Vietnam Home Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.99 Billion |
| Market Size (2029) | USD 2.93 Billion |
| CAGR (2024 - 2029) | 8.05 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Home Furniture Market Analysis
The Vietnam Home Furniture Market size is estimated at USD 1.99 billion in 2024, and is expected to reach USD 2.93 billion by 2029, growing at a CAGR of 8.05% during the forecast period (2024-2029).
Vietnam has become a preferred location to set up furniture factories and is a significant base for furniture exports. 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 furniture is also exported to China. 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 it is expected to remain the same in the coming years. Compared to other large furniture exporters in the world, Vietnam’s furniture industry holds production advantages in terms of the potential to expand its global market share. Furthermore, with the increasing urbanization and construction of houses, apartments, and buildings, the Vietnamese home furniture market is expected to grow during the forecast period.
The post-COVID scenario of the Vietnam home furniture market has been promising, with a steady rebound in demand as restrictions ease. The market is gradually recovering and showing positive signs.
Vietnam Home Furniture Market Trends
Rise in Kitchen Furniture Segment
The kitchen furniture segment includes fitted kitchen units and other wooden furniture. The kitchen furniture segment is driven by increasing urbanization and remodeling of residential kitchens. Modular kitchen trends also lead to higher investments in kitchen furniture in the Vietnamese home furniture market. Hoi An, in North Vietnam, is famous for offering kitchen and sophisticated hand-made kitchenware products made of bamboo or coconuts, such as plate mats, wine holders, coconut bowls, and porcelain spoons.
Rise in Furniture Exports From Vietnam
The industry’s strong export growth is attributed to Vietnam’s existing free trade agreements (FTAs) and ongoing trade negotiations, which provide opportunities for manufacturers of furniture and other wooden products to enhance competitiveness and boost sales.
Vietnam offers competitive labor costs compared to many other countries, including traditional manufacturing hubs like China. This cost advantage has attracted foreign investment and encouraged the establishment of furniture manufacturing facilities in Vietnam. Lower production costs enable Vietnamese manufacturers to offer competitive prices in the international market, making their products attractive to buyers worldwide. Vietnam has actively pursued and entered into various trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA). These agreements have reduced trade barriers and provided Vietnamese furniture exporters with preferential access to key markets, including the United States, Canada, Japan, and the European Union. The improved market access has stimulated furniture exports and created opportunities for market expansion.
Vietnam Home Furniture Industry Overview
The Vietnam Home Furniture is highly fragmented with many players. The report covers significant manufacturers and Vietnamese players operating in the Vietnamese home furniture market. Regarding market share, some crucial players currently dominating the market are AA Corporation, Duc Thanh Wood Processing JSC, Truong Thanh Furniture Corporation, Bo Concept, and Ashley Furniture. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. Local manufacturers face stiff competition from luxurious foreign brands entering the market, which might increase competition for existing players.
Vietnam Home Furniture Market Leaders
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AA Corporation
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Duc Thanh Wood Processing JSC
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Truong Thanh Furniture Corporation
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Bo Concept
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Ashley Furniture
*Disclaimer: Major Players sorted in no particular order
Vietnam Home Furniture Market News
- August 2023: Danish furniture brand JYSK expanded to Hanoi, Vietnam, and opened a new store in the Indochina Plaza Hanoi Residences in the capital city.
- October 2022: World-renowned furniture company Wendelbo opened its first Vietnamese showroom. After more than a decade of producing goods in Vietnam, Wendelbo, a high-end interior brand, opened a store, a five-story showroom in Saigon.
