there a future for green buildings

in Vietnam?

august 2013This white paper is produced for information purposes only by Solidiance through a partnership with Vietnam Green Building Council. Whilst every effort in regards to the production of this white paper has been made to ensure the accuracy of the information and data contained herein, Solidiance bears no responsibility for any possible errors and omissions caused. All information, views and advice are given in good faith but without any legal responsibility - the information contained herein should not be regarded as a substitute for legal and/or commercial advice. Copyright restrictions (including those of third parties) are to be observed.

2 SOLIDIANCE | www.solidiance.com

What is the current state of green buildings in Vietnam?

What drives green initiatives in Vietnam…

…and what are the barriers stalling market development Vietnam?

There are two primary green certifications currently used in Vietnam…

…with LOTUS being recognized as more user-friendly in Vietnam

Alternative certifications in use in Vietnam

Green buildings are seen throughout the country but concentrated in the country’s 2 primary metro areas

Industrial facilities are leading green adoption in Vietnam…

…in order to lower OpEx and adhere to global guidelines at their Vietnam facilities

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3www.solidiance.com | SOLIDIANCE

What are the costs and benefits of going green in Vietnam?

What are the opportunities in Vietnam’s Green Building industry?

How can a Green Building culture take root in Vietnam?

How is Vietnam developing a skilled workforce to build green?

How is Vietnam‘s regulatory environment impacting green building development?

How can industry players, government agencies, civil society, and multilaterals boost the industry in Vietnam?

What are the key takeaways for green buildings in Vietnam?

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What Is the current state of green buildings in Vietnam? The green buildings market in Vietnam is still at the early stages of development, primarily as a result of cost sensitivities, low electricity prices, short-term thinking and misaligned incentives between building developers and users, an underdeveloped regulatory market, and a limited supply of skilled employees with green building awareness. However, with the advent of the locally-tailored green building standards known as LOTUS, moves towards market-based electricity pricing, and global corporate guidelines requiring green practices, the market is seeing tentative signs of awakening.

At present, there are only approximately 40 buildings that have achieved a green building certification in Vietnam. These are concentrated in the industrial sector, initiatives driven by global corporate guidelines, CSR, and the need to reduce operating expenses. However, office buildings and the hospitality sector are also seeing increased green building adoption as property developers seek to attract premium rates and stand out in crowded markets. The residential segment has been lagging on low awareness and short-term cost considerations, though certain technologies such as solar water heaters have taken off. Where the green buildings industry in

Vietnam goes from here will be the result of decisions made in boardrooms, policy chambers, public forums, and individual households. This is the focus of our white paper which examines the current state and potential future of green buildings in Vietnam.

In the following pages, we will examine the drivers and barriers to the growth of the green buildings market in Vietnam, describe the different green buildings certifications in Vietnam, point out which industries are first adopters of green building standards in Vietnam, take a look at the regulatory environment, analyze

the potential for the industry moving forward, highlight opportunities in the industry, and issue recommendations for how to advance the market in Vietnam.

More than 20 industry leaders including industry suppliers, architects & contractors, and project consultants were interviewed by Solidiance during the course of writing this paper to help us answer these questions.


Sales & marketing

consideration

Savings due to increased

efficiency

Corporate guidelines and

CSR

Low supply of premium

buildings

Major deMand drivers

for green buildings

”It is likely that the gloomy economic situation coupled with the lack of actual high-grade quality benchmarks in Vietnam, will contribute to raise the general interest for real premium buildings, which includes green buildings.

Yannick MilletExecutive Director, VGBC

What drIves green InItIatIves In Vietnam…

• global corporate guidelines are leading many multinationals to go green. This is the case with Big C’s Green Square store in southern Binh Duong province, as well many industrial facilities.

• sales & marketing strategies for offices and residential buildings to enhance brand value, increase occupancy rates, and ultimately attract premium rental fees. President Place, the first LEED gold office building in Vietnam, was opened in 2012 in Ho Chi Minh City, aiming to capitalize on its status as first in market.

• Cost savings aimed at reducing operating expenses by building users, especially for energy costs. The need to reduce energy costs will increase in urgency and importance as Vietnam’s government continues to move towards market-based pricing of power, resulting in price hikes.

