Vietnam Home Building Exhibition: Vietnams real estate market is picking up, and large-scale home purchases have increased demand for home decoration materials

Vietnam is one of the countries with the fastest-growing home improvement and building materials industry in the Asia-Pacific region. With the rapid economic development and increasing population, people's demand for housing has grown strongly. According to data from Vietnam's Batdongsan.com website, after the 2024 Spring Festival holiday, people and investors' attention to real estate has suddenly rebounded. The search rate for real estate sales nationwide increased by 66% year-on-year, and the number of real estate sales also increased by 52%. A large number of new home purchases have triggered huge market demand for home improvement and building materials products and services.

The demand for home improvement building materials continues to increase, showing a trend of diversification

In recent years, Vietnam's economy has continued to grow, and the home improvement building materials industry has developed rapidly, driving the prosperity of the building materials market. Vietnam is now one of the fastest-growing countries in the Asia-Pacific region in terms of building materials industry, with an average annual growth rate of 7.2% in the ten years before the epidemic; Vietnam's urbanization target will grow from the current 850 to 1,000 by 2025. At the same time, Vietnam has promulgated a national strategy for innovation and construction by 2030, and will vigorously develop major projects such as infrastructure and housing.

In terms of home improvement demand, with the acceleration of urbanization, Vietnam's home improvement market has shown the characteristics of large demand and high quality requirements. The increase in the number of houses purchased by Vietnamese people has triggered a huge market demand for home improvement building materials products. Moreover, with the rise of the middle class and the improvement of consumers' living standards, people have begun to pursue higher quality and more design-oriented home products, making Vietnam's home improvement building materials consumer market gradually present a more diversified trend. However, due to Vietnam's weak industrial foundation, backward production technology, insufficient new product research and development capabilities, and weak price competitiveness, most of Vietnam's home improvement building materials products still need to rely on imports.

In terms of material selection, the Vietnamese home improvement market has gradually shifted from traditional wood to diversified materials. Vietnam's wood industry has strong productivity, but stone products mainly rely on large-scale imports. In house decoration, when stone is matched with furniture made of different materials such as wood and metal, it can produce a delicate texture and make the home space full of style. With the increase of urbanization rate and improvement of living conditions, the demand of Vietnamese people for building decoration materials such as stone is increasing.

The furniture market is developing strongly, and the demand for household daily necessities is growing rapidly

In recent years, Vietnam's furniture market has developed strongly. According to data released by the Ho Chi Minh City Handicrafts and Wood Products Industry Association, the Vietnamese furniture market is currently growing at a high rate of 15%-20% per year. From the perspective of market competition, due to the backward production technology and production equipment of local enterprises, they still rely on the introduction of advanced foreign production technology and equipment, with a total market share of up to 80%. At present, the Vietnamese furniture market has become one of the fastest growing markets in the Asia-Pacific region. Faced with the growing domestic market demand, it is bound to create more purchasing intentions.

Vietnam's household daily necessities market is also developing rapidly. Relevant data show that the Vietnamese home furnishing market is currently growing at a rate of 17%-25% per year. Vietnam has a large population of young people and young families, and their spending power is constantly increasing. There is a strong demand for daily-use ceramics and kitchenware. According to the Lazada Vietnam Station's industry hot-selling products and hot search list, household daily necessities and kitchenware are at the forefront. The kitchen and restaurant supplies category is the current blue ocean category of the Vietnam site. Local consumers have shown interest in ceramic products such as bowls, plates, utensils, and cups.

Smart home appliances are very popular in Vietnam

As early as 2018, Vietnam promulgated the 2018-2030 Smart City Development Plan, and smart home was included in the core development projects. Vietnam is one of the five countries with the fastest growth in electronic and electrical appliance consumption, with an average annual growth rate of 10-20%. However, Vietnam's local production is very limited. In 2022, Vietnam's electronic product imports amounted to US$81.8 billion. As a source of imports for Vietnam, China accounts for 29% of imports.

‌‌With the rapid development of technologies such as the Internet of Things and artificial intelligence, China's smart home industry has developed rapidly, and the product variety has become increasingly rich, meeting the diverse needs of consumers. Vietnam's own design and production are very weak, and 85% of smart home products such as lighting, home appliances, and smart appliances rely on imports. Vietnam has a population of nearly 100 million, and the main consumer group aged 18-60 accounts for more than 60% of the total population. The middle-class population is nearly 40 million, with strong consumption power. At present, the demand for housing purchases by Vietnamese people is growing strongly, and the demand for home appliances is also rising simultaneously. It is a huge market that cannot be ignored for the foreign trade of home appliances.

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Seize the opportunity to enter the Vietnamese market

Vietnam International Home Furnishing Building Materials Decoration and Garden Outdoor Products Expo

Exhibition time: December 5-7, 2024

Exhibition location: Hall B2, Saigon Exhibition and Convention Center (SECC), Ho Chi Minh City, Vietnam

Exhibit range

01  Home decoration: furniture, cabinets, kitchenware, bathroom, soft furnishings, curtains, sofas, tables and chairs, bedding, decorations, locks, accessories, etc.

02  Building materials and decoration: wall, floor materials, ceiling, doors and windows, lighting, panels, tiles, coatings, pipelines, stairs, switches, hardware, etc.

03  Smart home: smart home system, switches, electrical products, security access control, smart appliances, robots, air and water purification equipment, etc.

04  Other products: garden outdoor products, hardware tools, garden facilities and equipment, landscape flowers and wood, gardening materials, garden machinery, pet home products, etc.

Exhibition highlights

1. High standards of the exhibition

The exhibition is hosted by the Ministry of Industry and Trade of the Socialist Republic of Vietnam and is a home decoration and building materials exhibition in Vietnam.

2. Many procurement demands

The last exhibition received more than 20,000 visitors to visit and purchase, and the procurement demand was hot.

3. Products

Own brands, high-quality OEM, design-oriented or technological products are popular in Vietnam's home construction exhibition.

4. Wide cooperation resources

Jointly supported by national authoritative business associations such as the Vietnam Architects Association and the Vietnam Retailers Association.

5. Strong publicity and promotion

More than 100 Vietnamese media publicity channels promote the exhibition from multiple angles.

6. Multiple exhibitions

The exhibition is held in the same venue as Vietnam International Trade Fair ("Canton Fair"), Vietnam Hardware Tools Exhibition, Vietnam Industrial Manufacturing Technology Exhibition, Vietnam Elevator Exhibition, etc., sharing resources while highlighting home decoration building materials and garden outdoor themes.

7. Good itinerary arrangement

During the exhibition, local industrial park inspections will be arranged for exhibitors.