Vietnam Office Stationery and Supply Market is Poised to Reach USD 512.4 Million by 2027
Published | May 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Vietnam office stationery and supply market reached USD 381.7 million in 2020. The market is further expected to reach USD 512.4 million by 2027 and is projected to grow at a CAGR of 6.2% during 2021-2027 (forecast period). The Vietnam office stationery and supply market has benefited from 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.
Rising number of commercialized office buildings driving Vietnam Office Stationery and Supply Market
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 excellent 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. Furthermore, 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. According to the 2017 census, Vietnam had over 10,000 large enterprises, which would only grow in the next years, increasing demand for the Vietnam office stationery and supply market.
Growing Demand among Small and Medium Enterprises (SMEs) Propelling Market Growth
Vietnam consists of many SMEs including small companies, budding start-ups, medium-scale operations and companies operating with almost 250 employees. SMEs are the driving force behind any developing economy, creating a plethora of job opportunities for people all over the world. The Vietnamese start-up ecosystem has encouraged many aspiring entrepreneurs to launch small firms, thereby providing opportunities for the growth of the nation. As more SMEs recruit more staff, the procurement of basic tools and stationery equipment for day-to-day operations is becoming more vital. Thus, the increasing number of SMEs in Vietnam is contributing to the growth of the Vietnam office stationery and supply market.
Printers, Scanners, & Photocopiers’ segment occupies the largest market share
There are various types of office stationery, such as desk supplies, paper products, stationery/mailing supplies, computer/printer supplies, binding supplies, filing supplies, and others, available in the Vietnam office stationery and supply market. These stationery items have become an integral part of any organization today. Printers, scanners, and photocopy machines have proven to be essential for businesses to operate, thus, accounting for the largest share in the Vietnam office stationery and supply market. Printers, scanners, and photocopy machines also enable corporates to easily provide printout presentations wherever necessary, scan important documents, and transferring hard copies to soft-copy form to retain data in the computer systems to provide backup for the documents. These machines not only aid corporations in their pursuit of flawless operations, but also hospitals, schools, and government agencies.
Office Buildings segment hold the largest share in the application segment
Based on applications, the Vietnam office stationery and supply market can be segmented into office buildings, schools, hospitals, government organizations, and others. Due to increased FDI flows in the country, the office buildings segment held the highest share of the Vietnam office stationery & supplies market. Stationery supplies play a major role in augmenting the overall productivity of an organization. Companies can attain their prospective goals more easily and quickly if they leverage these office stationery supplies more efficiently. The need for enhancing productivity, coupled with the rising startup ecosystem investments and government initiatives have been driving the office building segment in Vietnam, which in turn is impacting the Vietnam office stationery and supply market positively.
Impact of COVID-19 on Vietnam Office Stationery and Supply Market
The COVID-19 has severely impacted businesses across industries around the world, thereby reducing the availability of raw materials, let alone the supply of the final products. The businesses were grappling with lockdown restrictions, which had halted a lot of industrial operations. The tight lockdown limitations reduced the supply of raw materials needed for the production of office goods. Despite the fact that Vietnam borders China, the country 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 confront some harsh measures, which impacted the demand for Vietnam office stationery and supply market.
Thus, Vietnam office stationery and supply market has been severely affected by the ongoing 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. Additionally, 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.
The leading players in the Vietnam office stationery and supply market are 3M Vietnam Ltd., Canon Marketing Vietnam Company Ltd, Faber-Castell Group, Brother International, Kokuyo Co. Ltd., and other prominent players. Vietnam office stationery and supply market is highly fragmented in nature with many players operating in the nation to provide efficient and quality stationery products in order to gain a competitive edge over their competitors. Furthermore, increasing foreign investment may bring foreign competitors into the Vietnam office stationery and supply market, enhancing market competitiveness.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam office stationery and supply market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Vietnam office stationery and supply market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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