Press Release – April 2024

With the participation of over 4,600 international visitors, buyers from more than 100 countries and territories, HawaExpo 2024 is being hailed as a successful trade fair, creating a favorable environment for international buyers to sign contracts worth a total of up to 115 million USD at the event.

A Surprise Comeback

“The Vietnamese furniture industry is getting better and better,” said Noah, a buyer from New Zealand, when attending HawaExpo 2024. Having been there from March 6-9 to meet Vietnamese furniture suppliers, Noah stated that it was a worthwhile trip. Because he was able to connect with sofa manufacturers and living room furniture manufacturers that met his requirements. According to Noah, this year, exhibitors focused on investing in display setups, creating an impressive overall atmosphere for visitors. But more importantly, this has facilitated buyers to see the potential of the products.

It has been 12 years since Noah has been involved in the job of purchasing furniture for major European distributors. He said that in the past, the company maintained an order ratio of 60/40. In which 60% are Chinese suppliers, the remaining are Vietnamese. However, with the increasingly competitive advantages for Vietnamese businesses today, Noah will adjust and increase the proportion of purchases in Vietnam more in the future. “Although I have not signed an official contract yet, I have had enough connections with capable suppliers at the fair. Discussions on prices and sending samples will be carried out immediately after this business trip ends,” he said.

Europe is currently one of the five export markets for Vietnamese furniture. In 2023, the export turnover to this market reached 796.81 million USD, down 21.3% compared to 2022. However, according to Noah, inventories have decreased and demand for furniture purchases has started to return, although not really strong. Therefore, buyers and furniture distribution businesses are in great need of products with new and unique designs and reasonable prices. These factors are found quite a lot in the furniture manufacturing businesses exhibited at HawaExpo 2024.

Sharing the same view, David, a buyer from the US, also said that he was really surprised by the positive changes of Vietnamese companies. Specifically, at the fair, buyers found many new designs, good prices, suitable for the consumption needs of the market that is tightening its belt due to the impact of economic recession.

The interruptions due to Covid-19 have caused this buyer not to come to Vietnam for 4 years. Returning this time, he connected with many suppliers that meet the requirements of the US market. According to David, Vietnam has become the largest furniture supplier for American consumers. Vietnamese furniture companies have also familiarized themselves with and effectively met the import requirements of difficult markets and grasp the aesthetic “taste” of consumers. This has made it much more convenient for international buyers.

Increasing Standards

David and Noah are just two out of over 4,600 international guests who attended HawaExpo 2024. Over the course of 4 days, the event attracted more than 20,000 visitors. Over $115 million was the total value of orders recorded at the trade fair. This figure is preliminary, incomplete, and is expected to increase further after the fair ends.

Already 75% of the over 500 exhibitors reported having secured contracts and MOUs signed at the fair. This shows that HawaExpo 2024 has truly succeeded in creating an ideal business networking environment for international furniture companies. In addition to a focus on exhibiting products, a series of fringe activities such as networking events, product experiences, factory tours, and specialized workshops were also professionally organized, helping international buyers and companies to connect with Vietnamese companies in a variety of ways.

Statistics from the consulting and research organization for the furniture industry CSIL, based in Italy, show that Vietnam is currently the 6th largest furniture exporter in the world. However, according to Ms. Giovanna Castellina, CSIL Senior Partner and Marketing Director, the growth rate of the Vietnamese furniture industry is very rapid, keeping pace with the new demands of the global market. In the future, she believes that the position of the Vietnamese furniture industry will continue to improve if businesses continue to strive to increase their new advantages.

As stated by Noah, a buyer from New Zealand, global consumers are demanding that furniture products be further perfected in terms of functionality, design, especially environmental standards. In the development strategy of Vietnamese companies, there needs to be detailed research on production management in order to be able to continue to develop their internal strengths while meeting sustainability standards. “Green, with added creativity but still maintaining the current competitive price,” he said.

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HawaExpo 2024 was held on March 6 – 9 2024, in SECC Ho Chi Minh City and White Palace – Pham Van Dong Street, Ho Chi Minh City. See more at https://www.hawaexpo.com/