Binh Duong furniture makers seek to enter Indian market
A delegation from the Binh Duong Furniture Association (BIFA) is attending the India International Furniture Fair (IIFF) in New Delhi from December 14-17.
The Vietnamese delegation at the event (Photo: VNA) This year's event is the largest among five editions, featuring over 150 booths from Indian furniture companies and those from Vietnam, Malaysia, Turkey, Italy and China.
The Vietnamese delegation’s presence at the event aims to seek customers in India and internationally, grasp preferences for wood and furniture in India. The team also wants to introduce two major wood fairs scheduled for next year in Vietnam, including the Hawa Expo - Ho Chi Minh Export Furniture Fair from March 6-9, and the outdoor lifestyle fair in Quy Nhon city from March 9-12.
A representative from BIFA said the US, European Union (EU), Japan and the Republic of Korea are major importers of Vietnamese wood and furniture. Due to the global economic downturn, the demand in these markets has declined. The BIFA is actively seeking new markets, with a focus on India and the United Arab Emirates (UAE).
Wood and wooden furniture are among the top six currency earners of Vietnam, the biggest and seventh largest wood exporter in Southeast Asia and the world, respectively.
With a total market size of 41 billion USD, India is the world’s fourth largest consumer of furniture. Its home sales during the 2022-2023 fiscal year surged by over 36% annually. Meanwhile, the hotel industry is also experiencing robust growth, with plans to add additional 12,000 rooms next year and attract around 2.3 billion USD in investment by 2028./.
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