The three-day event, which opened on June 15, aims to help exhibitors establish partnerships with potential importers, thus expanding the markets for their products.
Notably, 80 enterprises from the RoK – famous for its cosmetics, attended the event for the first time.
Vietnam is considered as one of the most promising cosmetic markets in the Mekong Sub-region, as some 60% of the country’s population are young people under the age of 35.
The International Monetary Fund has forecasted that four nations in the region including Vietnam, Cambodia, Laos and Myanmar, will reach a combined GDP of US$441 billion by 2020. The region is an emerging market for consumption of beauty products, with annual estimated growth of 30%.
According to Nguyen Van Minh, Vice Chairman of the Vietnam Association of Oil, Aromas and Cosmetics, the Vietnamese market consumes US$2 billion worth of cosmetics per year.
The number of middle-income consumers, who have a high demand for cosmetics in the country, is predicted to rise to 33 million by 2020.
