Italian companies are looking for opportunities to enter the Vietnamese market and capitalise on the rising demand for furniture and interior design.
|A delegation of seven Italian companies visited Vietnam too look for opportunities |
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 well-known Italian brands include Badari Lighting, Cantori, Diemme Cucine, Formitalia, Officina Luce, Sicis, and Versace.
According to Paolo Lemma, chief representative of ITA in Vietnam, Vietnam’s furniture imports over the last three years grew at an average annual rate of 33 per cent. Italy leads in the EU and is third worldwide as a source market, accounting for almost 7 per cent of Vietnam’s furniture imports.
In addition, Vietnam’s urbanisation 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, and main tourist destinations. The development of the country’s real estate market is expected to continue to have a major impact on high-end furniture demand.
To tap into the market’s growth, ITA/ICE Italian Trade Commission—the Trade Promotion Section of the Italian Consulate General in Ho Chi Minh City—and Federlegno Arredo Eventi have organised a premier business mission to Vietnam to explore the market for Italian furniture and interior design products.
The mission included a full immersion programme for the Italian delegates to get to know the state of the Vietnamese real estate industry and furniture trends in the country. The delegation met with major Vietnamese property development corporations and visited a number of high-end residential projects as well as luxury furniture showrooms in the city.
The first meeting was with Hoa Binh Corporation, one of Vietnam’s five leading general contractors in large-scale projects such as the Le Méridien four-star hotel, Saigon Centre Complex, the expanded terminal at Tan Son Nhat International Airport in Ho Chi Minh City, and Cocobay Danang. The delegation also had business meetings with Coteccons Group and Boho Décor, Cofico JSC, Phat Dat Real Estate Development Corporation, and Cao Dong Design.
Italian furniture and interior design companies want to expand their presence in Vietnam as the country is a fast-growing market with a large population and rising income levels. The EU-Vietnam Free Trade Agreement (EVFTA) is also expected to open up new opportunities for both Vietnamese and European companies, including those from Italy.