23 Jul, 2018

Vietnam – a potential market for Italian furniture and interior design

Italian companies are looking for opportunities to enter the Vietnamese market and capitalize on the rising demand for furniture and interior design.

A delegation of seven Italian companies in the field of furniture, kitchen, lighting, and artistic mosaics paid a working visit to Vietnam last week to explore the market and find potential partners. The delegates include Italian brands such as Badari Lighting, Cantori, Diemme Cucine, Formitalia, Officina Luce, Sicis, and Versace.

According to Mr. Paolo Lemma, chief representative of ITA in Vietnam, over the last three years, Vietnam’s furniture imports quantity increased at an average annual rate of 33 per cent. Among all countries exporting furniture to the Vietnam market, Italy takes the lead in the EU and ranks third worldwide as a source market, accounted for almost 7 per cent of Vietnam’s furniture imports.

In addition, Vietnam’s urbanization rate grows by 3.4 per cent each year, making it the fastest in Southeast Asia. The supply of residential buildings, hotels, and resorts is increasing at an annual average of 20 per cent, especially in Hanoi, Ho Chi Minh City, as well as other popular tourist destinations. The development of the country’s real estate market is expected to continue to have a major impact on the high-end furniture demand.

The delegation mission included a full immersion program for the Italian delegates to get to know the current status of the Vietnamese real estate industry and furniture trends in the country. Besides, the Italian companies also hoped to find trustful and suitable local partners to promote their brands and develop their business in Vietnam.