Vietnam Cosmetics Market: Consumer Trends For 2028

Vietnam’s cosmetic import turnover has more than doubled, from about 355 million USD in 2010 to more than 790 million USD in 2018. The import value has also been significantly higher than the export value in previous years. .

According to Mintel, a London-based market research company, the Vietnamese cosmetics market was worth $2.3 billion by the end of 2018. This is a potential market, as the middle class in Vietnam. In 2021, an estimated 33 million people are expected.

With the revenue of the cosmetics market constantly increasing in the past two decades, Vietnam has become an attractive destination for many foreign cosmetic brands.

In 2007, L’Oréal Group (France) decided to open a branch company in Vietnam, carrying the brands Lancome, L’Oréal Paris and Maybelline New York. This brand said that while L’Oreal product sales in some other markets are only 7-8%/year, in Vietnam, there are times when sales increase up to 17%/year.

In addition to L’Oréal, international beauty brands such as Pond’s of Unilever, Nivea of ​​Germany, Shiseido of Japan, La Roche-Posay of France, Clinique of the US, The Face Shop and Laneige of Korea, etc. were also present. very early in Vietnam.