India - Potential Market For Vietnam's Wooden Furniture And Interior Exports

Representatives of the Vietnam Trade Office in India exchange information with visitors to India World Furniture Expo 2023 at Vietnam's booth. Photo: VNA

The World Furniture Expo 2023 in India (WOFX) on November 28 opened at Bombay Convention & Exhibition Center (BCEC), Mumbai, India.

This is an international trade fair exclusively for businesses in the design and furniture industry, which brings together businesses in the fields of interior and exterior furniture, household appliances, restaurant and hotel supplies, and decorations.

In order to promote Vietnam's wood and furniture industry, the Vietnam Trade Office in India arranged a booth at the fair to support domestic wood businesses to directly display their products.

Participating in this three-day World Furniture Expo 2023 are over 400 furniture and furniture brands from India and countries in the region as well as around the world, such as Vietnam, Bangladesh, Sri Lanka, Malaysia, Indonesia, Thailand, Philippines, Turkey, Italy, France and China.

In addition to the product exhibition, the fair will have activities such as seminars, trade shows, and demonstrations of the latest decoration and interior trends.

After the COVID-19 pandemic, the trend of working from home increased, bringing growth in the home furnishings sector, including the consumption of smart, multi-functional, space-saving furniture products to optimize limited space at home.

Speaking at the opening of the expo, Rajesh Bhagat, managing director of Worldex India, the exhibition organizer, said that "WOFX helps businesses take advantage of India's growing market demand, especially in commercial and residential real estate as well as the booming retail and hospitality sectors.

To help the next generation of consumers become more exposed to global design trends, WOFX is now the only trade fair connecting all of these industries with global design and interior brands on a single platform."

India is identified as one of the potential markets for Vietnam's wooden furniture and interior exports, with the transaction value of this item growing quite rapidly recently.

In the period from January to October 2023, the export turnover of wooden furniture and wood products from Vietnam to India reached US$93 million, an increase of nearly 300% compared to US$24 million in the same period last year.

With a population of over 1.4 billion people, India's furniture and design industry is booming due to a growing real estate market, growing population, rising income levels, and the constantly changing urbanization process.

Home sales in India in fiscal 2022-23 were 36% higher than the previous fiscal.

Meanwhile, the hotel industry is also growing strongly, expected to add 12,000 rooms next year and attract about US$2.3 billion of investment capital by 2028.

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