Representatives from the Namdong Industrial Complex stated that the goal of forming this group is to target the Vietnamese cosmetics market, one of the most dynamic markets in Southeast Asia.
The RoK Ministry of Small and Medium Enterprises and Startups reported that the RoK’s cosmetics exports in the third quarter reached US$1.7 billion, marking the largest increase compared to the previous year among the top ten export items.
Notably, the growth rate for SMEs skyrocketed by 26.7%, compared to the 3.3% rate of large companies. The export share of SMEs in the total cosmetics exports of the country also surpassed 65%. Statistics show that the RoK’s cosmetics exports rank sixth among the top ten export items, demonstrating stable growth.
The Namdong National Industrial Complex, a leader in the domestic cosmetics export industry, currently houses 215 cosmetics manufacturers among the total 8,377 companies operating in the area. In 2023, the complex was selected as a national strategic industrial complex for high-tech industries in the biotechnology sector, led by the Ministry of Trade, Industry, and Energy.
The Vietnamese cosmetics market is the fourth largest in ASEAN, following Indonesia, the Philippines, and Thailand, and is a promising consumer market where the growing middle class continues to increase purchasing power due to stable economic growth. In addition, the popularity of Korean culture has enhanced consumer confidence in Korean goods, providing an opportunity for RoK cosmetics brands to penetrate the local market.
According to statistics from the Korea International Trade Association, the RoK’s annual cosmetics exports to Vietnam in 2023 increased by 122% compared to 2019, reflecting an average annual growth rate of 22.14%. As of 2022, the RoK accounted for US$327 million of the cosmetics imported into Vietnam, and its market share in the Vietnamese import market is increasing significantly compared to other competitors.
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