Photo: SeongJoon Cho/Bloomberg via Getty Images
Many Korean beauty brands are looking to expand their operations to tap into the fast-growing Vietnamese market.
Dominic OH, general director of Korea International Exhibition Centre, said that, Vietnam is becoming an attractive destination for Korean beauty companies. “In 2017, around 100 Korean companies visited Vietnam to explore the market.
This year, a delegation of 150 Korean companies continues to showcase products and services in the Mekong Beauty Show from June 14 to 16 in Ho Chi Minh City,” he noted.
According to OH, the Korean beauty industry continues to be among the most important drivers of the beauty event as they are looking for potential distributors and retailers to penetrate the lucrative market.
Nguyen Van Minh, vice chairman of the Vietnam Essential Oils, Aromatherapy and Cosmetics Association, said that Vietnam is an emerging market for beauty and personal care products with an annual growth rate of 30 per cent in the past few years.
According to International Monetary Fund, the four countries of the Mekong River system will achieve a combined GDP of $441 billion in 2020. Vietnamese consumers spent $6 billion on beauty products in 2017.
“Vietnam is also leading the growth in the region. It is the fastest growing market for consumer goods in Southeast Asia. Thus, several beauty companies are looking for opportunities to extend their presence in Vietnam, including those from Korea,” he said.
Korean beauty companies have also taken the spotlight at Mekong Beauty Show 2018 with more than 400 brands. In the exhibition, Korean companies also present a wide range of Organic K-beauty products and beauty trends for Vietnamese consumers.
Mekong Beauty Show 2018 also hosted other exhibitors from Europe, Thailand, Malaysia, Singapore, Indonesia, China, Taiwan, Vietnam, Cambodia, Laos, Myanmar, and many other countries to present Vietnamese industry professionals with new technology and innovation..
More than 150 buyers from Vietnam, Cambodia, Laos, and Myanmar have visited the show to source products and seek for new partnerships, opening up new opportunities for the market.
Source: VIR