Vietnam Furniture Market Size (2024 - 2029)

The Vietnam furniture market is experiencing significant growth, with its market size expanding steadily due to various favorable factors. The country has established itself as a major player in the global furniture industry, becoming a leading exporter and producer. This growth is supported by a conducive trading environment, lower tariffs, and efficient logistics, making Vietnam an attractive hub for furniture manufacturing. The domestic market is robust, with a strong demand for wooden furniture, while the wood processing industry has advanced in production capacity and technology. As Vietnam continues to enhance its production and design capabilities, it is poised to offer more opportunities for both domestic and international markets, contributing to an increasing market size.

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Market Size of Vietnam Furniture Industry

Vietnam Furniture Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.56 Billion
Market Size (2029) USD 5.01 Billion
CAGR (2024 - 2029) 7.06 %
Market Concentration Medium

Major Players

Vietnam Furniture Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Furniture Market Analysis

The Vietnam Furniture Market size is estimated at USD 3.56 billion in 2024, and is expected to reach USD 5.01 billion by 2029, growing at a CAGR of 7.06% during the forecast period (2024-2029).

The market for furniture in Vietnam has been steadily growing in recent years. The export volume for Vietnamese-made furniture has been rising, surpassing countries like Germany and Poland. The country has become the second-biggest furniture exporter and sixth-largest furniture producer, according to an industry association.

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 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. Vietnam is becoming a furniture-producing center not only for domestic production sourcing but also as a reliable option for international manufacturing for overseas companies. The number of direct foreign investment companies (FDI) is growing year after year, driving a larger average size in terms of turnover and workforce.

Vietnam Furniture Industry Segmentation

The furniture industry includes all the companies and activities involved in designing, manufacturing, distributing, and selling functional and decorative household equipment objects. 

Vietnam's furniture market is segmented by application (home furniture, office furniture, hospitality furniture, and other furniture), material (wood, metal, plastic, and other materials), and distribution channel (home centers, flagship stores, specialty stores, online, and other distribution channels). 

The report offers market size and forecasts for the Vietnam Furniture Market in value (USD) for all the above segments.

By Application
Home Furniture
Office Furniture
Hospitality Furniture
Other Furniture
By Material
Wood
Metal
Plastic
Other Materials
By Distribution Channel
Home Centers
Flagship Stores
Specialty Stores
Online
Other Distribution Channels
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Vietnam Furniture Market Size Summary

The Vietnam furniture market is experiencing robust growth, driven by its strategic position as a leading furniture exporter and producer globally. The country's favorable trade conditions, such as low tariff duties and efficient logistics, have positioned it as a burgeoning hub for furniture manufacturing. Vietnam's furniture exports reach over 120 countries, with significant markets including the United States, the United Kingdom, Canada, Australia, and Japan. The domestic market is characterized by a strong demand for wooden furniture, which is the most popular choice among Vietnamese consumers. The wood processing industry in Vietnam has made significant advancements in production capacity and technology, enhancing its ability to meet both domestic and international demands. This growth is further supported by increasing foreign direct investment, which is expanding the industry's turnover and workforce.

The market's expansion is also fueled by rising living standards and disposable incomes, leading to a greater demand for premium and luxury furniture products. The demand for wooden bedroom furniture, in particular, is on the rise due to its durability and reliability, with Vietnam being a major supplier to the United States. Despite some challenges in 2022, such as raw material price increases and labor shortages, the market has shown resilience with a resurgence in demand anticipated. The Vietnamese wood products sector is a key exporter, with significant markets in the United States and China. The industry is continuously evolving through technological advancements and new trade agreements, which are expected to further boost its competitive edge in the global market. International players are increasingly entering the Vietnamese market, attracted by its favorable conditions, and are establishing manufacturing plants and retail chains to capitalize on the growing demand.

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Vietnam Furniture Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 The higher demand for space-saving and modular furniture solutions

      2. 1.2.2 Increasing demand for luxurious home furniture

    3. 1.3 Market Restraints

      1. 1.3.1 Growing Demand for Second-hand furniture

      2. 1.3.2 High labor costs

    4. 1.4 Market Opportunities

      1. 1.4.1 Expanding E-commerce market in the country

      2. 1.4.2 Introduction of Smart Furniture

    5. 1.5 Value Chain / Supply Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Insights on Latest Trends and Technological Innovations in the Industry

    8. 1.8 Impact of COVID-19 on market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Home Furniture

      2. 2.1.2 Office Furniture

      3. 2.1.3 Hospitality Furniture

      4. 2.1.4 Other Furniture

    2. 2.2 By Material

      1. 2.2.1 Wood

      2. 2.2.2 Metal

      3. 2.2.3 Plastic

      4. 2.2.4 Other Materials

    3. 2.3 By Distribution Channel

      1. 2.3.1 Home Centers

      2. 2.3.2 Flagship Stores

      3. 2.3.3 Specialty Stores

      4. 2.3.4 Online

      5. 2.3.5 Other Distribution Channels

Vietnam Furniture Market Size FAQs

The Vietnam Furniture Market size is expected to reach USD 3.56 billion in 2024 and grow at a CAGR of 7.06% to reach USD 5.01 billion by 2029.

In 2024, the Vietnam Furniture Market size is expected to reach USD 3.56 billion.

Vietnam Furniture Market Report Snapshots

Vietnam Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)