Vietnam Doors
& Windows Market is anticipated to grow at a high CAGR during the period of
2024-2028. There is an increase in renovation operations due to rising disposable
income of consumers. The main factors propelling the market growth
are rising infrastructure projects in the country. The use of
energy-efficient building materials is recommended to reduce emissions from
buildings as floor space area and the energy consumption that goes along with
it are anticipated to increase over the next ten years. In 2021, the Deputy
Prime Minister of Vietnam, Li Wencheng, announced a plan worth USD 10.5 billion
to build or upgrade infrastructure. This is likely to prompt construction
activities in the country, consequently fueling the demand for doors and
windows in the coming years.
Unplasticized polyvinyl chloride (uPVC) windows and doors aid in energy
conservation and offer effective thermal insulation. Also, when properly
manufactured and installed, uPVC windows offer excellent sound insulation. These
windows and doors are available in a variety and can be installed in any type
of building, such as villas, high-rise apartments, offices, hotels, and
hospitals.
uPVC doors improve the aesthetic appeal of the property while offering many
useful features. A few benefits of uPVC doors are easy maintenance, reduced noise,
rainwater leakage prevention, shelter from storm, less accumulation of dust,
enhanced home security, vast vistas, lots of sunlight, and creative freedom for
designing and styling to complement any modern architecture.
Increase in Construction to Drive Market
The expansion in economy has boosted infrastructural developments and,
consequently, the construction of residences, offices, retail establishments,
institutional buildings, have increased, fueling the need for doors and windows,
which is likely to spur the demand for uPVC door and windows in Vietnam over
the next few years. The Infrastructure is crucial in both economies that are
growing and those that are already established to manage the population. As
building construction gets going, more doors and windows should be in demand.
Real estate and infrastructure demand will be driving factors for the product's
demand.
The rise in consumers’ interest in buying new houses or renovating their
old homes are expected to aid this market as well.
The Vietnamese Ministry of Transport unveiled a transportation
infrastructure plan for the period between April 2021 and March 2030, within a
price range of USD 43-65 billion. The Ministry of Transport's industrial
research institute has developed three implementation strategies. The Ministry
of Transport's industrial research institute has developed three implementation
options. These infrastructure projects are anticipated to be completed by 2025 at
large, thanks to the new PPP law that was brought into effect in January 2021.
In the first half of 2021, over 7,900 condominium units were launched in
Hanoi, registering a 10% increase from the previous year. The COVID-19 waves affected
the Hanoi residential market in H1 2021. However, the increasing number of new
launches indicates a resurgence in sales activities and the adaptation of
developers and customers, both, to altered market conditions. The province is
focusing on the construction of high-rise apartment buildings, while
simultaneously developing project-appropriate infrastructure to prevent
overloading of the infrastructure ecosystem.
As a matter of fact, the trend of gradually lowering the number of
low-rise homes and increasing the number of high-rise apartment buildings is
not new. Previously, housing development projects were switched from a low-rise
project structure to a high-rise project structure under the guidance of the
national and local governments of Ho Chi Minh City.
Moreover, in 2022, the city planned to raise the percentage of rental
housing over the next 30 years to house low-income individuals through rented
accommodations and increase the affordability of lease purchases, and houses on
easy EMIs through a variety of payment options.
Rising Tourism and Hospitality Industry to Propel Market
A large number
of tourists are from Asian economies, such as China, Japan, South Korea, and
Taiwan. Compared to other significant tourist destinations in developed
economies, the country’s strong economic connections with these nations may lead
to a quick rebound in its tourism sector over the coming years. This may result
in an upswing in the hospitality industry, leading to the construction of new
hotels, restaurants, resorts, and other recreational buildings and renovation
of the older ones, aiding the demand for doors and windows substantially.
The Vietnamese government has implemented numerous incentives and
policies to encourage tourism and support the hospitality industry. The country
is now more accessible than ever for foreign direct investment (FDI), thanks to
recent changes in the law related to enterprises and investments. Now
establishing a firm with 100% foreign ownership is legal in Vietnam. All these
factors have motivated a number of international companies to set up their
units in the country, which eventually is expected to translate into a rising demand
for doors and windows in the near future.
