Saturday, May 27, 2017 - 9:24:25

Italian cosmetic firm to increase investment in Vietnam

VNA Print

At Cosmoproject company (Source: VNA)

Rome (VNA) – Cosmoproject, an Italian cosmetics brand, plans to expand its investment and sales network in Vietnam.

The statement was made by Cosmoproject Director Primo Tortini at a recent working session with Vietnamese Ambassador to Italy Cao Chinh Thien at the company’s headquarters in Parma city, Italy.

Ambassador Thien briefed the director on Vietnam’s economic development and latest incentives for foreign investors, highlighting investment potential for Italian firms with relations between Vietnam and Italy improving, particularly since the establishment of the strategic partnership in 2013.

For his part, Primo Tortini said he visited Vietnam in 2014 and saw Vietnam as a potential market for Cosmoproject. The company started selling products in Vietnam in spa salons and trade centres via exclusive distributor. The company launched a showroom in Savico trade centre in Hanoi, and plans to open another in Ho Chi Minh City.

Vietnam’s economy is growing fast, yet steadily, he said, underlining the expansion of the consumption market thanks to the increasing spending power of Vietnamese people and the middle-class population.

Cosmoproject wants to expand its sales network in Vietnam as well as other Southeast Asian nations, he said, adding that the company plans to build a factory in Vietnam.

Cosmoproject, established in 1993, employs 193 people and produces 30 million products per year, including perfume, skin-care, make-up products, and health care equipment. In 2015, the company earned 27.8 million EUR in revenue.-VNA     
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