SEOUL -- Targeting young Vietnamese consumers, South Korea's CMG Pharmaceutical is set to make a foray into the Vietnamese cosmetics market. The pharmaceutical firm, specializing in skincare products, will collaborate with An Thinh Phat, a Vietnamese distributor of healthcare products, to provide new beauty items starting in May 2024.
Demand for South Korean cosmetics products is rapidly growing in Viet Nam. According to data released by the Korea Cosmetics Association, exports of South Korean cosmetics to Vie Nam reached $187.5 million between January and May 2023, up 43.4 percent from the same period a year ago.
CMG said in a statement on March 7 that the company has signed an agreement with An Thinh Phat to export beauty products. The South Korean cosmetics maker will collaborate with Home & Mall Shopping, a Seoul-based distribution company, to develop new cosmetic products. An Thinh Phat will secure exclusive distribution rights for the beauty products in May of this year.
CMG and Home & Mall Shopping will also venture into nutritional supplements. CMG aims to export $4 million worth of beauty and health products to the Southeast Asian nation by the end of 2024. "Viet Nam's interest in self-care, particularly among young people in their 20s and 30s, is increasing, and there is a high preference for South Korean products," said An Thinh Phat CEO Pham Ngoc Hua. He added, "We will utilize our home shopping, live broadcasting, and offline channels to promote CMG's products in Viet Nam."
Based in Hanoi, An Thinh Phat imports nutritional supplements and cosmetics from South Korea and distributes them nationwide, primarily in Ho Chi Minh City and Da Nang. The Vietnamese firm plans to operate more than 100 offline stores by 2024.
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