Vietnam Home Improvement Market Outlook

According to the latest report by Expert Market Research (EMR), the Vietnam home improvement market size attained a value of USD 3.07 billion in 2024. Supported by increasing urbanization, rising disposable incomes, and a growing trend of homeownership, the market is projected to grow at a CAGR of 3.4% from 2025 to 2033, reaching a value of USD 4.17 billion by 2033. The expanding real estate sector and the increasing preference for better living standards are major factors driving the demand for home improvement products and services in the country.

Home Improvement in Vietnam: An Overview

Home improvement refers to the renovation, remodeling, and enhancement of residential properties to increase their value, functionality, and aesthetics. In Vietnam, this market has experienced significant growth in recent years, driven by a combination of factors including economic growth, higher disposable incomes, and the desire among homeowners to modernize and improve their living spaces. The home improvement market encompasses a wide range of activities, such as renovations, repairs, the installation of new fixtures, and the use of advanced home improvement technologies.

In Vietnam, a growing number of middle-class consumers are opting to invest in improving their homes, whether through simple cosmetic upgrades or more extensive renovations. The market for home improvement products includes items such as flooring, paints, lighting, and kitchen and bathroom equipment. In addition, there is a rising demand for eco-friendly and energy-efficient solutions, further shaping the market’s growth trajectory.

Market Drivers

Several key drivers are fueling the growth of the Vietnam home improvement market. One of the primary factors is the country's rapid urbanization. As more people move to urban areas in search of better opportunities, the demand for housing has increased, creating a parallel demand for home improvement solutions. According to the World Bank, Vietnam’s urban population is projected to grow from 35% in 2020 to 45% by 2035. This shift has resulted in an expansion of the residential real estate sector, as well as an increased focus on improving the quality of existing homes.

The rise in disposable income is another critical factor. With the steady growth of the Vietnamese economy, the purchasing power of households has increased, enabling more individuals to invest in home improvement projects. As the middle class expands, consumers are increasingly focused on upgrading their living spaces, opting for renovations that improve both aesthetics and functionality.

In addition to urbanization and rising income levels, Vietnam’s changing lifestyle patterns are contributing to the demand for home improvements. Consumers, particularly younger generations, are becoming more focused on interior design and the functionality of their homes. This is evidenced by the growing popularity of home automation, modular furniture, and smart home technologies, all of which are considered integral to modern home improvement projects.

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Popular Home Improvement Trends in Vietnam

Several key trends have emerged in the Vietnam home improvement market, further driving its expansion. These trends include the increasing preference for eco-friendly solutions, the rise of DIY (do-it-yourself) projects, and the growing demand for smart home technology.

• Sustainability and Eco-Friendly Solutions: As environmental awareness increases, Vietnamese homeowners are becoming more focused on adopting sustainable and energy-efficient home improvement solutions. From energy-efficient appliances to solar panel installations, many consumers are seeking products that reduce energy consumption and minimize environmental impact. Green building materials, such as recycled tiles, low-VOC (volatile organic compound) paints, and eco-friendly flooring, are also gaining popularity among consumers who wish to build or renovate their homes in an environmentally conscious way.

• DIY Home Improvement: The DIY trend has gained momentum in Vietnam, particularly during the COVID-19 pandemic when more people spent time at home. Homeowners, especially younger individuals, are increasingly taking on home improvement projects themselves, particularly small-scale renovations and decor changes. This has driven demand for tools, paints, and other DIY materials, as well as instructional content, including online tutorials and home improvement courses.

• Smart Home Technology: The integration of smart home technologies into home improvement projects has become a significant trend in Vietnam. Consumers are increasingly incorporating smart devices such as thermostats, lighting systems, and security cameras into their homes to enhance convenience and security. The growth of e-commerce platforms and online marketplaces has further fueled the demand for these products, making them more accessible to a broader range of consumers.

• Modernization of Interiors: Many Vietnamese consumers are opting to renovate and modernize their homes with an emphasis on contemporary designs. This includes the installation of modern kitchen and bathroom fixtures, updated flooring, and stylish, minimalist furniture. The focus is on creating homes that are both functional and aesthetically pleasing, with an emphasis on maximizing space and improving the overall living experience.

Vietnam Home Improvement Market Segmentation

The market can be divided based on area, project, and application.

Market Breakup by Area

• Rural
• Urban

Market Breakup by Project

• DIY
• DIFM

Market Breakup by Application

• Kitchen Renovation and Additions
• Bath Renovation and Additions
• Exterior Replacements
• Interior Replacements
• System Upgrades
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Vietnam home improvement market. Some of the major players explored in the report by Expert Market Research are as follows:

• Kohler Co.
• 3M Co.
• Anderson Corp.
• DuPont de Nemours, Inc.
• Truong Thanh Furniture Corporation
• TTDECOR
• Kaze Vietnam Co., Ltd,
• Others

Challenges Facing the Market

Despite the strong growth prospects, there are certain challenges facing the Vietnam home improvement market. One of the main challenges is the high cost of home improvement products and services. While disposable incomes have been rising, many homeowners still find it difficult to afford large-scale renovations or high-end products. This limits the potential market for premium home improvement solutions.

Another challenge is the lack of skilled labor in the construction and renovation sectors. Skilled workers, such as carpenters, electricians, and plumbers, are in short supply in Vietnam, which can delay projects and drive up labor costs. Additionally, the lack of standardization and quality control in the home improvement sector can lead to inconsistent results, creating challenges for both consumers and service providers.

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