With a focus on young Vietnamese consumers, South Korea’s CMG Pharmaceutical is preparing to enter the Vietnamese cosmetics market. The pharmaceutical company, known for its skincare products, will join forces with An Thinh Phat, a Vietnamese distributor of healthcare products, to introduce new beauty items starting in May 2024.
The demand for South Korean cosmetics in Vietnam is experiencing rapid growth. Data from the Korea Cosmetics Association reveals that exports of South Korean cosmetics to Vietnam totaled USD 187.5 million between January and May 2023, marking a 43.4% increase compared to the same period in 2022.
CMG announced that it has reached an agreement with An Thinh Phat to export beauty products. The South Korean cosmetics manufacturer will collaborate with Home & Mall Shopping, a distribution company based in Seoul, to develop new cosmetic products. An Thinh Phat will secure exclusive distribution rights for these beauty products.
Furthermore, CMG and Home & Mall Shopping will also venture into the market of nutritional supplements. CMG aims to export beauty and health products worth USD 4 million to Vietnam by the end of 2024. The CEO of An Thinh Phat highlighted the increasing interest in self-care among Vietnamese youth, particularly those in their 20s and 30s, and their strong preference for South Korean products.
Headquartered in Hanoi, An Thinh Phat imports nutritional supplements and cosmetics from South Korea and distributes them nationwide, with a focus on Ho Chi Minh City and Da Nang. The Vietnamese company plans to expand its operations to include more than 100 offline stores by the end of 2024.
(Source: Aju Press)
