Vietnam’s trade fair industry, particularly in the furniture sector, is preparing for a significant showcase at HawaExpo 2024. Despite facing challenges in meeting its export targets in 2023, the industry shows resilience and potential for growth.
Drawing on insights from VnExpress.net, this article explores the interplay between Vietnam’s trade fair industry and its furniture sector, focusing on the upcoming HawaExpo 2024.
Vietnam’s Furniture Industry in 2023 – A Challenging Year
2023 proved to be a challenging year for Vietnam’s furniture industry, which set an ambitious export goal of $17.5 billion but is projected to reach only around $13.5 billion. The industry experienced a significant downturn in the first half of the year, with orders dropping by approximately 40%. However, a gradual recovery began to surface from July, with monthly growth rates ranging between 2-5%.
By October, there was a notable improvement, with export turnover hitting $1.2 billion, marking a 5.7% increase from September. Despite these gains, the total export turnover for the first ten months amounted to about $10.8 billion, reflecting a 19.9% decrease compared to the same period in 2022. This decline was largely attributed to reduced demand in key markets, particularly the US and Europe.
HawaExpo 2024 – LARGEST NATIONALLY ENDORSED EXPORT FURNITURE FAIR IN VIETNAM
HawaExpo 2024 stands as a monumental event for Vietnam’s furniture industry, showcasing its resilience and ambition. With its grand scale, spanning three locations and featuring over 700 businesses, predominantly Vietnamese, it highlights the industry’s significant shift towards Original Design Manufacturing (ODM).
This transition from mere processing to innovative design and manufacturing underlines a strategic move to enhance the value and global standing of Vietnamese furniture exports. The expo serves as a vital platform for demonstrating the country’s rich craftsmanship and innovative capabilities in the furniture sector.
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Market Outlook and Opportunities in 2024
Looking ahead to 2024, there are positive signals for the furniture market, especially in the US. Nearly 49% of US retail chains plan to expand in the next five years, and retail sales continue to grow despite economic pressures.
Furthermore, the expected reduction in the US Federal Reserve’s basic interest rates from early 2024 could lower mortgage interest rates, potentially revitalizing the real estate market and, by extension, the furniture market.
Strategic Shifts and Trade Promotion
Vietnamese furniture businesses are strategically shifting towards ODM, enhancing the value of their export products. This shift, coupled with the potential easing of real estate tensions in the US due to lower interest rates, presents an opportunity for Vietnamese companies to secure more orders, particularly during the April-May 2024 period.HawaExpo 2024 will play a crucial role in this, serving as a key platform for trade promotion and business networking.
The Future of Vietnam’s Trade Fair Industry
The success of HawaExpo 2024 is expected to set a new standard for Vietnam’s trade fair industry. It will not only showcase the capabilities of the Vietnamese furniture industry but also highlight the country’s growing prominence in the global trade fair arena. This event is a stepping stone towards more significant achievements and international recognition for Vietnam’s trade fair industry.
The synergy between Vietnam’s trade fair industry and its furniture sector, particularly in the context of HawaExpo 2024, is a testament to the resilience and potential of these industries. Despite the challenges faced in 2023, the outlook for 2024 is promising, with opportunities for growth and expansion on the horizon.
HAWAEXPO 2024 – THE LARGEST NATIONALLY ENDORSED EXPORT FURNITURE FAIR IN VIETNAM
- March 6 – 9, 2024; SECC – Saigon Exhibition and Convention Center, 799 Nguyen Van Linh, Tan Phu, District 7, Ho Chi Minh City, Vietnam
- March 7 – 9, 2024; White Palace – Pham Van Dong, 588 Pham Van Dong, Hiep Binh Chanh, Thu Duc District, Ho Chi Minh City, Vietnam