A mattress showroom in HCM City. The mattress market is expected to sustain high growth. (Photo: VNA) HCM City (VNS/VNA) - Vietnam’s strongeconomic growth and rapid increase in per capita income has driven demand for abetter quality of life, thus the development of the interiors market, includingfor mattresses, according to experts.
In its Vietnam mattress market report, Ken Research Company of India said themarket saw compounded annual growth rate of 7.6 percent in the 2011-16 period.
It is expected to reach 291 million USD by 2021, it said.
Growing demand from the residential and commercial sectors has driven themarket.
In addition, the development of the hospitality industry with an increasingnumber of hotels and rooms has directly increased the demand for qualitymattresses, the research company said.
According to experts, Vietnam has around 25 million families and some 40 percentof them use mattresses. With the average lifespan of a mattress being sevenyears, the demand is for at least four million new mattresses each year, not tomention the needs of new families.
Therefore, there is still much room for it to grow, they said.
In addition to famous domestic companies such as Van Thanh, Lien A and Kim Dan,the market has also attracted a number of foreign brands such as Everon,Kingsdown and Dunlopillo from the Republic of Korea, the US, the UK, and othercountries.
A wide range of products from foam mattresses to pressed cotton mattresses,spring mattresses and latex mattresses are available in the market, meeting allkinds of customers’ demands.
Truong Tỵ, general director of Van Thanh Mattress Company, told Tuoi Tre newspaperthat his company sells 80,000 latex mattresses each year at 5-20 million VND (215.5-862USD) and more than 90,000 spring mattresses at lower prices.
Insiders said there is fierce competition between domestic companies as well asbetween them and foreign brands.
To meet the needs of consumers, many enterprises focus on improvingtechnologies, production processes and creating quality products which cancompete with foreign brands and even be exported, they said.
Tỵ said: "Foreign enterprises have invested in factories in Vietnam toserve their export markets and exploit the local market. Therefore, to compete,Vietnamese firms must constantly innovate technology and improve productquality and, especially, develop their distribution network.”
Nguyen Tuan, a retail expert, told the newspaper that now selling amattress does not stop merely with selling a product: customers need moreinformation related to their sleep such as best sleeping positions and others.
Those companies who understand this trend would convince the market, he said.
Considering the potential of the mattress industry, many economists said, moreplayers would enter the market.
However, for local companies to compete with large foreign rivals, they need toinvest in the whole chain from raw materials and equipment to technology and qualitymanagement, they added.-VNS/VNA
In its Vietnam mattress market report, Ken Research Company of India said themarket saw compounded annual growth rate of 7.6 percent in the 2011-16 period.
It is expected to reach 291 million USD by 2021, it said.
Growing demand from the residential and commercial sectors has driven themarket.
In addition, the development of the hospitality industry with an increasingnumber of hotels and rooms has directly increased the demand for qualitymattresses, the research company said.
According to experts, Vietnam has around 25 million families and some 40 percentof them use mattresses. With the average lifespan of a mattress being sevenyears, the demand is for at least four million new mattresses each year, not tomention the needs of new families.
Therefore, there is still much room for it to grow, they said.
In addition to famous domestic companies such as Van Thanh, Lien A and Kim Dan,the market has also attracted a number of foreign brands such as Everon,Kingsdown and Dunlopillo from the Republic of Korea, the US, the UK, and othercountries.
A wide range of products from foam mattresses to pressed cotton mattresses,spring mattresses and latex mattresses are available in the market, meeting allkinds of customers’ demands.
Truong Tỵ, general director of Van Thanh Mattress Company, told Tuoi Tre newspaperthat his company sells 80,000 latex mattresses each year at 5-20 million VND (215.5-862USD) and more than 90,000 spring mattresses at lower prices.
Insiders said there is fierce competition between domestic companies as well asbetween them and foreign brands.
To meet the needs of consumers, many enterprises focus on improvingtechnologies, production processes and creating quality products which cancompete with foreign brands and even be exported, they said.
Tỵ said: "Foreign enterprises have invested in factories in Vietnam toserve their export markets and exploit the local market. Therefore, to compete,Vietnamese firms must constantly innovate technology and improve productquality and, especially, develop their distribution network.”
Nguyen Tuan, a retail expert, told the newspaper that now selling amattress does not stop merely with selling a product: customers need moreinformation related to their sleep such as best sleeping positions and others.
Those companies who understand this trend would convince the market, he said.
Considering the potential of the mattress industry, many economists said, moreplayers would enter the market.
However, for local companies to compete with large foreign rivals, they need toinvest in the whole chain from raw materials and equipment to technology and qualitymanagement, they added.-VNS/VNA
VNA
