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Vietnamese cosmetic market sales are estimated at US $150 million per year year with an annual sales increase of 30%, according to an article by the local newspaper Saigon Giai Phong. The article references a report by the Chemical Cosmetic Association in Ho Chi Minh City and notes that international brands such as Olay, Pond's and Avon have established production plants in the country.
Vietnam’s cosmetic market is dominated by international brands, according to the report. Of the 430 cosmetic brands that operate in the country, 90% are not domestic. Domestic brands in the country include Saigon Cosmetics, My Hao Chemical Cosmetics and Thorakao of the Lan Hao Company. Meanwhile, international brands such as Esteé Lauder, L’Oréal, Clinique, Clarins, Maybelline, Oriflame and the Faceshop are seeing success in the country.
According to the report, Vietnamese youth recognize and are driving the growth of international brands, whereas domestic brands are satisfying a more affordable market segment.
The report notes that Vietnamese cosmetic brands lack the marketing dollars that support international brands. However, these domestic brands understand the habits of local women. The country's weather supports raw materials such as peppermint, cajuput and citronella.