• low supply of high-grade buildings a chance for green buildings to carve out a niche and attract those companies looking for superior office space to what is currently on the market.

Companies in Vietnam are only beginning to adopt green building trends. The market is primarily driven by:

Source: USGBC, Solidiance 2013


”The only thing which is really distinctive for the Vietnamese market is the fact that the electricity is still very much cheaper than anywhere else in the region... and in my perspective this is the biggest hindrance to the development of a green building market.

Xavier denolyCountry President, Vietnam & Cambodia,

Schneider Electric


• low electricity prices relative to the rest of Southeast Asia is a disincentive to promoting energy efficiency. The government is planning to raise electricity prices but tariff hikes have been gradual to limit the impact on inflation, production, and low-income consumers.

• limited skills availability in the market as universities and training institutions are only beginning to address the topic of green buildings.

• short-term thinking and misaligned incentives by property developers focused on short-term costs rather than long-term savings available to building users.

• lack of government incentives has not provided property developers with the short-term benefits needed to drive green building adoption.

• low awareness and price-sensitivity among domestic companies that tend to work with local suppliers without green building materials or technologies, as leading suppliers of green buildings materials and technologies are typically multinational corporations who work primarily with international developers.

Market development is at the early stages with barriers to faster growth, including:

”International companies are definitely more aware of Holcim advantages in Green Building, as they have experience from other countries.

Pieter KeppensTechnical Marketing Adviser, Holcim

Electricity price

Limited skills availability

Government policy & action

Short-term thinking

Price sensitivity

Major deMand barriers

for green buildings

…and What are the barrIers stallIng market deVelopment Vietnam?

Source: Solidiance 2013


there are tWo prImary green certIfIcatIons currently used in Vietnam…Property developers in Vietnam have two primary choices when aiming for green building certification: LEED and LOTUS. LEED was developed by the U.S. Green Building Council (USGBC) and is recognized around the world as a leading ratings tool. LOTUS is based on the same principles as other green buildings ratings tools including LEED but it was developed to fit Vietnam’s climate, infrastructure, regulations, and level of economic development in order to increase its relevance to the local market.

At present, there are more LEED-certified buildings in Vietnam but the first pilot set of criteria for LOTUS was only introduced in 2010. With support from VGBC and due to its local relevance, LOTUS will continue to gain in prominence in Vietnam.


leedCurrent # of certified in Vietnam: 8, with 13 in process, including facilities for multinationals including Coca-Cola, Pepsi, and Nokia

strengths• International recognition• Consistency for MNC’s building green facilities

around the world

Weaknesses• Not developed for the local Vietnam context • Potentially more expensive to implement

loTusCurrent # of certified in Vietnam: 2, with 7 in process, including 3 Big C stories and United Nations House

strengths• Developed for Vietnam’s context• In-country support through VGBC • Regular training courses in Vietnam

Weaknesses• Little known outside of Vietnam • Does not provide a globally consistent blueprint

for MNC’s seeking to establish green buildings at global facilities

Source: USGBC, VGBC, Solidiance 2013


…WIth lotus beIng recognIzed as more user-friendly in Vietnam


012345

Source: : Solidiance 2013

effectiVeness to promote sustainable practices

ease of training

ease of obtaining

recognition (marketing)

implementation costs

lotusleed

The following diagram compares each criteria between LOTUS and LEED. (5 is best – 0 is worst)

”Some of the criteria required by LEED are not compatible to the Vietnamese context, and make LEED very difficult to obtain and therefore too expensive.

didier ThiefinGeneral Director, Big C Vietnam

Through interviews and surveys sent to major players in the green building industry, Solidiance evaluated LEED and LOTUS on 5 criteria in order to gauge which tool is more user-friendly in Vietnam. LEED was seen as enjoying higher recognition, both are effective in promoting sustainable practices, but LOTUS was perceived to have lower implementations costs. The 5 criteria are as follows:

• Effectiveness to promote sustainable practices

• Ease of training• Ease of obtaining• Recognition• Implementation costs


LEED and LOTUS are not the only certifications used in Vietnam. The use of other country and industry certifications have had their relevance in specific situations but these are typically niche applications.

