Vietnamese People Spent Billions of Dollars on Imported Cosmetics – Yahoo Finance
HO CHI MINH CITY, Vietnam, April 18, 2017 /PRNewswire/ — Organised by UBM Asia, the largest exhibition organiser in Asia, vietbeauty 2017 will return this year from 23-25 August 2017 at Saigon Exhibition and Convention Center (SECC), Ho Chi Minh.
Being the only beauty tradeshow in the region, focuses on trading, marketing, educating and industry development in Vietnam, vietbeauty has garnered impressive success in 2016. It is set to be the most comprehensive beauty platform for beauty industry professionals to expand their businesses in the promising imported cosmetics market.
According to data from Trade Map of the International Trade Center (ITC) and the World Bank (WB), the value of imported cosmetics coming into the Vietnam market has increased from less than USD500 million in 2011 to over USD1.1 billion in 2016. This figure is forecasted to double, to about USD2.2 billion in 2020.
These figures were confirmed as Euromonitor International, a market research company, also reported that the market size of Vietnam’s cosmetic industry has surpassed USD1 billion in two years, 90% of which are imports, and with annual growth rates often reaching two figures.
According to data from the ITC, Singapore, EU, Thailand and Korea are the biggest cosmetics importers to Vietnam. Meanwhile from the euro zone, the rate of cosmetics imported from France and Italy has recently declined with a turns ratio of 16% and 3%; Spain, Germany and Ireland are quickly replaced with a 2-16% growth.
Data from the General Administration of Customs said that in the first two months alone in 2017, the value of imported perfumes, cosmetics and toilet preparations from Singapore reached nearly USD30 million. Italy, France, Korea and Thailand gained from USD2 to USD7 million.
Topping the list of cosmetics products imported into Vietnam are perfumes (55%) and makeup (21%). The remaining product lines, such as haircare, shaving creams and oils account for 2-8%.
According to the International Trade Center, perfume and makeup products in the Vietnam market have the strongest appreciation trend, reaching 27% and 10%, respectively.
According to the EU-Vietnam Business Network (EVBN), South and South Central are leading the country in terms of consumer trends and beauty products, with a scale of more than 67% of the market; the northern region accounts for nearly 30%, whilst North Central is only about 3.13%.
With 20 million aged 15 to 39 (40% of the female population), Vietnamese women today receive better education, knowledge and access to different sources of information to build their knowledge about a product. They are updated of market trends faster than ever. Vietnam has become one of the most prominent beauty markets for players in the beauty industry.
vietbeauty 2017 is expected to receive participants from more than 200 leading beauty brands from Vietnam, Japan, Korea, Malaysia, Singapore, Thailand, Philippines, India, Indonesia, mainland China, Taiwan, the USA and European countries.
There has never been a better time to enter the Vietnamese market and develop your business in the beauty industry than today. Come be a part of this exciting platform and transform your business.
For more information on special privileges, please contact UBM staff to discuss your business needs and how you can make the most of your participation. You may email email@example.com or call +84 866810202.
For more information on vietbeauty 2017, please view its website at www.vietbeautyshow.com.
Notes to the Editor:
About UBM Asia (www.ubmasia.com)
Owned by UBM plc listed on the London Stock Exchange, UBM Asia is Asia’s leading exhibition organiser and the biggest commercial organiser in mainland China, India and Malaysia. Established with its headquarters in Hong Kong and subsidiary companies across Asia and in the US, UBM Asia has a strong global presence in 25 major cities with 30 offices and over 1,400 staff.
With a track record spanning over 30 years, UBM Asia operates in 21 market sectors with 160 dynamic face-to-face exhibitions, 75 high-level professional conferences, 28 targeted trade publications, 18 round-the-clock vertical portals and virtual event services for over 1,000,000 quality exhibitors, visitors, conference delegates, advertisers and subscribers from all over the world. We provide a one-stop diversified global service for high-value business matching, quality market news and online trading networks.
UBM Asia has extensive office networks in China, Southeast Asia and India, three of the world’s fastest growing B2B events markets. UBM China has 11 offices in the major cities in mainland China, including Beijing, Shanghai, Guangzhou, Hangzhou, Guzhen and Shenzhen, where we organise more than 70 exhibitions and conferences. In ASEAN, UBM Asia operates from its offices in Malaysia, Thailand, Indonesia, Singapore, Vietnam and the Philippines with over 60 events in this region. UBM India teams in Mumbai, New Delhi, Bangalore and Chennai organise 20 exhibitions and 60 conferences every year across the country.