K-beauty 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 not an 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 reaching 60 million U.S. dollars in 2020. Apart from South Korean brands, Vietnamese consumers also enjoy using products of other Asian origins, such as Japanese and Thai brands. Meanwhile, due to the fierce competition and the high consumer preference for international brands, local businesses still have not gained a significant market share for these products.According to a survey in 2020, around 30 percent of Vietnamese women wore make-up every day, with lipsticks being the most popular item owned by consumers in the country. Additionally, Korean pop culture has a significant influence on the fashion style among the younger generation in Vietnam, including the way they wear their make-up. 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. Facial cleansers, sunscreens, and facial masks were among the most used skincare products among female consumers.