For example, Singapore’s BCA Green Mark has been used in circumstances when the property developer was Singaporean, for example CapitaLand. There are currently a handful of buildings – residential and office – seeking BCA Green Mark Certification. Australia’s Green Star guidelines have been adhered to at a handful of buildings but they are limited to those that are Australian in origin (RMIT University) or having been developed before LOTUS was created.

The future outlook of these third country-specific certifications in Vietnam is limited to specific instances where the developer or MNC seeking certification is either following the guidelines they are most comfortable with or seeking to maintain consistency across global locations.

However, industry-specific certifications have a brighter long-term outlook in Vietnam due to their industry relevance and global branding considerations. For example, there are two different hospitality certifications currently used in Vietnam, including The Green Globe Standard and EarthCheck. The hospitality industry is a growing adopter of green buildings in order to keep operational costs down as well as boost their image as an eco-friendly destination. A total of 9 hotels, from Ho Chi Minh City to south-central coast resorts to Hanoi have achieved certification so far.

alternatIve certIfIcatIons in use in Vietnam

”We would like to bring to our guests not only outstanding hospitality service, but also eco-value as one of the most eco-friendly hotels in town.

Mr. Tran dinh KhoaEnvironmental Manager,

Caravelle Hotel

Source: BCA, AGBC, Green Globe, EarthCheck, Solidiance 2013


green buIldIngs are seen throughout the country but concentrated In the country’s 2 prImary metro areas

intercontinental Westlake

earthcheck

nokia leed-registered

un Houselotus gold

Hanesbrand phu bai iileed silver

green square big cleed – lotus silver

centerpointfollowing greenstar requirements

novotel nha tranggreen globe certification

pou chen kindergartenlotus silver

anantara, mui neearthcheck certification

president placeleed gold office

building

Vietnam’s two major metropolitan areas – Ho Chi Minh City and Hanoi – and their surrounding suburban industrial areas are the centers for green buildings in Vietnam but the hospitality sector has led the green building sector at popular tourist destinations along the south-central coast. Some examples of green certified buildings in Vietnam can be seen on this map.

”What the Green Building industry in Vietnam needs right now is the trend setter and we are hopeful that President Palace will be the one..

alex Crane - Senior Manager, Savills

Source: USGBC, VGBC, AGBC, Green Globe, EarthCheck, Solidiance 2013


IndustrIal facIlItIes are leadIng green adoption in Vietnam…


sectors doing greentotal : 41

Green buildings which

are LEED, LOTUS,

EarthCheck, BCA

GreenMark or following

GreenStar

(includes both certified

and registered) 42%

22%

19%

8%

6%3%

factory

office

hospitality

supermarket

school

residential

factories Decision to go green driven by corporate guidelines, the largest segment of green buildings in Vietnam, and to lower operating costs.

Hospitality Hotels are aware of the advantages of having their building more efficient. Reducing costs, marketing, and global corporate guidelines are the main drivers for adopting green practices.

offices Green office buildings in Vietnam are either aimed at attracting high-paying tenants or are part of a larger green industrial facility.

retail A segment likely to see increased green building activity after Big C’s decision to follow LOTUS requirements for all of their future supermarkets.

schoolsThere are two green schools in Vietnam: a kindergarten for a factory and RMIT’s

Ho Chi Minh City campus.

residential Residential real estate market is underdeveloped in terms of green practices because many buyers do not yet see the benefit of green buildings.

Green building adoption has been limited in Vietnam, with only 41 buildings receiving certifications to date. Factories have led the way thus far out of the total of 6 different industries with certified green buildings.

Source: USGBC, VGBC, EarthCheck, GreenStar, BCA, Solidiance 2013


…In order to loWer opex and adhere to global guidelines at tHeir Vietnam facilities


Headquarters locations

asia

outside asia

vietnam

53%40%

7%

Multinational corporations are leading the way… Manufacturing is a major destination for FDI inflows in Vietnam, reaching nearly US$8 billion in 2011. Much of this investment is into the suburban areas surrounding Ho Chi Minh City and Hanoi. With Vietnam’s large population, relatively low labor costs, proximity to China, and conducive investment environment, manufacturers are likely to continue coming to Vietnam to set up production facilities.

