Market Size of Vietnam Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.47 Billion |
| Market Size (2029) | USD 1.92 Billion |
| CAGR (2024 - 2029) | 5.33 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Furniture Market Analysis
The Vietnam Furniture Market size is estimated at USD 1.47 billion in 2024, and is expected to reach USD 1.92 billion by 2029, growing at a CAGR of 5.33% 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.
