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Vietnam Shows Remarkable Market Growth For Imported Cosmetics

April 18, 2017: 12:00 AM EST
The Vietnam market for imported cosmetics has shown remarkable growth over the past five years, helping the Vietnamese beauty industry to flourish. Data from the Trade Map of the International Trade Center (ITC) and the World Bank show that the value of imported cosmetics entering Vietnam grew from USD500 million in 2011 to over USD1.1 billion in 2016. Sales are predicted to hit USD2.2 billion by 2020. Perfume and makeup top the list of cosmetics products imported to Vietnam from neighboring countries, like Singapore, Thailand and Korea, as well as from the EU. While cosmetics imports from Italy and France have declined, Vietnam is importing more from Spain, Germany and Ireland. The Vietnam beauty market, comprising mostly women aged 15 to 39, who are getting better access to updated market trends and information, has attracted more players. This year, Vietnam is organizing for the second time the only beauty tradeshow in Southeast Asian region; vietbeauty2017 will be held from the 23rd to 25th of August. Set to be the most comprehensive beauty platform for beauty industry professionals, the event is expected to showcase beauty brands from various countries around the world. [ Image credit: Henn Photography ]
"Vietnamese People Spent Billions of Dollars on Imported Cosmetics", PR Newswire, April 18, 2017, © PR Newswire
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