Vietnam cosmetics market expected to hit 3.5 billion USD by 2026

Tuesday, 23/04/2024 11:01
With a population of more than 100 million people, Vietnam is becoming an attractive market for cosmetics manufacturers and distributors.
Photo for illustration. (Source: 

A forum to connect trade of the cosmetics industry between China and ASEAN will be held on May 8 and 9, 2024 at Rex Hotel, Ho Chi Minh City, according to Dr. Nguyen Van Minh, Vice President of the Vietnam Cosmetic Essential Oil, Aroma Association (VOCA).

About 250 cosmetics enterprises in Guangdong, China along with about 150 Vietnamese essential oil and cosmetics enterprises registered to attend the event.

Minh said that the forum is the result of his trip to attend the “Guangzhou - China International Cosmetics Week” in 2023, when he gave a presentation on Vietnam's advantages in providing raw materials (essential oils and medicinal herbs: leaves, flowers, roots, stems, tubers and seeds), which are very rich and diverse thanks to the climate and soil conditions throughout the country.

Ms. Luong Thi Sao Bang, Deputy General Director of International Export and Import Investment Joint Stock Company said that besides challenges, this is also an opportunity for essential oil and flavoring businesses in the industry to expand markets and accumulate experience.

According to a survey by EuroMonitor International, a group that researches more than 80 markets in the UK, the Vietnamese cosmetics market’s average growth rate is 6% a year, increasing to nearly 2.7 billion USD in 2021, compared to 2 billion USD in 2016. The figure is expected to hit 3.5 billion USD by 2026./.