Interior Design and Decor
Vietnam’s furniture industry is one of the most dynamic in the world. The South-East Asian nation is currently the second-largest exporter of furniture in the Asia-Pacific region, and fifth in the world with the country’s furniture export valued at USD 8.7B in 2018.
Various advantageous factors such as competitive labour costs, abundant forest land, and favourable free-trade agreements have made Vietnam an attractive offshore manufacturing destination for foreign furniture players. The United States, Japan, China, EU and South Korea have continued to maintain the position of Vietnam’s five largest import markets.
The FDI inflow in this sector is projected to keep increasing due to the reallocation of furniture manufacturers out of China. In addition to this, the government has stated that they are determined to support the industry towards their goal of becoming one of the world’s quality furniture production hubs in the future, a positive sign for both foreign and local players.
However, FTAs do push many Vietnamese SMEs under pressure due to an increase in market competitiveness created by new foreign furniture giants entering Vietnam. Local players need to scale up quickly in order to compete and protect their market shares. There are plenty of aspects that Vietnamese furniture companies must strive to improve, such as:
- Design capacity, branding, and distribution
- Legal and sustainable sources of timber
- Advanced production technology and machinery
- Human resource training
With a broad international network and comprehensive understanding of Vietnam’s market conditions, TBRC can not only support foreign investors and companies in finding promising investment opportunities and strategies for market-entry into Vietnam but also accompany Vietnamese enterprises throughout their sustainable growth and development.
What can TBRC help you with in the Furniture Industry?
- Market entry
- Partner search for manufacturers or buyers
- M&A and Capital-raising transaction
- Strategic development concept
Our services are tailored to fit your request. Feel free to contact us
180-192 Nguyen Cong Tru Str, Dist 1,
Ho Chi Minh City, Vietnam
+84 (0)906 911 337