Hand Tools Market Overview in Viet Nam
Market Overview
The Vietnamese hand tools market shrank to $
in , with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by % against the previous year. As a result, consumption attained the peak level of $. from 2019 to , the growth of the market remained at a lower figure.
In value terms, hand tools production amounted to $ in estimated in export prices. In general, the total production indicated a mild expansion from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against 2018 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by % year-to-year. Over the period under review, production reached the peak level at $ in 2011; however, from 2012 to , production failed to regain the momentum.
in , with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by % against the previous year. As a result, consumption attained the peak level of $. from 2019 to , the growth of the market remained at a lower figure.In value terms, hand tools production amounted to $
in estimated in export prices. In general, the total production indicated a mild expansion from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production decreased by -% against 2018 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by % year-to-year. Over the period under review, production reached the peak level at $ in 2011; however, from 2012 to , production failed to regain the momentum.Consumption
In , after two years of growth, there was significant decline in consumption of hand tools, when its volume decreased by -% to tonnes. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by % year-to-year. Hand tools consumption peaked at tonnes in 2019, and then contracted in the following year.
The value of the hand tools market in Viet Nam reduced modestly to $ in , shrinking by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by % against the previous year. As a result, consumption reached the peak level of $. from 2019 to , the growth of the market remained at a lower figure.
, after two years of growth, there was significant decline in consumption of hand tools, when its volume decreased by -% to tonnes. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by % year-to-year. Hand tools consumption peaked at tonnes in 2019, and then contracted in the following year.The value of the hand tools market in Viet Nam reduced modestly to $
in , shrinking by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by % against the previous year. As a result, consumption reached the peak level of $. from 2019 to , the growth of the market remained at a lower figure.Market Forecast
Driven by increasing demand for hand tools in Viet Nam, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tonnes by the end of .
% for the period from to , which is projected to bring the market volume to tonnes by the end of .Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review.
, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports remained relatively constant over the period under review.Trade Balance
This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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