Vietnam Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The report covers Furniture Production in Vietnam and the market is segmented by Application (Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture), by Material (Wood, Metal, Plastic and Other Materials), and by 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 Million) for all the above segments.

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Vietnam Furniture Market Size

Vietnam Furniture Market Summary
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Study Period 2019 - 2028
Base Year For Estimation 2022
Market Size (2023) USD 1.40 Billion
Market Size (2028) USD 1.82 Billion
CAGR (2023 - 2028) 5.33 %
Market Concentration Medium

Major Players

Vietnam Furniture Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Vietnam Furniture Market Analysis

The Vietnam Furniture Market size is expected to grow from USD 1.40 billion in 2023 to USD 1.82 billion by 2028, at a CAGR of 5.33% during the forecast period (2023-2028).

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.

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. A complete background analysis of the Vietnam Furniture Market, including an assessment of the economy, emerging market trends by segments, significant changes in the market dynamics, and the market overview, are covered in the report. The Vietnam Furniture Market is segmented by Application (Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture), by Material (Wood, Metal, Plastic and Other Materials), and by 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 Million) 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 Trends

This section covers the major market trends shaping the Vietnam Furniture Market according to our research experts:

Bedroom Furniture is Driving the Market

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. 

Vietnam Furniture Market 1

Export of Wood Products is Driving the Market

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.

Revenue of Wood Exports Vietnam, in USD Billion, 2020 2021

Vietnam Furniture Industry Overview

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.

Vietnam Furniture Market Leaders

  1. Cam Ha Furniture

  2. Duc Thanh

  3. AA Corporation

  4. Tran Duc Furnishings

  5. Kaiser

*Disclaimer: Major Players sorted in no particular order

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Vietnam Furniture Market News

  • In January 2022, IKEA improved its e-commerce capabilities after having difficulty to adapt after the pandemic. This will improve its export and import across the globe and in Vietnam.
  • In April 2021, one of the leading Vietnam furniture companies, Noi That Kenli, announced the launch of its collection of luxury and masterpiece interior design products. The product offers a unique style and design to satisfy its clients' needs.

Vietnam Furniture Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights on Latest Trends and Technological Innovations in the Industry

    7. 4.7 Impact of COVID-19 on market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Home Furniture

      2. 5.1.2 Office Furniture

      3. 5.1.3 Hospitality Furniture

      4. 5.1.4 Other Furniture

    2. 5.2 By Material

      1. 5.2.1 Wood

      2. 5.2.2 Metal

      3. 5.2.3 Plastic

      4. 5.2.4 Other Materials

    3. 5.3 By Distribution Channel

      1. 5.3.1 Home Centers

      2. 5.3.2 Flagship Stores

      3. 5.3.3 Specialty Stores

      4. 5.3.4 Online

      5. 5.3.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Duc Thanh Wood Processing JSC

      2. 6.2.2 AA Corporation

      3. 6.2.3 Tran Duc Furnishings

      4. 6.2.4 Kaiser 1 Furniture

      5. 6.2.5 Cassina

      6. 6.2.6 Johnson Wood Products

      7. 6.2.7 Hoang Moc Furniture

      8. 6.2.8 An Viet Furniture

      9. 6.2.9 IKEA

      10. 6.2.10 Noi That Kenli*

    3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Vietnam Furniture Market Research FAQs

The Vietnam Furniture Market size is expected to reach USD 1.40 billion in 2023 and grow at a CAGR of 5.33% to reach USD 1.82 billion by 2028.

In 2023, the Vietnam Furniture Market size is expected to reach USD 1.40 billion.

Cam Ha Furniture, Duc Thanh, AA Corporation, Tran Duc Furnishings and Kaiser are the major companies operating in the Vietnam Furniture Market.

Furniture in Vietnam Industry Report

Statistics for the 2023 Furniture in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Furniture in Vietnam analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Furniture Market in Vietnam Report Snapshots

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