Container ships at Incheon Port in South Korea. (Source: The Korea Herald)

The Incheon Port Authority (IPA) announced on September 29 that exports of office furniture from South Korea to Vietnam have begun to yield results.

IPA started paving the way for exporting office furniture to Ho Chi Minh City in April 2024. So far, 8 TEUs (1 TEU is equivalent to a 20-foot container) have been exported, and the volume of exports is expected to continue increasing as the market for high-end office furniture in Vietnam expands.

Statista, a global market research company, predicts that the furniture market in Vietnam will grow at a high average annual rate of 8.7% until 2027.

Notably, as economic conditions improve, interest in the quality and design of Korean furniture in the Vietnamese market is on the rise.

As banks, law firms, and many Korean companies expand their presence in the Vietnamese market, the demand for high-end Korean office furniture is also increasing.

To keep up with this trend, IPA plans to implement support measures to reduce logistics costs, such as offering volume discounts.

Additionally, to boost export volumes, IPA is seeking partnerships with Vietnamese companies, including shipping firms, logistics companies, and import-export businesses.

Previously, the IPA office in Ho Chi Minh City supported 15 small and medium-sized Korean enterprises in exporting products through Incheon Port and distributing them on Vietnamese e-commerce platforms like Shopee and Lazada, generating an export volume of up to 30 TEUs.

Kim Sang-ki, head of the business department at IPA, stated that exporting office furniture will be an opportunity for Incheon Port to advance as a primary export channel for office furniture.

Incheon will assist import-export companies by reducing logistics costs and helping to address any challenges.

Minister Oh Young Joo noted that having more Vietnamese products in the South Korean market, as well as more Vietnamese vendors operating in traditional markets in South Korea, is beneficial for both sides.