S.Korean firms foraying into cosmetics market
Monday, February 27,2017AsemconnectVietnam - As many as 80 cosmetics and beauty care firms from South Korea will participate in a major exhibition in HCMC this June to look for importers and business opportunities in Vietnam.
The cosmetics and beauty care products exhibition is expected to feature more than 200 companies from Europe, Korea, Thailand, Malaysia, Singapore, Indonesia, Japan, Hong Kong, India and Vietnam. Particularly, said Oh, about 80 of them will come from Korea and this will be their first Vietnam visit aimed at searching for importers and distributors.
Korean cosmetics companies are keen on Vietnam as one of the most potential markets in the region, he said, for the country has achieved GDP growth of over 6% over the years and people aged less than 35 account for 60% of the Vietnamese population.
Nguyen Van Minh, vice chairman of the Vietnam Cosmetics, Essential Oils and Aromas Association, said the domestic cosmetics market had been growing rapidly, with revenue estimated at US$1.2 billion last year, a figure that had been forecast for 2020. The market’s growth has shown no signs of abating in near future.
A source from Saigon Cosmetics Company cited a study as saying that Vietnam’s cosmetics market is holding high growth potential, with double-digit growth projected for years to come. Total cosmetics revenue in 2015 was put at of VND26 trillion, the source noted.
Local consumer spending on cosmetics is now 4-5 times lower than in other regional countries. The middle class whose demand for beauty care is rising fast is expected to double to 33 million people by 2020.
The same source from Saigon Cosmetics Company said the cosmetics market is now more vibrant than ever, especially when Vietnam is taking part in a series of free trade agreements, in which import duties on beauty care goods will fall to 0-5%.
Despite such potential, local enterprises have remained weak in terms of technology and finances. As a result, the home market is currently dominated by foreign cosmetics brands. Some 90% of the market is in the hands of foreign firms while the remaining 10% is shared by domestic enterprises which mainly focus on the low-end segment.
Source: thesaigontimes.vn
Nam Viet Fisheries (ANV) targets 8-fold profit growth in 2024 despite low pangasius prices
Saigonres (SGR) continues to make ambitious plans for 2024
Nam Kim Steel (NKG) plans to increase profits sharply in 2024 and wants to mobilize VND1,579.7 billion from shareholders
BVBank (BVB): Profit target of VND200 billion, increased capital to more than VND6,400 billion, listed on HOSE
Banks record positive business indicators in Q1 2024
Vietjet offers speical promotions on its flights to Australia
OCB estimated to achieve about VND1,200 billion profit in Q1/2024
Cienco 4 (C4G) target 92% increase in profit after tax in 2024
PVTrans (PVT) plans for consolidated profit in 2024 to reach VND760 billion
MSB plans to profit VND6,800 billion and pay 30% dividend
Vinhomes (VHM): Promoting potential new projects, profit target of VND35,000 billion in 2024
Da Nang Rubber (DRC) plans profits go backwards in 2024
Positive business results, DNSE plans to pay 5% cash dividend
Petrolimex Import-Export (PIT) plans to close the petroleum segment, focusing on the spice industry
Plan of Hai Duong province for a period of 2021 - 2030, ...
Organize space reasonably and harmoniously, focusing on connecting Hai Duong in common development space, actively contributing to the ...Plan of Hau Giang province in a period of 2021 - 2030, ...
Sustainable forestry development program in a period of ...
12th-century ancient road unearthed at My Son Sanctuary
An ancient road dating back to the 12th century has freshly been discovered in an excavation on architectural ruins at the east side of ...Efforts made to seek UNESCO’s recognition for Con Moong ...
Vietnam Art Photo Contest and Exhibition 2024 to be held ...
Bas-relief featuring talks between Uncle Ho and soldiers ...