BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam office stationery and supply market size at USD 195.35 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam office stationery and supply market size to grow at a CAGR of 8.37% reaching a value of USD 316.41 million by 2029. The growth of Vietnam office stationery and supply market is primarily fueled by the increased FDI inflows and investments from various enterprises aiming to relocate their operations from China to Vietnam. Office stationery and supplies are essential items used in workplaces, schools, hospitals, government agencies, and other settings for drafting correspondence, keeping records, and storing supplies or data. These equipment and tools have been serving an important purpose for businesses across sectors to ensure flawless operation in their day-to-day operations throughout the projected period.
Opportunity: Rising number of commercial and office buildings
Due to rising geopolitical concerns with China, several multinational corporations have relocated their offices from Mainland China to other small economies around the country. The next best alternative to China is Vietnam, which has been supplying electronic device assembly and manufacturing at a lower cost than China, prompting many corporate offices to relocate their activities to Vietnam. It has resulted in a variety of opportunities in the Vietnam office stationery and supply market. Government regulations have been amended in order to attract investors from around the world to invest and start businesses in Vietnam, thereby creating jobs and increasing demand for office supplies.
Impact of COVID-19 on Vietnam Office Stationery and Supply Market
The COVID-19 pandemic affected the supply of raw materials needed for the production of office goods. Despite the fact that the country borders China, Vietnam was able to contain the spread of the COVID-19 and was recognized as one of the least affected regions in the globe; however, the Vietnam government had to impose some harsh measures, which impacted the demand for Vietnam office stationery and supply market. Thus, Vietnam office stationery and supply market was severely affected by the pandemic. To conform to social distancing norms, several offices announced work-from-home as the way to go, resulting in lower use of office stationery and supply. Though the growing expat culture had lured people from all over the world to settle and work in Vietnam, the pandemic forced them to leave the nation and return home, affecting the Vietnam office stationery and supply market. Apart from private offices, all government entities which had used a lot of office stationery had closed, thereby reducing the need for stationery products here as well.
Vietnam Office Stationery and Supply Market – By Application
Based on the application, the Vietnam office stationery and supply market is segmented into office buildings, schools, hospitals, government organizations, and others. The office building segment accounted for the largest share in the Vietnam office stationery and supply market by application. Any office building, be it a startup or a large organization, requires an extensive toolkit for the smooth functioning of the projects undertaken at the office. If the offices lack all of the necessary equipment, such as paper, pens, folders, desk supplies, printers, scanners, identification supplies, and other items, the organized system is doomed to fail, yielding no productive results for any project. Therefore, stationery supplies serve important purposes for businesses in office buildings.
The Vietnam office stationery and supply market is fragmented, with numerous players serving the market. The key players dominating the Vietnam office stationery and supply market include 3M Vietnam Ltd, Canon Marketing Vietnam Company Ltd, Faber-Castell Group, Brother International, Kokuyo Co. Ltd, OfficeMart Vietnam, and OfficeMate Vietnam. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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