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Foreign Companies Dominate Vietnam's Beauty And Personal Care Market

August 23, 2016: 12:00 AM EST
Foreign-owned companies dominate Vietnam's beauty and personal care industry, according to delegates at a conference in Ho Chi Minh City held in August 2016. There is a lack of investment aimed at developing local brands and improving packaging, speakers said. Vietnam's beauty market, currently valued by Mintel at $1.78 billion, is forecast to expand at a CAGR of 9.7 percent to reach $2.35 billion by 2018. Local brands account for only 10 percent of the market, with Korean brands holding 30 percent; EU-based companies, 23 percent; Japan, 17 percent; Thailand, 13 percent; and US and other countries accounting for the rest.
Simon Pitman, "Why is the Vietnamese cosmetic market dominated by multinationals?", Cosmetics Design , August 23, 2016, © William Reed Business Media SAS
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