Construction activity in Vietnam continued to contract in the third quarter of 2012, prompting us to pencil in a mild contraction for our 2012 construction forecasts. Real growth is now expected to come in at a negative 0.2% in 2012, compared to our previous forecast of 0.1% real growth. Despite this downward revision, BMI remain convinced that a near-term recovery is still on the cards for Vietnam's construction industry – construction real growth is projected to reach 7.1% in 2013 – as monetary conditions remain conducive for construction. This recovery will be led by the residential and non-residential building construction sector as we expect the infrastructure sector to continue facing difficulties in securing project financing.