A Dulux paint agent, Jotun at Dai Co Viet street (Hai Ba Trung district) informed that since the beginning of March, the price of Dulux paint has increased 2 times in a row, making it difficult to sell, consumer psychology is more cautious when choosing paint lines. However, at the end of the year, the demand for home repair was large, and people's income gradually recovered after the epidemic, so the store business situation has made positive progress.
After the Covid-19 pandemic, the residential paint segment is having the opportunity to make a strong breakthrough, accounting for a large market share in the total turnover of paint and coating products with 62% of output. It is expected that by the end of 2022, the retail market of decorative paints and coatings in Vietnam will increase by 30%, from VND 89 trillion ($382 million) to VND 107,000 billion ($459 million).
According to a representative of the Vietnam Paint and Ink Association (VPIA), in 2022, the paint and ink industry will continue to face many global challenges from fluctuations in oil prices, the Ukraine-Russia war, and the fault of the United States. supply chain, logistics system chaos, the US-China tariff war has not ended, inflation is at a high level, even dangerously causing purchasing power to decrease. This challenge affects the paint and ink industry in Vietnam.
In addition, internal factors such as consumers tightening their spending, real estate showing signs of slowing down on a large scale, infrastructure projects being flooded with capital, slow progress or slow start-up, difficult access to loans… All of the above makes it almost impossible to predict the "health" of enterprises from now until the end of 2022.
Promote environmental friendliness
House painting is the final stage in finishing the work, plays an important role and affects the beauty and protection of the house. The use of poor quality paint reduces the aesthetics of the house, even directly affecting the health of the user.
According to experts, the increasing demand of users for green, environmentally friendly coatings and increasingly strict environmental regulations. Factors such as non-flammable, odorless, long shelf life, non-toxic, are predicted to drive the growth of the coatings market.
Currently, there are about 600 enterprises operating in Vietnam's paint and coatings industry, of which 70 are foreign direct-invested enterprises. According to a report by VPIA, in the past 5 years, foreign direct-invested enterprises have accounted for more than 65% of the Vietnamese market, although the number is small, while domestic enterprises only account for 35% of the market share.