Lower operating costs is a driving factor in adopting green building standards but the headquarters of these companies are typically based in countries with strong environmental laws, which is also driving their adoption. As multinationals are increasingly issuing global guidelines for their overseas factories, the number of green industrial facilities is likely to continue to grow.

”While there are uncertainties about the speed of economic recovery, foreign investment is returning and companies are once again looking for growth opportunities. Buildings consume up to 40% of energy and more sustainable ways to develop and construct buildings will drive future change in Vietnam.

Heiko bugs - Partner Asia, Solidiance

Source: General Statistics Office, Solidiance 2013


What are the costs and benefIts of going green in Vietnam?short-term costs A primary barrier to green building adoption is short-term cost considerations and the perception that going green is markedly more expensive than not doing so. But is it really that much more expensive to go green? As LOTUS certification has yet to become widely adopted, data on implementation costs are not yet available. However, experience from implementation in other tropical areas shows that the cost premium for going green is anywhere from 1-10% that of a normal building. With local suppliers of green building materials and technologies still limited in Vietnam, the costs might prove higher in the short-term but as demand for such products increases, supply will rise, and costs will drop.

long-term gains Payback on investment will happen with lower operating costs as well as increased rental income and potentially higher occupancy rates for green office buildings and hotels. Lower operating costs come primarily in the form of lower electricity bills, with efficient air-conditioners, low-energy lights, and energy-efficient glass each providing anywhere from 5-10% energy savings. In addition to hard monetary savings, a greener building that provides natural light, improved air quality, and access to green space has been demonstrated to improve employee productivity and lower absentee rates.

Source: VGBC, IFC, BCA, American Journal of Public Health, Solidiance 2013


”We foresee the demand of energy-efficient elevators in Vietnam and in Asia to keep increasing due to their proven track records for lowering operating costs.”

ashok ramachandranManaging Director,

Jardine Schindler Vietnam

fin

an

cia

l a

ttr

act

iVen

ess

roofing

Insulation

surfacing

groWtH potential

hvac

Waste

lighting

architect services

building automation

consulting

Financial attractiveness and growth potential were determined through interviews and a survey sent to industry players in Vietnam.

Bubble size represents the number of suppliers from Vietnam Green Building Council database.

What are the opportunItIes In Vietnam’s green building industry?

Source: VGBC, Solidiance 2013


show that environmental concerns require adoption of sustainable building practices

promote green

industry

establish support

encourage cooperation

develop market and public education awareness

help government agencies to be proactive

Instigate legislation, governmental support and initiative

coordinate training and networking with subject matter experts

Improve cross-sectorial cooperation between market, government and academia

demonstrate return on investment (roI) of green projects

assess the demand for green building projects

current next step final step

hoW can a green buIldIng culture take root in Vietnam?



The main issue for Vietnam is education... for the end-user, for the developer... they have to understand what it means and how to apply the green concepts in the building and the day-to-day operations.

Hang PhanTechnical Marketing Manager,

Saint-Gobain Gyproc ”


hoW Is vIetnam developIng a skilled Workforce to build green?

a handful of universities and training centers have responded to the small, but, growing market demand by:• Offering green architecture and energy- saving classes.• Hosting urban development and energy-saving conferences through partnership with foreign universities.

The private sector is also involved in green initiatives For example, Holcim promotes green and sustainable practices in Vietnam by holding a competition for universities students annually. The challenge is to develop green and sustainable ideas. The jury votes and Holcim finances the best ideas into reality.

The vietnam green building Council (vgbC), key to skills development in Vietnam, began offering LOTUS training in June 2011 with its LOTUS Accredited Professional course and Green Buildings Basics. Interest in LOTUS training courses has mainly been concentrated in Ho Chi Minh City, which registers 3x more participants than Hanoi.

For the green buildings industry to take off, green building industry leaders with the required skills need to emerge. Developing these skills at Vietnam’s universities will be key to promoting green buildings.


lotustraining

lotus ap (accredited

professional)

98 persons accredited75 participants

85% are vietnamese

60% from architects or consulting companies

80% from construction

industry (architects,

consultants, suppliers)

green buildings basics

”There are few good programs in Ho Chi Minh City but they are starting to emerge now… Vietnamese students are very interested in green and that is a good sign.

