Vietnam Flooring Market Outlook to 2028
Description
Vietnam Flooring Market Overview
The Vietnam Flooring Market has experienced notable growth reaching a valuation of USD 9.69million in 2023. This growth is driven primarily by the rapid urbanization and industrial growth in the country. The increasing investments in the construction sector, both residential and commercial, have significantly boosted the demand for various flooring materials.
Key players in the Vietnam flooring market include names such as SCG Cement-Building Materials, An Cuong Wood Working, Dong Tam Group, and TAVICO Timber JSC. These companies dominate due to their extensive distribution networks, strong brand presence, and continuous innovations in product offerings.
SCG Cement-Building Materials launched its Low Carbon Super Cementin Vietnam on June 17, 2024. This new product utilizes advanced green technologies to reduce carbon emissions by up to20%compared to traditional cement.
Ho Chi Minh City and Hanoi dominate the Vietnam flooring market due to their rapid urbanization and higher spending capacities. Ho Chi Minh City, with its booming construction industry and significant foreign investments, leads in the demand for high-end and innovative flooring solutions.
Vietnam Flooring Market Segmentation
By Product Type: Vietnam's flooring market is segmented by product type into ceramic tiles, vinyl flooring, and wooden flooring. In 2023, ceramic tiles hold the dominant market share due to their affordability, durability, and variety. Ceramic tiles are preferred in both residential and commercial spaces for their ease of maintenance and aesthetic appeal.
By End-User: The market is further segmented by end-users into residential, commercial, and industrial sectors. The residential sector holds the largest market share in 2023, driven by a growing population, urbanization, and an increasing number of housing projects.
By Region: Vietnam's flooring market is regionally segmented into North, South, East, and West. The Southern region, encompassing Ho Chi Minh City, dominates the market share in 2023 due to its economic dynamism, higher income levels, and significant construction activities.
Vietnam Flooring Market Competitive Landscape
Company
Establishment Year
Headquarters
SCG Cement-Building Materials
1913
Ho Chi Minh City
An Cuong Wood Working
1994
Binh Duong
Dong Tam Group
1969
Ho Chi Minh City
TAVICO Timber JSC
2005
Dong Nai
Hoa Binh Construction Group
1987
Ho Chi Minh City
An Cuong Wood Working: An Cuong Wood Working introduced a new line of eco-friendly flooring products in 2023, made from sustainable materials and advanced manufacturing processes. This move is part of their strategy to capture the growing segment of environmentally conscious consumers.
Dong Tam Group: In January 2023, Dong Tam Group announced the cancellation of its public company registration. This decision marks a pivotal moment for the company, which has been a key player in the construction materials sector, including flooring products. The cancellation may impact its market presence and investor relations moving forward.
Vietnam Flooring Industry Analysis
Vietnam Flooring Market Growth Drivers
Housing and Smart City: The Vietnamese government is actively promoting investments in affordable housing and smart city development. As of mid-2024, there are 503 social housing projects in progress across Vietnam, with 75 completed projects providing nearly 40,000 housing units.
Sustainable and Innovative Products: The demand for innovative and sustainable flooring materials is rising. For example, technology-integrated solutions like smart thermostats for underfloor heating and energy-generating floors are gaining popularity, with significant market growth expected in 2024.
Entry of International Brands: The influx of international flooring brands into the Vietnamese market is enhancing competition and expanding consumer choices, further driving market growth. The Vietnam Wood Flooring market currently has an HHI (Herfindahl-Hirschman Index) of 9284 in 2023, indicating a highly concentrated market.
Vietnam Flooring Market Challenges
Competition from Low-Cost Imports: Domestic manufacturers in the Vietnam flooring market are grappling with intense price competition from low-cost imported flooring products. This influx of affordable alternatives from other countries poses a significant threat to local businesses, as they struggle to match the pricing strategies of their foreign counterparts.
Evolving Consumer Tastes: The ever-changing landscape of interior design trends requires flooring manufacturers in Vietnam to consistently adapt their offerings to cater to the shifting preferences of consumers. Failing to keep up with these changes could result in a loss of market appeal and relevance for their products.
Vietnam Flooring Market Government Initiatives
Affordable Housing Promotion: The Vietnamese government has introduced a range of initiatives to boost the construction of affordable housing. This effort has significantly increased the demand for flooring materials as various residential projects progress. In June 2023, Deputy Prime Minister Tran Hong Ha emphasized the need for policymakers to create regulations for allocating state funds to support social housing development for low-income individuals and policy beneficiaries, following a model similar to that used for official residences.
Public Building Renovations: Government authorities are making substantial investments in renovating educational and public buildings, which is driving increased demand for a diverse range of flooring solutions. This initiative not only upgrades public infrastructure but also promotes growth in the flooring market. In June 2023, the Ministry of Education and Training revealed plans to renovate and upgrade 1,000 schools nationwide by 2025.
Vietnam Flooring Market Future Outlook
The Vietnam flooring market is ready for significant growth, supported by favorable economic conditions, evolving consumer preferences, and strategic government initiatives aimed at enhancing infrastructure and housing development.
