The financial information providers also announced that this is figure is expected to double again to approximately $2.2 bn (€2.07 bn) in 2020.
Tipped for success
Market research organisation, Euromonitor International, supported these figures, stating that Vietnam’s cosmetics industry, where imports make up 90% of trade, has gone above the $1 bn (€938.6 mn) mark in two years.
In Asia, Singapore, Thailand and Korea are the largest importers of cosmetics and personal care items to Vietnam reported the ITC.
It also announced that while import rates from European markets including France and Italy have decreased at a turns ratio of 16% and 3%, other countries in the region such as Ireland, Spain and Germany have seen a rise of between 2% and 16%. As a result, the EU remains a key import region to Vietnam.
The General Administration of Customs published data showing that in January and February of 2017, the value of imported perfumes, cosmetics and toilet preparations from Singapore hit almost $30 mn (€28.1 mn).
Fragrance and make up are hand-picked
As perfumes make up 55% of imported products to Vietnam, make up accounts for 21% and other beauty and personal care items such as hair care, shaving creams and oils taking between 2-8% of import share, brands are keen to build their product portfolios in these cosmetics segments.
The Vietnamese landscape is arguably better positioned today, to welcome beauty and personal care products as 40% of the female population consists of 20 million women in the 15 to 39 age demographic.
In addition, faster updates relating to market trends and improved access to a variety of source of information provides target consumers with adequate product knowledge.
Also, the ITC said perfume and make up items in the Vietnamese marketplace are favoured by consumers, creating 27% and 10% respectively of consumer’s preferences.
Leading events organiser in the region, UBM Asia, will welcome visitors to vietbeauty 2017 from 23-25 August 2017.
Held at the Saigon Exhibition and Convention Center (SECC), Ho Chi Minh, Vietnam, vietbeauty 2017 is the only beauty show in Vietnam on the annual events calendar.
To top last year’s show, UBM is anticipating over 200 beauty names from all over Asia and the international cosmetics market including Vietnam, Japan, Korea, Malaysia, Singapore, Thailand, Philippines, India, Indonesia, mainland China and Taiwan, along with the US and Europe.