Vietnam is emerging as a prime furniture manufacturing hub due to advantages like lower tariffs, trade ease, efficient logistics, and diverse materials, as noted by Mordor Intelligence. Thailand’s Central Retail has introduced the Come Home brand in Ho Chi Minh City, investing $1 billion in this venture to tap into Vietnam’s thriving interior decor sector. Central Retail anticipates continued growth in the domestic market, with revenue expected to exceed $1.4 billion in 2023, and an annual growth rate of nearly 10% until 2027.
The Vietnamese furniture market is attracting various industry players. JYSK from Denmark, offering Scandinavian-style furniture, expanded its presence in Hanoi, while companies like Hoa Phat Furniture JSC repositioned their brands for a fresh identity.
According to Mordor Intelligence and Statista, the Vietnamese furniture market is projected to expand substantially, reaching around $1.82 billion by 2028, driven by steady growth in exports to over 120 countries, including major markets like the U.S., U.K., Canada, Australia, and Japan.