Vietnam Home Furniture Market Size (2024 - 2029)

Vietnam Home Furniture Market Size Summary

The Vietnam home furniture market is poised for significant growth, driven by its strategic position as a major furniture manufacturing hub and export base. The country has become a preferred location for setting up furniture factories, with exports reaching over 120 countries, including key markets like the United States, the United Kingdom, Canada, Australia, and Japan. The Vietnamese furniture industry benefits from competitive labor costs and favorable trade agreements, such as the CPTPP and EVFTA, which enhance its global market share and competitiveness. The market is characterized by a strong demand for wooden furniture, both indoor and outdoor, and is expected to expand further due to increasing urbanization and construction activities.

The post-COVID recovery of the Vietnam home furniture market has been promising, with a steady rebound in demand. The kitchen furniture segment, driven by urbanization and remodeling trends, is particularly noteworthy, with regions like Hoi An offering unique handmade products. The market is highly fragmented, with significant players like AA Corporation, Duc Thanh Wood Processing JSC, and Truong Thanh Furniture Corporation dominating. However, technological advancements and product innovations are enabling mid-size and smaller companies to expand their market presence. The entry of luxurious foreign brands is intensifying competition, presenting both challenges and opportunities for local manufacturers.