Amorepacific is set to launch its derma beauty brand Aestura in Vietnam and Thailand this year as it works to boost the brand’s international presence.
Global prestige skin care brand SK-II’s is moving to capture Vietnam’s rapidly growing luxury beauty sector with its first new market entry in 10 years.
Here we reveal extensive and exclusive insights from beauty insiders LUXASIA, and Maison 21G on the immense growth potential of the dynamic and rapidly expanding Vietnam beauty market.
Aveda believes that the interest in prestige beauty, green chemistry, and vegan products in Vietnam will stand it in good stead in the rapidly emerging South East Asian market.
French clean beauty brand Caudalie is gearing up to expand its presence in Asia with new entries into India and Vietnam on the back of what it belives is growing demand for effective and clean skin care.
Taiwanese beauty company CHLITINA is focusing on strengthening its network in the Vietnam market for the next three years to capitalise on its advancing beauty scene.
South Korean firm Yuhan-Kimberly is seeking to expand its anti-fine dust cosmetic range Red to Rad in key Asian markets including China, Vietnam and Thailand.
Beauty brands looking to tapping into the growing Vietnam market may have more opportunities following the government’s announcement that it plans to focus on developing its e-commerce sector in the wake of the novel coronavirus (COVID-19) outbreak.
The first four weeks of the novel coronavirus (COVID-19) outbreak saw double-digit growth in Vietnam’s personal care market and one expert believes it will continue rising well after the pandemic eases.
Trade Map of the International Trade Center (ITC) and the World Bank (WB) reveals that the value of imported cosmetics entering the Vietnam market has more than doubled from below $500 mn (€469 mn) in 2011 to over $1.1 bn (€1.03 bn) in 2016.
Natural speciality fine ingredients business, Frutarom, has agreed to acquire Vietnamese Western Flavors and plans to build a new flavours plant in Ho Chi Minh City, Vietnam to help expand the business throughout the country and the wider APAC region.
Through free trade agreements, import tariffs on cosmetics will be reduced to 0-5%, paving the way for the Vietnam’s domestic market to develop its presence in APAC.
Multinational and foreign cosmetic and personal care companies are fast taking control of the growing number of opportunities in the country’s expanding industry.
The Drug Administration of Vietnam has carried out an investigation throughout the country that has led to the withdrawal of a number of cosmetics brands deemed to be of low quality.
The spotlight was back on fake cosmetics last week, after police in Vietnam arrested a man near the border of China, suspected of manufacturing and selling counterfeited cosmetics.
As international cosmetic giants continue to hold their own amidst fierce competition on the Vietnamese market, domestic brands are struggling to fund campaigns and are disappearing from the market as a result.
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