Future Market Trends
Growth in Demand for Sustainable Flooring: Sustainability will continue to be a major driver in the flooring market, with an increasing preference for eco-friendly materials. By 2028, the market share of sustainable flooring materials, such as bamboo, cork, and recycled composites, will expand.
Expansion of Modular Flooring Systems: Modular flooring systems, which offer easy installation, flexibility, and cost efficiency, are projected to see robust growth. By 2028, modular flooring will acquire a major percentage of the flooring market in Vietnam. These systems are particularly attractive for commercial spaces that require frequent reconfiguration.
Please Note: It will take 5-7 business days to complete the report upon order confirmation
The Vietnam Flooring Market has experienced notable growth reaching a valuation of USD 9.69million in 2023. This growth is driven primarily by the rapid urbanization and industrial growth in the country. The increasing investments in the construction sector, both residential and commercial, have significantly boosted the demand for various flooring materials.
Key players in the Vietnam flooring market include names such as SCG Cement-Building Materials, An Cuong Wood Working, Dong Tam Group, and TAVICO Timber JSC. These companies dominate due to their extensive distribution networks, strong brand presence, and continuous innovations in product offerings.
SCG Cement-Building Materials launched its Low Carbon Super Cementin Vietnam on June 17, 2024. This new product utilizes advanced green technologies to reduce carbon emissions by up to20%compared to traditional cement.
Ho Chi Minh City and Hanoi dominate the Vietnam flooring market due to their rapid urbanization and higher spending capacities. Ho Chi Minh City, with its booming construction industry and significant foreign investments, leads in the demand for high-end and innovative flooring solutions.
Vietnam Flooring Market Segmentation
By Product Type: Vietnam's flooring market is segmented by product type into ceramic tiles, vinyl flooring, and wooden flooring. In 2023, ceramic tiles hold the dominant market share due to their affordability, durability, and variety. Ceramic tiles are preferred in both residential and commercial spaces for their ease of maintenance and aesthetic appeal.
By End-User: The market is further segmented by end-users into residential, commercial, and industrial sectors. The residential sector holds the largest market share in 2023, driven by a growing population, urbanization, and an increasing number of housing projects.
By Region: Vietnam's flooring market is regionally segmented into North, South, East, and West. The Southern region, encompassing Ho Chi Minh City, dominates the market share in 2023 due to its economic dynamism, higher income levels, and significant construction activities.
Vietnam Flooring Market Competitive Landscape
Company
Establishment Year
Headquarters
SCG Cement-Building Materials
1913
Ho Chi Minh City
An Cuong Wood Working
1994
Binh Duong
Dong Tam Group
1969
Ho Chi Minh City
TAVICO Timber JSC
2005
Dong Nai
Hoa Binh Construction Group
1987
Ho Chi Minh City
An Cuong Wood Working: An Cuong Wood Working introduced a new line of eco-friendly flooring products in 2023, made from sustainable materials and advanced manufacturing processes. This move is part of their strategy to capture the growing segment of environmentally conscious consumers.
Dong Tam Group: In January 2023, Dong Tam Group announced the cancellation of its public company registration. This decision marks a pivotal moment for the company, which has been a key player in the construction materials sector, including flooring products. The cancellation may impact its market presence and investor relations moving forward.
Vietnam Flooring Industry Analysis
Vietnam Flooring Market Growth Drivers
Housing and Smart City: The Vietnamese government is actively promoting investments in affordable housing and smart city development. As of mid-2024, there are 503 social housing projects in progress across Vietnam, with 75 completed projects providing nearly 40,000 housing units.
Sustainable and Innovative Products: The demand for innovative and sustainable flooring materials is rising. For example, technology-integrated solutions like smart thermostats for underfloor heating and energy-generating floors are gaining popularity, with significant market growth expected in 2024.
Entry of International Brands: The influx of international flooring brands into the Vietnamese market is enhancing competition and expanding consumer choices, further driving market growth. The Vietnam Wood Flooring market currently has an HHI (Herfindahl-Hirschman Index) of 9284 in 2023, indicating a highly concentrated market.
Vietnam Flooring Market Challenges
Competition from Low-Cost Imports: Domestic manufacturers in the Vietnam flooring market are grappling with intense price competition from low-cost imported flooring products. This influx of affordable alternatives from other countries poses a significant threat to local businesses, as they struggle to match the pricing strategies of their foreign counterparts.
Evolving Consumer Tastes: The ever-changing landscape of interior design trends requires flooring manufacturers in Vietnam to consistently adapt their offerings to cater to the shifting preferences of consumers. Failing to keep up with these changes could result in a loss of market appeal and relevance for their products.
Vietnam Flooring Market Government Initiatives
Affordable Housing Promotion: The Vietnamese government has introduced a range of initiatives to boost the construction of affordable housing. This effort has significantly increased the demand for flooring materials as various residential projects progress. In June 2023, Deputy Prime Minister Tran Hong Ha emphasized the need for policymakers to create regulations for allocating state funds to support social housing development for low-income individuals and policy beneficiaries, following a model similar to that used for official residences.
