Vietnam represents potential lucrative market for Korean beauty products

Vietnam is seeing exponential growth in demand for Korean cosmetics, according to The Korea Herald. 

The newspaper quoted data by the Korea Cosmetics Association as saying that Korean cosmetics exports to Vietnam from January to May this year surged by 43.4% compared to the same period last year, raking in US$187.5 million. This is the highest growth rate the Republic of Korea has acquired from the Vietnamese cosmetics market, followed by the United States (25.7%) and Hong Kong-China (16.7%).

It also cited data from the US Department of Commerce showing the RoK had the largest market share in terms of Vietnamese imported cosmetics market at 30%, followed by the EU at 23%, Japan at 17%, Thailand at 13%, and the US, 10%.

According to a survey conducted by the Korea International Cultural Exchange Agency on consumers aged 15 to 59 in Vietnam, 91.2% respondents said they have purchased at least one Korean cosmetic product over the past year, and some 68.8% buy Korean beauty products frequently.

“The growth in Korean beauty products in the Vietnamese market points to the possibility that the country could potentially function as an alternative market for Korean beauty companies, whose performance in China has been stalling recently,” said The Korea Herald. 

Source : Tuổi trẻ online