Nina Jobst
Research expert covering South Korea
Cosmetics market in Vietnam - statistics & facts
Vietnam is among the countries with the highest average salary growth rate in the Asia-Pacific region. As people have more disposable income, the demand for various consumer goods has been increasing in the country, especially for cosmetics and personal care items. With the post-COVID-19 economic recovery underway, international trade has regained momentum. Together with the rise of e-commerce, spending on cosmetic products is increasing, with a surge in revenue for the beauty and personal care market in Vietnam expected in the coming years.
Furthermore, social media has played a crucial role in shaping beauty trends in Vietnam. For instance, Korean pop culture has had a significant impact on the younger generation’s fashion style in Vietnam, including the way they wear makeup. A survey conducted in July 2022 revealed that around 27 percent of Vietnamese women wore makeup every day. In addition, Vietnamese females also put a lot of effort into taking care of their skin; therefore, a skincare routine with multiple steps and products is rather common. Face care products, as well as sunscreen, were among the most used skincare products based on revenue among female consumers in the country.
K-beauty is winning over the Vietnamese cosmetics market
South Korean beauty brands have established themselves as the leading players within the cosmetic markets across Asia, and Vietnam is no exception. Indeed, the popularity of K-beauty products is among the highest in Vietnam compared to other countries globally. The East Asian nation has also been Vietnam’s largest import partner for cosmetics, with the import value of South Korean cosmetics reaching almost 330 million U.S. dollars in 2022. Apart from South Korean brands, Vietnamese consumers also enjoy using products of other origins, such as Japanese and European brands. Despite the fierce competition and the high consumer preference for international brands, local businesses have been gradually asserting their position. Brands such as Cocoon, M.O.I Cosmetics, Lemonade, and more have also been, step by step, gaining popularity among consumers by offering affordable yet high-quality products.Furthermore, social media has played a crucial role in shaping beauty trends in Vietnam. For instance, Korean pop culture has had a significant impact on the younger generation’s fashion style in Vietnam, including the way they wear makeup. A survey conducted in July 2022 revealed that around 27 percent of Vietnamese women wore makeup every day. In addition, Vietnamese females also put a lot of effort into taking care of their skin; therefore, a skincare routine with multiple steps and products is rather common. Face care products, as well as sunscreen, were among the most used skincare products based on revenue among female consumers in the country.
The future is online
Thanks to Vietnam’s digital-savvy population, the use of e-commerce has been expanding rapidly in recent years. Cosmetics has consistently been among the leading online shopping categories in the country, especially among urban consumers. The internet’s progress has also enabled people to quickly search for and purchase goods through various channels. With more and more people comfortable shopping for these items online, brands have been tailoring their customer journey to meet the new demand for online services. For instance, virtual try-on services have recently become popular among beauty brands in Vietnam, providing consumers with an interactive product demonstration using augmented technologies. New digital innovations employed within the cosmetics market are expected to continuously improve the consumer journey with online shopping, helping e-commerce to overtake physical retail stores as the go-to destination for beauty and personal care products in the near future.
