Free trade agreements fuel cosmetics market in Vietnam
Friday, February 24,2017AsemconnectVietnam - The domestic cosmetics market has never been as vibrant as it is at present, with Vietnam having joined various free trade agreements which slash import tariffs on cosmetics to 0 – 5%.
The assessment was released at an event to introduce the Mekong Beauty Show 2017 in Ho Chi Minh City on February 23.
Statistics show that Vietnam’s cosmetics market is potential with revenue of VND26 trillion (US$1.14 billion) in 2015 and has maintained a double-digit growth rate for several years.
While Vietnamese consumers’ spending on cosmetics is still four-five times lower than other regional countries, the middle class, which has high demand for beauty products, is growing strongly and forecast to double its current size to 33 million people in 2020.
Ly Nguyen Lan Phuong, a representative of the Saigon Cosmetics Corporation, said despite such huge potential, domestic businesses’ technological capacity and financial strength remain modest. As a result, the local market is still dominated by foreign brands.
Claudia Bonfiglioli, International Director of Informa Beauty, said to compete in the domestic market, aside from improving quality, cosmetics producers of Vietnam should keep innovating.
Nguyen Van Minh, Vice Chairman of the Vietnam Association of Oils, Aroma and Cosmetics, said to help promote the industry’s development, the association has carried trade and investment promotion activities.
Among those efforts, the Mekong Beauty Show 2017 is aimed to connect Vietnamese enterprises with other domestic and foreign partners to seek cooperation opportunities. It is also expected to become a leading trade forum on cosmetics and beauty products in the region.
The show is slated for June 15-17 with the participation of more than 200 companies from the EU, the Republic of Korea, Thailand, Malaysia and Singapore.
Source: vov.vn
Nguyen Van Minh, Vice Chairman of the Vietnam Association of Oils, Aroma and Cosmetics, said to help promote the industry’s development, the association has carried trade and investment promotion activities.
Among those efforts, the Mekong Beauty Show 2017 is aimed to connect Vietnamese enterprises with other domestic and foreign partners to seek cooperation opportunities. It is also expected to become a leading trade forum on cosmetics and beauty products in the region.
The show is slated for June 15-17 with the participation of more than 200 companies from the EU, the Republic of Korea, Thailand, Malaysia and Singapore.
Source: vov.vn
Vietnam, the Netherlands promote exports through digital environment
Vietnam learns from RoK’s experience in agricultural development
China, Singapore conclude upgraded FTA negotiations
Japanese investors highly appreciate Vietnamese property market
Germany ready to assist Vietnam in energy transition: official
Vietnam, China’s Guangxi promote economic cooperation in new era
Joint statement on conclusion of negotiations on UK’s CPTPP accession issued
Vietnamese banks remain attractive to foreign investors
Cross-border activities run smoothly at Huu Nghi border since China's reopening
HCM City to host international paper, coatings, rubber, and plastic expos
Minister talks enhancement of economic, trade ties with China’s province
Vietnamese, Malaysian economies boast similarities, complementations: trade counselor
Vietnam, RoK boost cooperation in developing green industries
Foreign investment from Asia important to Vietnam: HSBC
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...