Vietnam Home Furniture Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Home Renovation and Interior Design Services is Driving the Market
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4.3 Market Restraints/Challenges
- 4.3.1 Economic Fluctuations
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4.4 Market Opportunities
- 4.4.1 Opportunities in Smart Furniture Products
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4.5 Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Suppliers
- 4.5.2 Bargaining Power of Buyers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Technological Innovations in the Vietnamese Home Furniture Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Kitchen Furniture
- 5.1.2 Living-room Furniture
- 5.1.3 Dining-room Furniture
- 5.1.4 Bedroom Furniture
- 5.1.5 Other Furnitures
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5.2 By Distribution Channel
- 5.2.1 Home Centers
- 5.2.2 Specialty Stores
- 5.2.3 Flagship Stores
- 5.2.4 Online
- 5.2.5 Other Distribution Channels
6. COMPANY PROFILES
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 AA Corporation
- 6.2.2 Duc Thanh Wood Processing JSC
- 6.2.3 Truong Thanh Furniture Corporation
- 6.2.4 BO Concept
- 6.2.5 Ashley Furniture Industries
- 6.2.6 Min Duong Furniture Corporation
- 6.2.7 Woodnet
- 6.2.8 Kaiser Furniture
- 6.2.9 Nitori Furniture
- 6.2.10 Hoang MOC Furniture
- 6.2.11 Cam Ha Furniture*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER
** Subject To AvailablityVietnam Home Furniture Industry Segmentation
Furniture is an item or furnishings that complements a room at home; the furniture is home furniture. The report also covers a complete background analysis of the Vietnam home furniture market, a market overview of key segments and emerging trends in the market segments, market dynamics, insights, and key statistics.
Vietnam Home Furniture Market is segmented by type (kitchen furniture, living room furniture, bedroom furniture, dining room furniture, and other types) and distribution channel (home centers, specialty stores, flagship stores, online, and distribution channels).
The report offers market size and forecasts for dishwashers in value (USD) for the segments.
| By Type | Kitchen Furniture |
| Living-room Furniture | |
| Dining-room Furniture | |
| Bedroom Furniture | |
| Other Furnitures | |
| By Distribution Channel | Home Centers |
| Specialty Stores | |
| Flagship Stores | |
| Online | |
| Other Distribution Channels |
Vietnam Home Furniture Market Research Faqs
How big is the Vietnam Home Furniture Market?
The Vietnam Home Furniture Market size is expected to reach USD 1.99 billion in 2024 and grow at a CAGR of 8.05% to reach USD 2.93 billion by 2029.
What is the current Vietnam Home Furniture Market size?
In 2024, the Vietnam Home Furniture Market size is expected to reach USD 1.99 billion.
Who are the key players in Vietnam Home Furniture Market?
AA Corporation, Duc Thanh Wood Processing JSC, Truong Thanh Furniture Corporation, Bo Concept and Ashley Furniture are the major companies operating in the Vietnam Home Furniture Market.
What years does this Vietnam Home Furniture Market cover, and what was the market size in 2023?
In 2023, the Vietnam Home Furniture Market size was estimated at USD 1.83 billion. The report covers the Vietnam Home Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Home Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Home Furniture Industry Report
The Vietnam home furniture industry is experiencing significant growth, driven by various factors such as market data and industry trends. The market overview reveals that the industry analysis includes a comprehensive market segmentation, covering kitchen furniture, living room furniture, bedroom furniture, dining room furniture, and other types. The distribution channels analyzed include home centers, specialty stores, flagship stores, and online platforms, among others.
Industry reports indicate a positive industry outlook, with industry growth and market growth being fueled by increasing consumer demand and evolving market trends. The market forecast suggests a robust market value, supported by detailed industry statistics and market predictions. The market review highlights the role of market leaders in shaping the industry landscape, while industry research provides insights into the market segmentation and market data.
The report example includes an analysis of industry sales and market share, offering a clear picture of the industry's performance. Industry information and industry research are crucial for understanding the market outlook and market segmentation. The report PDF download offers a comprehensive overview of the industry size and market value, providing valuable insights for research companies and stakeholders.
In summary, the Vietnam home furniture market is poised for continued growth, with industry analysis and market forecast pointing towards a positive trajectory. The industry reports and market review provide a detailed understanding of the market dynamics, while the report example and report PDF serve as essential resources for industry stakeholders.
