Panels & Furniture Asia January/February 2024
Panels & Furniture Asia (PFA) is a leading regional trade magazine dedicated to the woodbased panel, furniture and flooring processing industry. Published bi-monthly since 2000, PFA delivers authentic journalism to cover the latest news, technology, machinery, projects, products and trade events throughout the sector. With a hardcopy and digital readership comprising manufacturers, designers and specifiers, among others, PFA is the platform of choice for connecting brands across the global woodworking landscape.
Panels & Furniture Asia (PFA) is a leading regional trade magazine dedicated to the woodbased panel, furniture and flooring processing industry. Published bi-monthly since 2000, PFA delivers authentic journalism to cover the latest news, technology, machinery, projects, products and trade events throughout the sector. With a hardcopy and digital readership comprising manufacturers, designers and specifiers, among others, PFA is the platform of choice for connecting brands across the global woodworking landscape.
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MARKET REPORT<br />
space. Currently, the trends are developing<br />
towards minimalist styles, smart and<br />
intelligent furniture, and green furniture.<br />
To capitalise on its competitive advantage<br />
against export-oriented furniture factories,<br />
domestic furniture enterprises should focus<br />
on the quality of its design, manufacturing<br />
process, and material, and make sure<br />
the raw materials used are safe for the<br />
environment.<br />
From <strong>2024</strong> onwards,<br />
60 new projects with<br />
about 10,300 rooms<br />
will launch in Hanoi<br />
HANOI MARKET DEMAND<br />
In recent years, furniture shopping in<br />
Hanoi has been increasing. Hanoi people<br />
tend to buy furniture products with high<br />
quality and modern designs. In addition,<br />
with the rise of social media and online<br />
shopping, consumers are becoming more<br />
aware of the latest trends and designs<br />
in furniture and interior design. This has<br />
led to a shift towards modern and stylish<br />
furniture. Exposure to Western lifestyle<br />
has also affected local’s tastes, leading to<br />
Vietnamese consumers developing a taste<br />
for modern and contemporary designs.<br />
All these signal opportunities for furniture<br />
manufacturers focused on domestic<br />
demand. Furthermore, Hanoi has more<br />
than 350 urban areas with a scale of 2,500<br />
hectares. By 2022, there were 93 new urban<br />
and commercial housing projects in the city<br />
for a scale of 3,453 hectares with 34.7 million<br />
metres square of residential floors, the total<br />
investment of which roughly accumulated<br />
to more than US$105bn. These 93 projects<br />
provided the market with about 164,602<br />
apartments and 58,218 low-rise apartments<br />
for furnishing chances.<br />
It has also been announced by real<br />
estate service company Savills that the<br />
urbanisation rate in Hanoi is expected to<br />
reach 62% by 2025 and increase to 75%<br />
by 2030 from 49% currently. This means<br />
around 426,700 units between now and<br />
2025 will be raised. As more people move<br />
into urban areas, there is a growing need<br />
for functional and aesthetically pleasing<br />
living spaces. However, Hanoi’s Housing<br />
Development Program targets a total new<br />
housing area of 33.2 million metres square<br />
from now to 2025, which indicates a housing<br />
area per capita of 29.5m 2 per person. The<br />
figures show an estimated supply shortfall<br />
of 95,800 units.<br />
TWIN TABLE CNC MACHINING CENTER<br />
TABLE SIZE:2400X1600 (CUSTOMIZED AVAILABLE)<br />
雙 檯 面 CNC 複 合 加 工 機<br />
可 客 製 檯 面 大 小<br />
JANUARY / FEBRUARY <strong>2024</strong> | PANELS & FURNITURE ASIA 15
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