Public Building Renovations: Government authorities are making substantial investments in renovating educational and public buildings, which is driving increased demand for a diverse range of flooring solutions. This initiative not only upgrades public infrastructure but also promotes growth in the flooring market. In June 2023, the Ministry of Education and Training revealed plans to renovate and upgrade 1,000 schools nationwide by 2025.
Vietnam Flooring Market Future Outlook
The Vietnam flooring market is ready for significant growth, supported by favorable economic conditions, evolving consumer preferences, and strategic government initiatives aimed at enhancing infrastructure and housing development.
Future Market Trends
Growth in Demand for Sustainable Flooring: Sustainability will continue to be a major driver in the flooring market, with an increasing preference for eco-friendly materials. By 2028, the market share of sustainable flooring materials, such as bamboo, cork, and recycled composites, will expand.
Expansion of Modular Flooring Systems: Modular flooring systems, which offer easy installation, flexibility, and cost efficiency, are projected to see robust growth. By 2028, modular flooring will acquire a major percentage of the flooring market in Vietnam. These systems are particularly attractive for commercial spaces that require frequent reconfiguration.
Please Note: It will take 5-7 business days to complete the report upon order confirmation
Table of Contents
94 Pages
- 1.Vietnam Flooring Market Overview
- 1.1. Definition and Scope
- 1.2. Market Taxonomy
- 1.3. Market Growth Rate
- 1.4. Market Segmentation Overview
- 2.Vietnam Flooring Market Size (in USD Bn), 2018-2023
- 2.1. Historical Market Size
- 2.2. Year-on-Year Growth Analysis
- 2.3. Key Market Developments and Milestones
- 3.Vietnam Flooring Market Analysis
- 3.1. Growth Drivers
- 3.1.1. Urbanization
- 3.1.2. Industrial Growth
- 3.1.3. Construction Sector Investments
- 3.1.4. Technological Advancements in Flooring Materials
- 3.2. Restraints
- 3.2.1. Competition from Low-Cost Imports
- 3.2.2. Evolving Consumer Tastes
- 3.2.3. High Costs of Innovative Flooring Solutions
- 3.3. Opportunities
- 3.3.1. Expansion of Smart City Projects
- 3.3.2. Demand for Eco-Friendly Flooring Solutions
- 3.3.3. Growth in Renovation Activities
- 3.4. Trends
- 3.4.1. Sustainable and Green Flooring Materials
- 3.4.2. Modular Flooring Systems
- 3.4.3. Technological Integration in Flooring Solutions
- 3.5. Government Regulations
- 3.5.1. Affordable Housing Initiatives
- 3.5.2. Public Building Renovations
- 3.5.3. Sustainability Policies in Construction
- 3.5.4. Tax Incentives for Green Buildings
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competitive Ecosystem
- 4.Vietnam Flooring Market Segmentation, 2023
- 4.1. By Product Type (in Value %)
- 4.1.1. Ceramic Tiles
- 4.1.2. Vinyl Flooring
- 4.1.3. Wooden Flooring
- 4.2. By End-User (in Value %)
- 4.2.1. Residential
- 4.2.2. Commercial
- 4.2.3. Industrial
- 4.3. By Region (in Value %)
- 4.3.1. North
- 4.3.2. South
- 4.3.3. East
- 4.3.4. West
- 5.Vietnam Flooring Market Cross Comparison
- 5.1 Detailed Profiles of Major Companies
- 5.1.1. SCG Cement-Building Materials
- 5.1.2. An Cuong Wood Working
- 5.1.3. Dong Tam Group
- 5.1.4. TAVICO Timber JSC
- 5.1.5. Hoa Binh Construction Group
- 5.2 Cross Comparison Parameters (No. of Employees, Headquarters, Inception Year, Revenue)
- 6.Vietnam Flooring Market Competitive Landscape
- 6.1. Market Share Analysis
- 6.2. Strategic Initiatives
- 6.3. Mergers and Acquisitions
- 6.4. Investment Analysis
- 6.4.1. Venture Capital Funding
- 6.4.2. Government Grants
- 6.4.3. Private Equity Investments
- 7.Vietnam Flooring Market Regulatory Framework
- 7.1. Environmental Standards
- 7.2. Compliance Requirements
- 7.3. Certification Processes
- 8.Vietnam Flooring Market Future Size (in USD Bn), 2023-2028
- 8.1. Future Market Size Projections
- 8.2. Key Factors Driving Future Market Growth
- 9.Vietnam Flooring Market Future Segmentation, 2028
- 9.1. By Product Type (in Value %)
- 9.2. By End-User (in Value %)
- 9.3. By Region (in Value %)
- 10.Vietnam Flooring Market Analysts Recommendations
- 10.1. TAM/SAM/SOM Analysis
- 10.2. Customer Cohort Analysis
- 10.3. Marketing Initiatives
- 10.4. White Space Opportunity Analysis
- Disclaimer
- Contact Us
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
