Hand Tools Market Overview in Viet Nam
Market Overview
The Vietnamese hand tools market skyrocketed to $
in 2019, growing 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). Over the period under review, the total consumption indicated noticeable growth from 2007 to 2019: its value decreased at an average annual rate of -% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.
In value terms, hand tools production skyrocketed to $ in 2019 estimated in export prices. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 when the production volume increased by % year-to-year. As a result, production attained the peak level of $. From 2012 to 2019, production growth remained at a somewhat lower figure.
in 2019, growing 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). Over the period under review, the total consumption indicated noticeable growth from 2007 to 2019: its value decreased at an average annual rate of -% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.In value terms, hand tools production skyrocketed to $
in 2019 estimated in export prices. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 when the production volume increased by % year-to-year. As a result, production attained the peak level of $. From 2012 to 2019, production growth remained at a somewhat lower figure.Consumption
In 2019, consumption of hand tools increased by % to tonnes, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, consumption hit record highs at tonnes in 2007; however, from 2008 to 2019, consumption stood at a somewhat lower figure.
The value of the hand tools market in Viet Nam surged to $ in 2019, increasing 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, the total consumption indicated a measured increase from 2007 to 2019: its value decreased at an average annual rate of -% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
% to tonnes, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, consumption hit record highs at tonnes in 2007; however, from 2008 to 2019, consumption stood at a somewhat lower figure.The value of the hand tools market in Viet Nam surged to $
in 2019, increasing 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, the total consumption indicated a measured increase from 2007 to 2019: its value decreased at an average annual rate of -% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.Market Forecast
Driven by rising demand for hand tools in Viet Nam, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .Market Structure
Driven by a growing demand, the share of imports in total supply in Viet Nam increased significantly over the last twelve years (from % to %). Total import supply of hand tools is expected to rise, though it will be moderately impacted by price increases.
% to %). Total import supply of hand tools is expected to rise, though it will be moderately impacted by price increases.Trade Balance
Those figures reflect the fact that neither imports nor exports don’t dominate the trade balance, and the country may export not only the product manufactured domestically, but also re-export some previously imported goods.
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