Foreign firms expand investment in Vietnamese furniture market.- Illustrative image (Photo: tuoitre.vn) Thailand's retail corporation Central Retail has launched itssubsidiary Come Home brand – a new furniture business initiative, in Ho Chi Minh City.
Come Home is set to play a role as a highlight in thecompany’s 1-billion-USD investment strategy, targeting Vietnam’s thrivinginterior decor market.
According to Central Retail, thedomestic market’s revenue in 2022 amounted to approximately 1.25 billion USD.The figure is projected to surpass 1.4 billion USD in 2023.
It expects an estimated annual growth rate of nearly10% for the 2023-2027 period.
Amid the backdrop of global economic depression andwaning purchasing power, Vietnam’s interior decor market is continuing towitness strong demand, which is propelled by an upswing in modern aestheticsand personalised home environments.
Other players in the furniture industry aremaking strategic moves in the Vietnamese market.
Denmark’s JYSK, a modern retail space offeringa wide range of Scandinavian-style furniture and home decor products, opened anew centre in Hanoi in late June.
With over 1,000 products to offer, including furniture, bedding, lighting, and outdoor essentials, the JYSK has been bringing the essence of Nordic living closer to Vietnameseconsumers since 2015.
TrangLe, a marketing consultant from HCM City, revealed a list of prominent furniturebrands, ranging from mid-range to high-end.
Capping off nearly three decades of growth,Hoa Phat Furniture JSC, a subsidiary of steelmaker Hoa Phat Group, embarked ona strategic brand repositioning initiative at the beginning of 2022.
Under its new moniker, The OneFurniture, the company unveiled an invigorated slogan and a fresh visualidentity.
Accordingto a recent report of Mordor Intelligence, the Vietnam furniture market size is expected to grow from 1.4 billion USDin 2023 to 1.82 billion USD by 2028, at a compoundannual growth rate (CAGR) of 5.33% during the 2023-2028 period.
MordorIntelligence said the market for furniture in Vietnam has beensteadily growing in recent years. The export volume for Vietnamese-madefurniture has been rising and is expected to surpass many economies across theglobe.
Furniture from Vietnam is exported to over 120 countries, includingmain markets such as the US, the UK,Canada, Australia, and Japan.
According to Statista, revenue in the Vietnamese furniture market is forecast to hit1.34 billion USD in 2023, with a CAGRof 9.06% in the 2023 – 2028 period./.
Denmark’s JYSK, a modern retail space offeringa wide range of Scandinavian-style furniture and home decor products, opened anew centre in Hanoi in late June.
With over 1,000 products to offer, including furniture, bedding, lighting, and outdoor essentials, the JYSK has been bringing the essence of Nordic living closer to Vietnameseconsumers since 2015.
TrangLe, a marketing consultant from HCM City, revealed a list of prominent furniturebrands, ranging from mid-range to high-end.
Capping off nearly three decades of growth,Hoa Phat Furniture JSC, a subsidiary of steelmaker Hoa Phat Group, embarked ona strategic brand repositioning initiative at the beginning of 2022.
Under its new moniker, The OneFurniture, the company unveiled an invigorated slogan and a fresh visualidentity.
Accordingto a recent report of Mordor Intelligence, the Vietnam furniture market size is expected to grow from 1.4 billion USDin 2023 to 1.82 billion USD by 2028, at a compoundannual growth rate (CAGR) of 5.33% during the 2023-2028 period.
MordorIntelligence said the market for furniture in Vietnam has beensteadily growing in recent years. The export volume for Vietnamese-madefurniture has been rising and is expected to surpass many economies across theglobe.
Furniture from Vietnam is exported to over 120 countries, includingmain markets such as the US, the UK,Canada, Australia, and Japan.
According to Statista, revenue in the Vietnamese furniture market is forecast to hit1.34 billion USD in 2023, with a CAGRof 9.06% in the 2023 – 2028 period./.
VNA
