Prices of construction materials continue to rise this year, posing a risk of bankruptcy to contractors across Vietnam, said a conference on the issue in Hanoi March 18.
Due to the unexpected hikes, many projects have come to a standstill, creating heavy losses for contractors.
To deal with the situation, the government has allowed construction contractors to adjust prices for skyrocketing fuel and building materials. Contractors have appealed for close and timely co-operation with management boards, ministries and local authorities.
Since October 2007, prices of construction materials have strongly increased. Iron and steel products soared 55 per cent and brick 100 per cent while materials account for up to 40 per cent-70 per cent of the total estimated cost for a construction work. (Labor, Vietnam Economic Times)
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