Vietnam’s cosmetics industry prospers
A majority of the population is now more aware of and seeking out luxury products; cosmetics play an important role as appearance and beauty are becoming widely emphasized.
Although cosmetic surgery is not yet widely developed in the country, many other human care services are very much in vogue. Particulary in major urban areas, hair, skin care and cosmetics products are seeing surging sales.
A Nielsen survey conducted in 2008 indicates that in recent years, Vietnam ’s cosmetics market has maintained strong growth, at about 16 percent per year. In 2006, consumers dished out nearly 82 million USD for beauty care products.
According to cosmetics industry experts, consumers paying 500-700 USD for reputable products is becoming much more commonplace, as evidenced by the growing number of international retailers in shopping centres such as Vincom and Diamond Plaza .
Hanoian Nguyen Hong Nga revealed that she often spends up to one-third of her monthly salary on cosmetics and other beauty products. “It makes me feel more confident in both work and life,” she explained.
Numerous products now line the aisles of stores in Vietnam, and market share is predominately held by world famous brands such as Shiseido, L’oreal and Estee Lauder.
Along with growing demand, beauty salons have been capitalizing on the growing emphasis on personal beauty. Contemporary salons have popped up all over Hanoi and Ho Chi Minh City and are often full of beauty-conscious women and men.
One salon owner revealed that most of her clients are willing to spend up to 100 USD per hour. Some of the super-rich even build private spas into their homes.
The demand for makeup is not only coming from women, men are also a key market segment for the cosmetics industry. Deputy Chairman of the Ho Chi Minh Society of Cosmetic Surgery Nguyen Thanh Van explained that many successful businessmen are willing to pay to improve their appearances.
Despite the widespread popularity, Mr. Van also related that experts and managers are having trouble with assessing and controlling the quality of cosmetics in salons and the skills of their employees.
Thus, authorities have recommended people should be smart and clear-sighted when choosing products and ‘professionals’. The Society also has plans to institute procedures that will more carefully asses and supervise the quality of salons and determine solutions to help promote and develop the domestic cosmetics industry.
