Fresh-cut flowers are an integral part of Lunar New Year (Tet) celebrations in Vietnam, with huge cultural significance. Flowers are placed as offerings to the ancestors at altars in homes and businesses around the country. This usually occurs on special occasions, such as death anniversaries throughout the year, culminating with huge displays of flowers during Tet.
This trend, coupled with having the seventh fastest-growing middle class in the world, makes Vietnam an import and export epicenter for fresh-cut flowers. In fact, with an expected CAGR of 11.5 percent over the next five years, Vietnam’s floriculture market is expected to add an additional US$283 million by 2026.
And with demand increasing, supplies will need to increase too. This presents two key opportunities for foreign floriculture firms:
For exporters: Imports are often used to plug gaps created by unpredictable weather conditions in flower markets the world over, and Vietnam is no exception.
For investors: Domestic enterprises will need investment to ramp up production, including in training and technology.
Read more at vietnam-briefing.com