Vietnam is leading the growth in the region, it is the fastest growing market for comsumer goods in Southeast Asia. Vietnam market is an emerging opportunity for Beauty industry driven by a few key trends:
- DEVELOPMENT OF MODERN TRADE LEAD BY EMERGING MODERN DRUG STORE AND PERSONAL CARE CHANNELS
- CRESCENT DEMAND FOR PREMIUM PRODUCTS & BRANDS
- SHOPPERS LOOKING FOR HEALTHY AND QUALITY … AND READY TO PAY FOR IT
Modern trade is growing fast in Vietnam and more likely to welcome international and regional brands in their network. Key chains related to beauty have been expanding aggressively in 2017. By November 2017, MEDiCARE has total 65 stores in Vietnam followed by Guardian with 62 and Pharmacity with 59.
Middle class of Vietnam population is going to reach 33 million by 2020. 30% of the current population is the new millennials generation who are better educated. These shoppers are looking for healthier and higher quality brands. The willingness to try new products in Vietnam is unexpectedly to be much higher than Thailand, Indonesia, Philippines and other countries in Southeast Asia. So there is a growing trend for organic products and premium products now. Vietnamese consumers are ready for more international brands with innovation and new technolog.