Reminiscence of a furniture street
18-09-2012
 A furniture store on Cong Hoa Street in HCMC’s Tan Binh - District Photo: Uyen Vien |
Nam was proud of his unique products, whose prices were three times higher than those mass produced. In the heyday, Dep va Doc attracted much attention of furniture collectors with disposable incomes.
But things abruptly changed late that year. Products were sparsely displayed at Dep va Doc store. Consumer demand sharply shrank, making the shop owner more cautious to invest more money into product development.
The furniture and fine art trading street of Cong Hoa that was the pride of the nation’s industry then began falling into oblivion. The global financial crisis took its toll on Vietnam’s economy.
Early this year, Dep va Doc was no longer seen on the busiest section of Cong Hoa furniture street; it moved to a site around one kilometer away.
The owner of furniture shop Duy Dinh, who was identified as Yen, once had an outlet there on Cong Hoa Street but in 2010, she closed it and started selling products at her home on Nguyen Hien Le Street in Tan Binh District.
Despite less customers, she has not had to pay a monthly rent of some VND20 million since then.
The furniture street flourished because of cheap wood material in Vietnam, plus abundant and low-cost labor. Furniture products at the time were quite simple in designs, but trade was bustling, generating high profits.
On the other hand, at present, locally-made furniture products have eye-catching designs but trade is dull as consumer demand is down 50%.
Nguyen Gian Tan, the owner of Huy Tuan furniture shop in Go Vap District, said his family-run business used to run a retail outlet named Thien Tan on Cong Hoa Street. “Cong Hoa Street’s advantages are wide spaces for rent and low rent. Moreover, it is near Tan Son Nhat International Airport, making it convenient for tourists to come here for shopping.”
However, the market is increasingly lackluster with furniture business steadily going down.
According to the owner of Dong Thanh Shop, his customers are now mainly individuals, so bulk orders are fewer than in the 1990s. He estimated the furniture outlets on Cong Hoa that had been shut down accounted for nearly 60% of the total number recorded during the successful period of the industry.
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