Exploring the potential of the Vietnamese cosmetics market
The demand and consumption trend of cosmetics among Vietnamese people has increased strongly in recent years. Many domestic and foreign businesses have invested heavily when entering the beauty cosmetics market in Vietnam.
According to data from the Ho Chi Minh City Cosmetic Chemistry Association, foreign brands account for 90% market share of Vietnam cosmetics industry. Of which, Korea accounts for 30% of the market share in foreign cosmetics sales in Vietnam, ranked second is the EU with 23%, followed by Japan 17%, Thailand 13%… Cosmetic brands Vietnamese products only account for about 10% of the remaining market share.
Vietnamese cosmetic brands in recent years have been evaluated by experts from Mintel – a global market research company. will continue to grow strongly, but there has not yet been a breakthrough and is showing signs of slowing down compared to imported brands.
Businesses in the beauty cosmetics industry in Vietnam are still not complete. fully promote and exploit the potential of the cosmetics industry. Many brands appearing on the market, although attracting initial attention and resonance, fail to create a lasting impression in the minds of customers. Some others, after a period of development, received complaints from customers because they could not guarantee the original quality and the products gradually became of poor quality.
Concerns when investing in development cosmetic industry
Most of the concerns of businesses is about production costs technology product quality and branding process. Businesses must carefully calculate appropriate costs; From finding partners to conducting product formula research; packaging design, building a brand positioning plan and brand identity; Developing distribution channel training…
In which product quality and origin are considered the issues that many cosmetic businesses are most concerned about. Especially in the cosmetics manufacturing industry, businesses must invest seriously to ensure good control of product quality to be able to develop in the long term. Because cosmetic products directly affect the health and beauty of consumers.
If a good product improves the user’s skin condition, it will definitely be accepted by the market. However, if the product causes side effects for even one customer, it can create a wave of “boycott” and death, especially in the current era of developed social media.
Hanacos provides in-depth consulting on sustainable cosmetic brand development strategies
After a series of customer events in May, Hanacos Vietnam has continued to complete the phase The stage of upgrading a series of machines to improve processes and optimize product quality management processes in early June 2022.
Hanacos Korea and Hanacos Vietnam implemented phase 2 of the activity “Upgrading cosmetic production from experts”. The above series of activities will focus on consulting and answering activities to support customers in the process of researching and building brand-building products and disseminating more details about product quality management methods.
Hanacos schedules direct consultations with customers to support them in optimizing product production details. In addition, Hanacos also shared more about how to manage distributed production plans and provide formulas consistent with more detailed product orientation on product quality management to meet quality standards of the Ministry of Health. international. The entire quality control production process will be strictly assessed to ensure user health.
The company also commits to providing customers with comprehensive support from building brand style with product and company orientation to the right consumers, not only creating a temporary impression but also creating be distinguished from competing brands that have a stable position in the market. “We are looking forward to accompanying and supporting Vietnamese cosmetic brands to grow stronger in the coming time,” shared Ms. Nguyen An Ho Nhu Nguyet – Chairwoman of the Hanacos Vietnam member board.
Hanacos Vietnam
Contact directly for consultation: 0909 422 486
Website: http://hanacosvietnam.com/
Facebook: https://www.facebook.com /hanacosvietnam
Address: 10th Floor, Metro Tower Building 667 Dien Bien Phu, Ward 25, Binh Thanh District.
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