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Tổng quan thị trường mỹ phẩm có mặt ở Việt Nam hiện nay (năm 2023) MARKETING STRATEGY AND ACTION PLAN (10 – 15 pg) 3.1 Marketing goal and objectives, KPIs (Message development and creative idea) 3.2 Target customer 3.3 Marketing mix
Overview of the cosmetics market in Vietnam Vietnamese consumers are increasingly focusing on aesthetics and health, causing increased demand for cosmetics and skin care products This is also an area that is not affected by the pandemic or the ups and downs of the market The cosmetics market in Vietnam is ranked among the most dynamic in the region According to information from some websites, the Vietnamese cosmetics market currently has a revenue of about 15,000 billion VND a year, equivalent to 700 million USD This is a remarkable number, showing the development potential of the domestic cosmetics industry In the period from 2018 to 2022, the rate of using beauty products increased from 76% to 86%, not only women but also men are increasingly paying more attention to appearance and investment more into beauty products Therefore, it is expected that the annual growth rate of this market will remain at 15% to 20% 1 Domestic products are asserting their position in the market: Some of the main trends in the beauty industry in Vietnam include changes in consumer psychology such as an increasing love for natural organic products, a healthy lifestyle to a preference for products , technology from Japan, Korea and Europe The Vietnamese market also witnessed the strong development of domestic cosmetic brands Vietnamese cosmetic companies have grasped the trends and needs of domestic consumers, and are able to compete with imported brands The domestic cosmetics market in Vietnam is experiencing a period of positive development, reflecting the growing interest in personal care and beauty enhancement The outstanding feature of this market is the diversity of brands, from large enterprises with international influence to small and emerging businesses Domestic brands not only compete strongly with international competitors but also demonstrate innovation and creativity in meeting diverse customer needs The growing demand for skin care, makeup, and hair care products has created a vibrant market Domestic cosmetics businesses are actively investing in research and development to offer high-quality products, while applying creative advertising and marketing strategies to attract consumers' attention use In addition, the growing trend of favoring natural and organic products has also promoted the development of these product lines in the market The emphasis on safety and natural ingredients has become a decisive factor in consumer purchasing decisions Some domestic brands such as Thorakao, Saigon Cosmetic, Sao Thai Duong, Cocoon, are gradually starting to build a certain foothold in the scale of the cosmetics market in Vietnam In total, the domestic cosmetics market in Vietnam is not only a diverse source of personal care products but also a reflection of creativity and innovation in the global cosmetics industry 2 Imported products are dominating the market: According to statistics from the US Department of Commerce, currently up to 93% of personal care products consumed in Vietnam are of imported origin Of which, 30% are dominated by products from Korea, followed by the European Union, Japan, Thailand and the United States Imported cosmetic brands such as Dior, Chanel, Estee Lauder, are still occupy a large market share In addition, products from China and Singapore are also currently occupying a certain percentage of the Vietnamese market Through various media channels such as social networks, advertising campaigns, or beauty tutorial blogs, idols and other famous faces from Korea have contributed to creating a wave of beauty care individuals and promote the development of the cosmetics market in Vietnam Cosmetics brands such as The Face Shop, Innisfree, 3CE, all invite famous Korean singers or actors to represent the brand, including the famous boy band BTS, SNSD, Thus, it can be seen that products from Korea have almost dominated the cosmetics retail market in Vietnam This is not surprising, because these brands possess advantages in branding, product quality and widespread distribution systems Potential market with many opportunities for cosmetic businesses, including both domestic and foreign brands However, businesses also need to pay attention to some market challenges, including fierce competition, product price sensitivity and a number of other challenges References Minh Nguyet (2023) Thị phần mỹ phẩm Việt trị giá tỷ USD Retrieved from https://vneconomy.vn/thi-phan-my-pham-viet-tri-gia-ty-usd.htm My Phuong (2023) Thị trường làm đẹp, mỹ phẩm Việt Nam hấp dẫn thương hiệu quốc tế Retrieved from https://bnews.vn/thi-truong-lam-dep-my-pham-viet-nam- hap-dan-thuong-hieu-quoc-te/301019.html OCM Vietnam (2023) Thị trường mỹ phẩm Việt Nam 2023 với nhiều thay đổi tích cực Retrieved from https://ocm-vn.com/thi-truong-my-pham-viet-nam-2023/ Innovativehub (2023) TỔNG QUAN THỊ TRƯỜNG MỸ PHẨM VIỆT NAM 2023 Retrieved from https://innovativehub.com.vn/tong-quan-thi-truong-my- pham-viet-nam-nam-2023/