Vietnam's handicraft exports reached approximately $3.5 billion in 2023. However, the figure is still modest compared to competitors like China and India.

The sector is therefore striving to achieve an export turnover of $4 billion by 2025.

Mr. Ton Gia Hoa, Vice President of the Vietnam Association of Craft Villages noted that the global handicraft market, which was valued at $1.007 trillion in 2023, is expected to reach $1.107 trillion in 2024, and is projected to hit $2.394 trillion by 2032.

Vietnam has significant potential for exporting handicrafts, thanks to its diverse industries and rich resources. Currently, the country is home to over 5,400 craft villages and traditional craft villages, generating a total revenue of approximately VND75 trillion (over $3 billion).

Vietnamese handicraft products are now present in 163 countries and territories. The export turnover of these handicraft products increased from $1.62 billion in 2015 to $2.23 billion in 2019, and then to $3.5 billion in 2023. 

The main export markets include the United States, Japan, the European Union, and several Middle East countries. While aiming for a $4 billion target by 2025, the sector sill lags behind competitors like China and India.

Mr. Hoa highlighted positive signals for Vietnam’s handicraft sector, particularly with strong support from e-commerce. Vietnam's e-commerce market ranks in the top 3 in Southeast Asia, providing a substantial boost o exports. The uniqueness of Vietnamese handicrafts lies in their reliance on sustainable production factors throughout the entire value chain.

"Although the export turnover of handicrafts is not as high as many other items, statistics show that for every $1 million in handicraft exports, the profit is 5-10 times higher than many other export items. This indicates the actual value obtained from exporting this item is very high," said Mr. Hoa.