Vietnam Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Vietnam Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Vietnam Furniture Market is poised to grow at a CAGR of more than 5% during the forecast period. The market for furniture in Vietnam has been steadily growing in recent years. The export volume for Vietnamese-made furniture has been rising and is expected to surpass many economies across the globe. Factors such as lower tariff duties, an easy trading environment, convenient shipping logistics, and a wide range of materials for manufacturing furniture make Vietnam an upcoming hub of furniture manufacturing. Furniture from Vietnam is now exported to over 120 countries, of which the main markets are the United States, the United Kingdom, Canada, Australia, and Japan.

Vietnamese consumers use a wide range of furniture products, with wooden furniture being the most common. Vietnam’s indoor and outdoor furniture industry continues to stay strong and is expected to remain the same in the coming years.

After a development and improvement stage, Vietnam's wood processing industry has built a strong foundation of production capacity and innovation in technology and machines. This will result in gradually improving business administration, learning about product standards, improving the design, and flexibly producing according to customer requirements. Domestic companies have been focusing on exports, which may open opportunities for furniture designers in the medium to long term.

Bedroom furniture includes beds, bedside tables, chest of drawers, wall-mounted shelves, kids' beds, and more. A key driver fuelling the market's growth is the rising standard of living, leading to the increased introduction of premium products. With an increase in disposable income, the consumers' spending capacity and expenditure on luxury goods and services are increasing. Economic growth, rising individual household incomes, and the increasing number of independent dwellings have driven consumers to spend on premium bedroom furnishing products. As rooms get smaller, consumers are increasingly looking for compact and easily movable furniture to use the available space efficiently.

Wood products of Vietnam have developed strongly and achieved impressive growth. Vietnam is currently the world's leading exporter of wood products. The wooden products sector has now become a key exporter of the Vietnamese economy. The United States is a top export market for Vietnamese wood products and has contributed to the success of Vietnam's exports in the first 10 months of 2021. Another important export market of Vietnamese wood and wood furniture in China. Vietnam is one of the Chinese market's biggest wood and wooden furniture suppliers, together with Italy and Poland. Vietnam's wood businesses have recently made strong and effective changes in technologies and governance to ensure they are competitive within global market trends. The continuous development of technology and new trade deals will boost demand for the Vietnamese wood and furniture industry. Furniture exports are oriented particularly towards North America and Europe, whereas most fuelwood exports are destined mainly for Japan and South Korea.

The report covers major international players operating in the Vietnam Furniture Market. A few major players currently dominate the market in terms of market share. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets. The major players in the market are Cam Ha Furniture, Duc Thanh, AA Corporation, Tran Duc Furnishings, and Kaiser.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support