RoK cosmetics industry sets sights on buoyant Vietnamese market
The Namdong National Industrial Complex in the Republic of Korea (RoK)’s Incheon city on November 4 announced the establishment of a 15-company market research group to support local small and medium-sized cosmetics firms to break into Vietnam, one of the most dynamic markets in ASEAN.
RoK cosmetics firms are eyeing to break into the Vietnamese market. (Photo: Yonhap/VNA)
Seoul (VNA) – The Namdong National Industrial Complex in the Republic of Korea (RoK)’s Incheon city on November 4 announced the establishment of a 15-company market research group to support local small and medium-sized cosmetics firms to break into Vietnam, one of the most dynamic markets in the ASEAN region.
According to the RoK Ministry of SMEs and Startups, the East Asian country gained 1.7 billion USD from cosmetics export in Quarter 3, recording the largest year-on-year growth among its top 10 export categories. Notably, SMEs now account for over 65% of the nation’s total cosmetics shipments.
Market analysis reveals Vietnam’s growing appeal, driven by its expanding middle class and steady economic growth. The growing popularity of the Korean culture has helped improve consumer trust in Korean products. Vietnam’s cosmetics market is the fourth largest in ASEAN, following Indonesia, the Philippines and Thailand.
Statistics from the Korea International Trade Association showed that Korean cosmetics export to Vietnam surged 122% in 2023 as compared to 2019, with an average annual growth rate of 22.14%. As of 2022, the RoK’s cosmetics export to Vietnam reached 327 million USD. Korean cosmetics products have had an increasing market share over rivals in this market./.
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