Currently, Vietnam's wood products are more competitive due to lower labor costs, lower taxes, and certain preferential tax rates when exporting, etc.
Despite COVID-19, Vietnam remains the world's second largest furniture exporter (after China) and surpassed China as the largest furniture exporter to the U.S. In 2021, Vietnam exported $9.3 billion of wooden furniture to the U.S., up 22% year-over-year.
Despite the weak performance of Vietnam's major export commodities in 2021, the volume of wood and wood products increased significantly year-on-year. During this period, the US, Japan, China, the EU and South Korea accounted for 90% of Vietnam's total forestry exports, while the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect in August 2020, paving the way for Vietnam's wood exports and further penetration of products into the European market, according to Wonjer Consulting's analysis.
In 2021, Vietnam's exports of wood products and furniture will be approximately US$14.5 billion, up 17.2% from 2020. 2021, Vietnam will export wood products and furniture to a total of 40 countries and regions. The top 10 major destinations by export value are the United States (US$8.77 billion), China (US$1.5 billion), Japan (US$1.44 billion), South Korea (US$890 million), United Kingdom (US$270 million), etc.
The analyst Vietnam's furniture industry to continue to grow and export value to rise from 2022-2031 as COVID-19 is effectively controlled. For global investors, there are many investment opportunities in Vietnam's furniture industry.
Contents covered:
Overview of Vietnam's wooden furniture industryEconomic environment and policy environment for wooden furniture in Vietnam
What is the impact of COVID-19 on the wooden furniture industry in Vietnam?
Vietnam Wooden Furniture Market Size 2016-2021
Vietnam Wooden Furniture Market Forecast 2022-2031
Import and Export Analysis of Wooden Furniture in Vietnam
Analysis of Major Vietnam Wooden Furniture Manufacturers
Key Drivers and Market Opportunities in Vietnam Wooden Furniture Industry
What are the key drivers, challenges and opportunities for the wooden furniture industry in Vietnam during the forecast period 2022-2031?
What is the expected revenue of Vietnam wooden furniture market during the forecast period 2022-2031?
Which segment of the Vietnam Wooden Furniture market is expected to dominate the market in 2031?
What are the major adverse factors facing the wooden furniture industry in Vietnam?
Table of Contents
Companies Mentioned
- Isseiki Furniture Company Limited
- Forexco Quang Nam
- Thien Phat Commercial Production Construction Company Limited
- KOBE Viet Service Trading Company Limited
- Saigon Mechanics Industry Co., Ltd
- Dinh Huong Furniture Company Limited
- PortLand Furniture Corporation
- MYRA Production Company Limited
- Hieu Duc Forestry Processing Trading Company Limited
- Timber Life Co., Ltd
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 60 |
| Published | July 2022 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value ( USD | $ 16.24 Billion |
| Forecasted Market Value ( USD | $ 45.7 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 10 |