Tan Son Nhat Airport in Ho Chi Minh City plans to expand in the next two
years so that it can accommodate 38 million people travelling from all over the
world. This will propel construction activities, and in turn, will result into
high demand for doors and windows over the next two years.
The need for four to five-star hotels is anticipated to increase in the
next few years as business travelers to Vietnam continue to rise due to
significant investment inflows, especially, as China, where foreign businesses
are battling increased prices, diverts more investors to Vietnam. The government
is also focusing on improving the connectivity globally as well as within the
country, providing better conditions for big hospitality players to foray into
Vietnam.
Upside Potential in Residential Sector
Helping low-income people find cheap housing is one
core agenda of the Vietnamese Government. The increasing focus to this is
expected to boost the country's residential real estate market in the future. According
to a report from the Ministry of Construction in the second quarter of 2021, the
East Gate and Tecco Town apartment developments are now under construction in
Ho Chi Minh City. The East Gate in Thu Duc City costs about VND 27 million (USD
1,180) per square meter, while the Tecco Town project in Binh Tan District
costs about VND 24 million (USD 1,050) per square meter.
The housing law and other governmental directives
to promote and encourage the development and management of social housing are
among the main endeavours of the Vietnamese government. To assist disadvantaged
and low-income individuals in urban and rural areas, the National Assembly and
the Government of Vietnam promoted numerous policies and methods to create
social housing. Also, it is open to international individuals and organisations
investing in the construction of social housing. About 200 hectares of the site
were moved from the inner city to the suburbs (at first in 2008) as a result of
projects launched by the HCMC Council to boost the sources of clean land in
urban and suburban areas.
Recent Developments
- In January 2022, Andersen introduced the broadest selection of
contemporary windows and doors in Vietnam. With this, the company is hoping to
tap into the Vietnam doors & windows market.
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Market Segmentation
The Vietnam Doors & Windows Market is segmented on the basis of product
type, material type, end user, distribution channel, and region. By product
type, the market is bifurcated into doors and windows. Based on material type,
the market is segmented into uPVC, wood, aluminum, glass, and others. Based on end
user, the market is categorized into residential, commercial, public, and industrial.
In terms of distribution channel, the market is categorized into direct and indirect.
Market Player
Major market players in the Vietnam Doors & Windows Market are Van Phu Xuan Co., Ltd., Window Co., Ltd., Sai Gon New
House Company, Viet-Stained Glass Co Ltd, Tung Kuang Industrial Joint Stock
Company, Mat Bao Co. Ltd, Mhi Aerospace Vietnam Co., Ltd., Alk Vina Joint Stock
Company, Hoang Anh Gia Lai Joint Stock Company.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
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Report coverage
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Revenue forecast,
company share, growth factors, and trends
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Segments covered
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Product Type
Material Type
End User
Distribution Channel
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Regional scope
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Vietnam
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Country scope
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Northern Vietnam, Central Vietnam, Southern Vietnam
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Key companies profiled
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Van Phu Xuan Co., Ltd.,
Window Co., Ltd., Sai Gon New House Company, Viet-Stained Glass Co Ltd, Tung
Kuang Industrial Joint Stock Company, Mat Bao Co. Ltd., Mhi Aerospace Vietnam
Co., Ltd, Alk Vina Joint Stock Company, Hoang Anh Gia Lai Joint Stock Company
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Customization scope
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10% free report customization with purchase. Addition or alteration to
country, regional & segment scope.
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Pricing and purchase options
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Avail customized
purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
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PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
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Report Scope:
In this report, the Vietnam Doors &
Windows Market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
·
Vietnam Doors & Windows Market, By Product Type:
o Doors
o Windows
·
Vietnam Doors & Windows Market, By Material Type:
o uPVC
o Wood
o Aluminum
o Glass
o Others
·
Vietnam Doors & Windows Market, By End User:
o Residential
o Commercial
o Public
o Industrial
·
Vietnam Doors & Windows Market, By Distribution Channel:
o Direct
o Indirect
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Vietnam Doors & Windows Market, By Region:
o Northern Vietnam
o Central Vietnam
o Southern Vietnam
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in
the Vietnam Doors & Windows Market.
Available Customizations:
Vietnam Doors & Windows Market report with the given market data,
Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
The Vietnam Doors &
Windows Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]