Vietnam Furniture Market (2023-2029) | Industry, Value, Analysis, Growth, COVID-19 IMPACT, Forecast, Size, Revenue, Companies, Trends, Share & Outlook

Topics Covered in the Vietnam Furniture Market

Vietnam Furniture Market report thoroughly covers the market by material types and by applications. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Furniture Market Synopsis

Vietnam Furniture Market is expected to witness impressive growth during the forecast period. The increasing urbanization, rising disposable incomes, and rapid industrialization are some of the major driving forces for the growth of this industry in Vietnam. Furthermore, growing demand from hospitality and healthcare businesses is also contributing to its robust growth over the upcoming years. Additionally, government initiatives like tax exemptions on imported raw materials used in manufacturing furniture are further boosting market growth. Moreover, a focus on modernizing existing infrastructure coupled with increasing foreign investments will create lucrative opportunities for stakeholders operating in this sector.

According to 6Wresearch, the Vietnam Furniture Market is projected to grow at a CAGR of 8.45% resulting in a market volume of US$2.05bn during the forecast period 2023-2029. One of the key drivers propelling the market growth is the country's robust manufacturing infrastructure and skilled labor force. Moreover, the country's strategic location within Southeast Asia provides easy access to regional and international markets, strengthening its export capabilities. Additionally, rising disposable incomes and an expanding middle class are other factors proliferating the Vietnam Furniture Market Growth. As incomes increase, consumers have demonstrated a growing inclination towards investing in quality and aesthetically pleasing furniture. However, volatility in raw material prices and fluctuations in the costs of wood, metal, and other inputs can significantly impact production costs and profit margins for manufacturers. Moreover, disruptions in global supply chains have emphasized the vulnerability of the industry to external shocks. Nevertheless, several noteworthy trends are shaping the Vietnam furniture market. Sustainable practices are gaining traction, driven by consumer awareness and regulatory pressures. Manufacturers are increasingly adopting recycled and reclaimed materials in their production processes, aligning with global efforts to reduce environmental impact.

Vietnam Furniture Market Forecast

Vietnam has emerged as a significant player in the global furniture industry. The country's furniture sector benefits from skilled labor, competitive production costs, and a growing reputation for quality craftsmanship. Vietnam is one of the world's largest exporters of furniture. The country's furniture industry has been experiencing steady growth due to strong demand from international markets. The trend is expected to continue, driven by competitive pricing and favorable trade agreements. The COVID-19 pandemic accelerated the shift towards online shopping. E-commerce platforms and digital marketing are becoming crucial channels for furniture retailers. This trend is anticipated to continue, with companies investing in online presence and omnichannel strategies.

Vietnam Furniture Market News

Some furniture manufacturers in Vietnam are reported to be expanding their production capacities with advanced technologies to enhance productivity. In addition, Trade agreements, such as the EU-Vietnam Free Trade Agreement (EVFTA), played a significant role in boosting exports to the European market. Moreover, Vietnam has attracted significant foreign investments in its furniture industry. Foreign companies have set up manufacturing facilities in the country to take advantage of its skilled labor force and favorable business environment.

Government policies and schemes introduced in the Vietnam Furniture Market

The government of Vietnam has implemented policies to encourage furniture exports, including tax incentives and support for participating in international trade shows. The government has articulated plans to develop the furniture industry, focusing on technology adoption and sustainability. Moreover, Vietnam has been working to achieve legality and sustainability in its timber and wood product supply chain. This includes initiatives such as the Forest Law Enforcement, Governance and Trade (FLEGT) program. The government encourages foreign direct investment in the furniture sector through various incentives like tax breaks, preferential treatment for certain projects, and streamlined administrative processes.

The Impact of COVID-19 on the Vietnam Furniture Market

The COVID-19 pandemic had a mixed impact on the Vietnam Furniture Industry. For instance, the global supply chain disruptions affected the sourcing of raw materials and components, leading to production delays and increased costs. With people spending more time at home due to lockdowns and remote work arrangements, there was an increased demand for home furniture and office furniture suitable for remote work. While there was a surge in demand for furniture, logistical challenges and restrictions on movement affected the export of finished products. Moreover, the pandemic led to changes in consumer preferences, with a focus on comfortable furniture, as well as an increased interest in sustainable options.

Leading players in the Vietnam Furniture Market

Some of the leading players in the Vietnam Furniture Market include;

• Lien A Furniture Group
• Phu Tai Corporation
• Nha Xinh Furniture Corporation
• Dong Nai Furniture Corporation (DONGNAM)
• Samhongsa Vietnam Co., Ltd.

Market Analysis by Applications

According to Nikhil, Senior Research Analyst, 6Wresearch, Residential furniture dominates the Vietnam Furniture Market share as most households require furniture for living spaces. Also, this segment will continue to grow due to urbanization, rising disposable incomes, and evolving lifestyle preferences. However, the Commercial furniture segment is substantial, driven by demand from the hospitality industry and public spaces.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Vietnam Furniture Market Outlook
• Market Size of Vietnam Furniture Market, 2022
• Forecast of Vietnam Furniture Market, 2029
• Historical Data and Forecast of Vietnam Furniture Revenues & Volume for the Period 2019 - 2029
• Vietnam Furniture Market Trend Evolution
• Vietnam Furniture Market Drivers and Challenges
• Vietnam Furniture Price Trends
• Vietnam Furniture Porter's Five Forces
• Vietnam Furniture Industry Life Cycle
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Material Types for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Plastic for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Wood for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Metal for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Other for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Applications for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Residential for the Period 2019 - 2029
• Historical Data and Forecast of Vietnam Furniture Market Revenues & Volume By Commercial for the Period 2019 - 2029
• Vietnam Furniture Import Export Trade Statistics
• Market Opportunity Assessment By Material Types
• Market Opportunity Assessment By Applications
• Vietnam Furniture Top Companies Market Share
• Vietnam Furniture Competitive Benchmarking By Technical and Operational Parameters
• Vietnam Furniture Company Profiles
• Vietnam Furniture Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Material Types

• Plastic
• Wood
• Metal
• Other

By Applications

• Residential
• Commercial