Taiwan Enterprises Want to Join Vietnam’s Beauty Market

10:21:15 AM | 25/10/2019

The beauty market in Vietnam is attracting the special attention of international businesses, including those from Taiwan (China).

Sharing at the Opening Press Conference Taiwan Beauty International Show 2019, Mr. Walter Yeh, President & CEO of Taiwan External Trade Development Council (TAITRA), said, with global consumer living standards rising, the demand for beauty cosmetics is booming. Statistics show that the market size of the global cosmetics industry in 2017 reached almost US$480 billion, a 4.9% growth compared to that of 2016. It is estimated that the market size will reach US$601 billion by 2021. Within this, the Asia-Pacific region remains the world's largest consumer market for cosmetics, with a market share of 30%.

Enterprises of Vietnam and Taiwan have recently carried out many cooperation activities in this field.

Vietnamese female consumers care about whitening, which is the same as in Taiwan. Besides, the climate in Vietnam and Taiwan is very similar, so Taiwanese beauty products are suitable for Vietnamese consumers.

 “Based on statistics, more than 90 % of Vietnamese beauty products rely on imports. If Vietnam would like to develop its own beauty brands, then Taiwan’s OEM companies will be a good partner as they are very experienced in OEM for international brands,” recommended Mr. Walter Yeh.

Mr. Roy Hung, Vice President of Shen Hsiang Tang Co., Ltd, said that Vietnam is the fastest-growing economy in Southeast Asia and the young population country. “We think there is a great potential in the beauty market. In the Vietnam market, we currently have an online shop in Tiki.com. We have an agent who distributes body cream products, and the products have been registered for import, we are ready to import to Vietnam and release to the market anytime,” he added.

Also according to Mr. Roy Hung, Taiwan has advantages in R&D and production technology in beauty products, but there are differences between Vietnam's cosmetic market and Taiwan's cosmetic market. Vietnamese businesses should study the beauty market trends and consumer demand and combine with excellent Taiwanese R&D ability and production quality in the beauty industry.

“We just went to exhibit at the Mekong Beauty Show in Ho Chi Minh City in late August 2019 and the result is really good. We got good feedback from Vietnamese customers. We do think there are great market opportunities in Vietnam. We wish to find some long-term distribution partners or corporate clients,” said Ms. Shelley Chang, Chief Operating Officer of the Bluseeds Corp.

Le Sang