Korean products flood Vietnam’s beauty market
Many cosmetics businesses from the Republic of Korea plan to introduce more products in Vietnam, revealed the Korea Chamber of Business in Vietnam (KORCHAM).
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KORCHAM estimated the value of the RoK’s cosmetics products exported to Vietnam would reach US$100 million this year.
The Vietnam Association of Oils, Aroma and Cosmetics said from June 14-16, the Mekong Beauty Show in HCM City attracted nearly 200 RoK firms and more than 400 Korean cosmetics brands which have already entered the local market.
Korean firms are seeking partners for production and distribution in Vietnam, where consumer scale is now at 33 million people and will increase by about 30% every year.
RoK beauty products are favoured by Vietnamese consumers due to their quality and affordable prices.
The Vietnamese cosmetics market’s value is expected to hit US$2.35 billion this year.
The Institute for International Trade under the Korea International Trade Association (KITA) listed Vietnam as one of the top five importers of the Republic of Korea (RoK) in 2017 in its report released on June 20.
