South Korea’s beauty items are growing in importance in Vietnam, strengthening its dominance versus Japanese and European brands through digital channels.
According to a report by the Institute for International Trade under the Korea International Trade Association (KITA), Korea’s exports of cosmetics products totalled a record $227.31M in 2020, up 17.6 per cent from a year ago. Korean brands made up 48.1 per cent share in imported cosmetics market in Vietnam, keeping to the top for five consecutive years. Japan’s share was 16.1 per cent and France 10.8 per cent.
Mobile marketing and trading service provider Mate Korea launched an exclusive platform to offer Korean items on Zalo Shop, the e-commerce platform of Vietnam’s top mobile messenger app Zalo used by 86 per cent of the entire Vietnamese population. It now has expanded its foothold across the Southeast Asian country with its solution to connect Vietnamese buyers with Korean firms.
Vietnam’s cosmetics, perfume and other beauty products market expanded to a record US$2.11bn last year and it is estimated to reach US$3.42bn by 2025. The cosmetics market is forecast to grow by an annual 10.1 per cent for the next five years.
