Vietnam Furnitec 2023

Overview interest facts - Vietnam Furnitec 2023

The Vietnam International Furniture Accessories, Hardware & Tools Fair (Furnitec), is concurrent with Vietnam Wood, which stands as the leading trade fair within the wood processing sector and related industries in Vietnam. Based on the 2019 show report, there were more than 11,000 visitors and over 570 brands from 32 different countries and regions.

Furnitec provides global and local furniture industry chain a great platform to explore a better possibility with their products. Vietnam’s furniture and wooden goods industry has well established. The industry is diversified with the product types such as plywood furniture, MDF goods, solid wood, case-goods, flatpack furniture, and so on.

Today, Vietnam’s furniture industry is ranked as the fifth largest and the second-largest exporter of furniture in the Asia-Pacific region. When mentioned with the future expectation, The Vietnam wood processing industry has set an export goal of US$20 billion by 2025, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong at a working session with the Vietnam Timber and Forest Product Association (VIFORES). It has been expected to become the second-largest producer of interior furniture in the world within the next 8 years.

Opportunity and International Competitiveness

Changes in supply chains and global trade relations are all expected to bring positive effects on Vietnam’s furniture manufacturers. EU-Vietnam free trade agreement and the Comprehensive Progressive Tran-Pacific Partnership Agreement (CPTPP) all turn Vietnam into a different competitive status globally. Besides, more and more countries are now requesting the legality on the trade of wood, and also the protection of the nature. Vietnam's FSC certification will enhance the attraction and reliability for those countries to do business with Vietnam wood product manufacturers. In sum, domestic and foreign investors all expect the potential and bright future with the Vietnam furniture industry.