Vietnam furniture market shows a rapid growth momentum

Vietnam furniture market shows a rapid growth momentum

Wood and wood products are one of the main export products of Vietnam. However, Vietnam’s domestic consumer market is booming, and there is an urgent need to explore the market effectively. This is the recognition made by experts in the industry at the press conference of the 2019 wood products and furniture accessories exhibition (VIFA home 2019) held on the 19th

Huang Wenxing, vice chairman of the wood products and Crafts Association (Hawa) in Ho Chi Minh City, Vietnam, said that Vietnam’s wood processing and export industry is gradually stabilizing its position among the five largest wood processing and export countries in the world. In the first 10 months of this year, exports of wood and wood products reached about 9.2 billion US dollars, which is expected to reach 11 billion US dollars for the whole year. The goal of Vietnam’s wood processing and export industry is to export 20 billion US dollars by 2025.

However, Vietnam’s domestic furniture market shows a rapid growth momentum, and Vietnamese enterprises should take the initiative to seize the opportunity. According to Huang, the market size of Vietnam, with a population of 100 million, is close to the combined market size of five to seven European countries. Vietnam’s economy maintained a good momentum of growth, and the real estate market also developed. The market size of furniture industry is estimated to be about 5 billion US dollars, accounting for nearly 50% of total exports. This field is becoming the target market of foreign furniture enterprises. But in fact, Vietnam’s wood processing and wood products enterprises still only focus on exports and ignore the domestic market.

It was learned that the 2019 wood products and furniture accessories exhibition (VIFA home 2019) will be held from November 18 to December 1. It will become a product promotion for Vietnamese wood and wood products industry enterprises and provide good opportunities for Vietnamese domestic consumers to learn more about high-quality furniture products. It is learned that this exhibition will attract 120 enterprises from Vietnam to participate in, with a total of 600 booths

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