Vietnam Furniture Market Report and Forecast 2024-2032

Vietnam Furniture Market Size

The Vietnam furniture market reached approximately USD 1.37 billion in 2023. The market is projected to grow at a CAGR of 5.10% between 2024 and 2032, reaching a value of around USD 2.15 billion by 2032.

Vietnam Furniture Market Outlook

• According to industry reports in 2024, Vietnam is the sixth largest producer of furniture in the world.

• As per the CSIL industry (Center for Industrial Studies), furniture production in the country is expected to witness an average annual growth of 10 per cent.

• In coming years, interior furniture production is also expected to grow in Vietnam, following in the footsteps of outdoor furniture.

Vietnam Furniture Market Growth

The growth of the real estate sector, the shift in buyer’s preference towards modern and space-saving furniture, and the rise of eco-friendly furniture designs are some of the major market drivers. Consumers in the country are becoming more aware of the environmental consequences and are actively searching for furniture crafted from renewable resources, recycled materials, or certified sustainable wood.

The demand for customised and personalised furniture solutions is on the rise as manufacturers and retailers now provide made-to-order options to their customers, thus impacting the Vietnam furniture industry revenue. This allows them to select their preferred designs, materials and colours, catering to their individual preferences. The incorporation of technology into furniture design is also becoming increasingly popular as smart furniture, equipped with features like built-in charging stations, IoT connectivity, and ergonomic designs, is particularly appealing to tech-savvy consumers.

Furthermore, there is a growing recognition of the artistry and craftsmanship involved in handcrafted furniture. Consumers appreciate the uniqueness, quality, and narrative behind each furniture piece, contributing to the surge in the popularity of artisan-made furniture in the market.

Key Trends and Recent Developments

Growth in the number of exports to other countries, rising demand for sustainable materials and the incorporation of robotics are expected to increase the Vietnam furniture market revenue.

August 2024

Marking the start of Asia's leading furniture expo series for Autumn 2024, which includes fairs in South Korea, Malaysia, China, and Indonesia, the premier Southeast Asian furniture fair, VIFA ASEAN 2024 is set to take place from August 27 – 30, 2024, at the Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City, Vietnam. 

July 2024

The Hawa Expo 2025, is set for March 7-15, 2025. This fair is backed by the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade and will feature furniture products from Vietnam’s leading manufacturers. This will likely shape the Vietnam furniture market dynamics and trends.

April 20, 2024

Vietnamese furniture products were introduced at Milan Design Week in Italy by Vietnamese enterprises the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) and the Handicraft and Wood Industry Association of HCM City (HAWA). Enterprises were encouraged to focus on enhancing their competitiveness through good cooperation with design buyers in Italy and Europe, in order to penetrate deeper into the European market, as well as other markets.

April 1, 2024

Nice Link Home Furnishings has expanded its manufacturing in Vietnam. Over the past year, Nice Link Home Furnishings has more than doubled its upholstery production in Vietnam and added a cut-and-sew factory there. The furniture and home décor brand is set to bring 23 new collections to the market. 

Growth in the number of furniture exports globally

Vietnam has surpassed countries like Germany and Poland to become the second-largest furniture exporter worldwide. Furniture accounted for an estimated 82.9% of Vietnam’s total export turnover in wood and wood products in 2023, reaching approximately 8.4 billion USD. The country’s wood industry has also established itself in the international market, with an annual export value exceeding 10 billion USD, supporting the furniture demand in Vietnam. The main countries that Vietnam exports to have been the United States, Japan, the United Kingdom, Australia, and France.

Consumers demand for sustainable materials

As individuals grow more conscious about the environment and the impact of climate change, there has been an increased demand for the utilization of sustainable materials in furniture manufacturing. Wood from certified sustainable sources and recycled materials to make furniture are gaining popularity. There also have been changes from the market players’ ends as they have started adopting sustainable practices in the manufacturing process.

Growing demand for luxury and premium furniture segments

As disposable incomes have seen an increase, the industry has witnessed the growth of niche furniture markets such as the luxury and premium segments. Rapid urbanisation and modernisation have also played a key role in propelling this market. The high-end furniture makes use of better quality and exotic raw materials. It also involves more of handwork and human effort and less designing using machines. This also allows for customers to personalize and customize their pieces which boosts the overall furniture market.

Increased incorporation of automation and robotics in production

The Vietnam furniture industry is rapidly adopting automation to improve efficiency and reduce labour costs and enhance overall quantity as well as quality of production. Machines for designing and cutting the wood are actively used for enhanced precision. Assembling of furniture parts and elements is another task performed by robotic arms and machines. Automated assembly lines are growing in number that allow for a consistent and uniform assembling of furniture.

Vietnam Furniture Industry Segmentation

“Vietnam Furniture Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Beds

• Tables and Desks

• Sofa and Couch

• Chairs and Stools

• Cabinets and Shelves

• Others

Market Breakup by Material

• Wood

• Metal

• Plastics

• Others

Market Breakup by End Use

• Residential

• Commercial

Market Breakup by Sales Channel

• Online

• Offline

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Furniture Market Share

Based on end-use, the market is divided into residential and commercial. The residential sector holds a significant share of the market due to growing urbanisation in the country in recent years, higher disposable incomes, and the expansion of the middle-class population. Additionally, the growing demand for household furniture items such as couches, beds, and dining tables as individuals seek to improve their living environments for increased comfort and to enhance visual appeal is aiding the segment growth.

Leading Companies in the Vietnam Furniture Market

The market participants are heavily investing in the production of eco-friendly furniture to gain a competitive edge in the market.

• Furaka JSC

• AA Corporation

• The One Furniture

• Ashley Furniture Industries, LLC

• Minh Duong Furniture Corp.

• Duc Thanh Wood Processing JSC

• Xuan Hoa Company

• Bristol Technologies Sdn Bhd

• Vixfurniture Company Co. Ltd.

• Zhejiang Sunon Furniture Manufacture Co., Ltd.

• Others

Key Highlights of the Report

Vietnam Furniture Market Report Snapshots

Vietnam Furniture Market Size

Vietnam Furniture Market Growth

Vietnam Furniture Market Share

Vietnam Furniture Companies