Melissa Merryweather Director,

Green Consult-Asia

Source: VGBC, Solidiance 2013


While economic development has been the primary focus of policymakers, the government has begun to put regulations in place designed to promote energy efficient buildings and define a green buildings development road map. During the 2005-2012 period, a series of laws were passed to promote energy efficiency. What is needed to further boost the industry is clear and attractive incentives for developers to build green, possibly including preferential and fast-track approvals process for new building permits, as well as the establishment of green building standards in public buildings, which would help raise awareness and drive demand for green building materials and technologies.

hoW Is vIetnam‘s regulatory envIronment impacting green building deVelopment?


2005Release of the first Energy Efficient building codes (eebc)

2010:2011• develop renewable

energy such as wind power, solar power and biomass power by:

- 2020: 4.5% - 2030: 6%

2009national strategy en comprehensive management of solid waste• target concerning recycling, reuse and energy

recovery of solid waste will force developers to focus on the life cycle of buildings and on the products they choose to build them by:

• 2015: 60%• 2020: 85%• 2025: 90%• 2050: 100% • Waste management is part of leed and lotus

requirements

2006national goals in energy

Efficiency and Conservation

2010Law on Energy Efficiency and

conservation and circular speficifying the usage of unbaked

materials

2012green growth strategy• reduce energy

consumption per unit of gdp by:

• 2.5 – 3% per year until 2020

• reduce greenhouse gas emissions by:

• 2 – 3% per year from 2020 to 2030 Source: Ministry of Construction, IFC, Solidiance 2013



industry players can :

• Generate demand by raising awareness, promoting showcase projects, and most importantly, demonstrating return on investment.

• Develop and promote products and technologies that are suitable to Vietnam’s environment and market.

• Partner with other leading multinationals to offer integrated and complementary green buildings solutions.

• Get involved through Vietnam Green Building Council (VGBC), EuroCham’s GreenBiz Working Group, and other industry associations to advise the government on regulatory reform, promote best practices, and build a network of like-minded professionals.

• Support universities and advise them on the development of a green building curriculum, as well as offer internships to students to give them practical, on-the-ground experience in the industry.

government agencies – Ministry of Planning & investment, Ministry of Construction can…

• Implement incentives for developers to build green

• Establish green building standards for public buildings

• Define a green buildings development road map, following the release of the Green Growth Strategy

• Carrot and stick approach - in addition to offering incentives, provide clear punishments for those violating green buildings regulations and regularly enforce

vietnam green building Council can…

• Train people who work in sustainable construction (architects, project managers, suppliers)

• Develop green buildings network, raise awareness in Vietnam

• Advocate and advise policymakers

Multilateral agencies (i.e., ifC) can…

• Initiate and finance trainings on green buildings and LOTUS through Vietnam’s NGO network

• Offer technical advice to government ministries to improve the regulatory environment

hoW can Industry players, government agencIes, cIvIl socIety, and multIlaterals boost tHe industry in Vietnam?



Vietnam’s green building industry is at the early stages of development but the groundwork has been laid for the industry to take off with the advent of LOTUS standards, moves towards market-based pricing of electricity, rising awareness, increasing capacity-building at the university level, continued adoption by industrial, office and hospitality sector. Key to further development will be a more conducive regulatory environment, increased need for energy efficiency, and demonstrating a clear return on investment from going green.

What are the key takeaWays for green buildings in Vietnam?


in summary : vgbC’s loTus standards were an important development in providing the market a locally-relevant green building certification standard. Raising awareness, expanding LOTUS training, and demonstrating ROI will be key to expansion of LOTUS adoption.

energy costs are low but increasing, which will drive demand for energy efficient materials and technologies. The government is making moves towards market-based pricing, a trend that will need to continue before the potential of the green building industry in Vietnam can begin to be realized. universities are beginning to adapt their curriculum to promote an understanding of green building principles to boost the skills of graduating architects and engineers, but further awareness and adoption by educators are needed to facilitate the creation of a skilled workforce.

factories, offices, and hotels have been among the industry leaders as they seek to lower energy consumption, conform to global corporate guidelines, and promote their brand.

real estate market slowdown caused by tight lending conditions and oversupply across several segments including office has not only increased cost sensitivities among developers and buyers, but also provided an opportunity for developers to differentiate their buildings by going green.

regulatory environment is still underdeveloped and reforms are needed to promote energy efficiency and the adoption of green building standards.

