HCM City (VNA)– The domestic cosmetics market has never been as vibrant as it is at present, withVietnam having joined various free trade agreements which slash import tariffson cosmetics to 0 – 5 percent.
The assessment was released at an event tointroduce the Mekong Beauty Show 2017 in Ho Chi Minh City on February 23.
Statistics show that Vietnam’s cosmetics marketis potential with revenue of 26 trillion VND (1.14 billion USD) in 2015 and hasmaintained a double-digit growth rate for several years.
While Vietnamese consumers’ spending oncosmetics is still four-five times lower than other regional countries, themiddle class, which has high demand for beauty products, is growing stronglyand forecast to double its current size to 33 million people in 2020.
Ly Nguyen Lan Phuong, a representative of theSaigon Cosmetics Corporation, said despite such huge potential, domesticbusinesses’ technological capacity and financial strength remain modest. As aresult, the local market is still dominated by foreign brands.
Claudia Bonfiglioli, International Director ofInforma Beauty, said to compete in the domestic market, aside from improvingquality, cosmetics producers of Vietnam should keep innovating.
Nguyen Van Minh, Vice Chairman of the VietnamAssociation of Oils, Aroma and Cosmetics, said to help promote the industry’sdevelopment, the association has carried trade and investment promotionactivities.
Among those efforts, the Mekong Beauty Show 2017is aimed to connect Vietnamese enterprises with other domestic and foreignpartners to seek cooperation opportunities. It is also expected to become aleading trade forum on cosmetics and beauty products in the region.
The show is slated for June 15-17 with theparticipation of more than 200 companies from the EU, the Republic of Korea,Thailand, Malaysia and Singapore. -VNA
The assessment was released at an event tointroduce the Mekong Beauty Show 2017 in Ho Chi Minh City on February 23.
Statistics show that Vietnam’s cosmetics marketis potential with revenue of 26 trillion VND (1.14 billion USD) in 2015 and hasmaintained a double-digit growth rate for several years.
While Vietnamese consumers’ spending oncosmetics is still four-five times lower than other regional countries, themiddle class, which has high demand for beauty products, is growing stronglyand forecast to double its current size to 33 million people in 2020.
Ly Nguyen Lan Phuong, a representative of theSaigon Cosmetics Corporation, said despite such huge potential, domesticbusinesses’ technological capacity and financial strength remain modest. As aresult, the local market is still dominated by foreign brands.
Claudia Bonfiglioli, International Director ofInforma Beauty, said to compete in the domestic market, aside from improvingquality, cosmetics producers of Vietnam should keep innovating.
Nguyen Van Minh, Vice Chairman of the VietnamAssociation of Oils, Aroma and Cosmetics, said to help promote the industry’sdevelopment, the association has carried trade and investment promotionactivities.
Among those efforts, the Mekong Beauty Show 2017is aimed to connect Vietnamese enterprises with other domestic and foreignpartners to seek cooperation opportunities. It is also expected to become aleading trade forum on cosmetics and beauty products in the region.
The show is slated for June 15-17 with theparticipation of more than 200 companies from the EU, the Republic of Korea,Thailand, Malaysia and Singapore. -VNA
VNA
