Growing Cosmetic Market in Vietnam Attracts Companies
VIETNAM: Several foreign cosmetic companies have recently announced plans to expand into Vietnam, capitalizing on the growing consumer demand for makeup and skin care products. Last year, Phuong Phat Co., sole distributor of brands such as Kenzo, Gucci and Boss, opened four Paris & France stores in Ho Chi Minh City and Hanoi. Other companies, such as LG Vina Cosmetics Co., have launched cosmetics that cater to Vietnamese consumers. Avon has opened a shop in Binh Duong in a bid to offer competitive prices to suit the average income of local people. According to Mai Tan Dung, deputy sales director of Vietnamese-owned Thorakao Cosmetics Co., local companies are not worried about whether they can provide quality products, but rather about whether their financial capacities are strong enough to keep them in the market.
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