Cost of a green building certification and payback in Vietnam will be available once Lotus-certified buildings are fully evaluated. Demonstrating a clear return on investment will be the key to expanding the adoption of green buildings standards.



about solidiance

autHors

What We do

We help multinational clients understand the Asian market landscape by profiling industries and competition, sizing the markets, segmenting customers, analyzing distribution channels, determining the best locations, preparing investment feasibility studies, identifying suppliers, reviewing potential joint ventures or acquisitions, and delivering market entry and growth strategy in Asia.

What We are focus on

Our industry experience is centered on industrial applications, green buildings, cleantech and technology. Our Asian market entry and growth strategy services provide the required insights and the necessary roadmap to capture a profitable market share in the region.

additional details

Solidiance has offices in China, India, Indonesia, Malaysia, Singapore, Thailand, Myanmar and Vietnam. We are fast expanding and always on the lookout for exceptional people.

damien duhamel - Managing Partner asiaDamien has more than 23 years of B2B marketing strategy consulting related experience in the Asia Pacific region. From 1995- and 2000, he managed a boutique market intelligence consultancy based In Vietnam and helped dozens of foreign investors enter Vietnam. Damien has worked on multiple Fortune 500 and Government Green buildings projects across Asean - he has worked with the Singapore Building Construction Authority and also initiated the very first Asia Pacific Green Cities index ranking Singapore as the number one city for Green Buildings. Damien has extensively advised global corporations with their green building and construction materials launch, distribution and growth strategy in Asia.

Heiko bugs - Partner asiaHeiko regularly advises Fortune 500 companies on market growth strategies across Asia. Relevant construction industry clients include AkzoNobel, Bluescope, Canadian Wood Council, CSR, DuPong building materials, Emerson, Heidelberg Cement, Johnson Controls, Kimmco, Kirby Steel Building, Lafarge, Legrand, Monier, Owens Corning, Philips Lighting, Rockwell Automation, Siegenia Aubi, Somfy, Stiebel Eltron, Roxul, Trex, Voestalpine and others. His functional expertise encompasses assessment, benchmarking and best Practices, product vs service optimization, and pricing strategies, with green building expertise includes concrete and additives, paint, facade and windows, blinds/shading, home automation security and fire, pre-engineered buildings, and flooring.


Michael sieburg, ManagerMichael is the manager for Solidiance’s Ho Chi Minh City office. With 5 years of experience working and studying in Vietnam, Michael has led market entry, market growth, and site selection projects across a range of sectors, including construction materials, high-tech, manufacturing, and energy. Previously based in New York City, Michael worked as a research analyst covering Vietnam, Cambodia, and Laos for Roubini Global Economic Monitor, a leading global economic and market strategy research firm. While in New York, he also carried out bespoke research assignments covering Vietnam for the Eurasia Group, the world’s premiere political risk consulting firm. Michael graduated with a Master’s degree in International Affairs from Columbia University.

Peter nguyen, analystPeter Nguyen is an analyst in our Vietnam office where his experience includes market analysis in construction materials, industrial tools, and automotive. Prior to joining our team, he conducted research in supply chain management at CEIBS in Shanghai, China. Working with Fortune 500 companies such as Siemens, his optimization studies in SCM sustainability and competitiveness has led to two forthcoming journal papers, business teaching cases, and direct recommendations to Chinese SME and global companies. For his undergraduate studies, Peter obtained his Bachelor of Business Administration from University of California, Berkeley with Dean’s List distinction.

Marion Plisson - visiting analyst Marion utilized her academic training at California Berkeley and professional background in green business real estate to lead the research of this paper.

autHors

VGBC is an international non-profit organisation, established in 2007, to raise awareness and build capacity for the development of green building in Vietnam. VGBC’s goal is to act as a catalyst encouraging government, academia and private sector cooperation to achieve a more sustainable built environment.

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