Even though Vietnam is among the top five global exporters of wooden furniture, local brands are still struggling to gain popularity in the home market. With a population of 100 million and a rapidly growing middle class, Vietnam presents an attractive opportunity for global furniture businesses. However, the fierce competition in the billion-dollar domestic market poses a tough challenge for local companies, requiring persistence and long-term strategy. Foreign businesses dominate the local market Competition in Vietnam’s furniture market has intensified with the increasing presence of foreign brands. Nitori, Japan’s largest furniture retailer, recently opened its first store in HCMC at Vincom Mega Mall Grand Park in Thu Duc City. This marks the retailer’s 1,013th store worldwide and its second in Vietnam after the first at Sora Gardens SC in Binh Duong Province, which came into operation last year. Come Home, a Thai furniture supermarket brand under Central Group, is also expanding, scouting for new locations after having opened two stores in HCMC and Hanoi. Backed by the billionaire Chirathivat family, Come Home plans to invest US$1 billion in Vietnam’s market. Before Come Home, another Thai brand, Index Living Mall, had already accelerated its expansion in Vietnam. Alongside these Thai and […]
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