The 2020 predictions that Vietnam had successfully controlled the Coronavirus (COVID-19) pandemic and its financial fallout proved somewhat premature. At the end of September 2021 (Q3), Vietnam’s working age unemployment rate was higher than in September 2020, while the average consumer income had fallen, compared to Q3 2020.
Within premium skin care in Vietnam, dermocosmetics performed strongly with higher demand for these products in the review period. Indeed, more and more consumers are buying into these products.
Companies are enabling brands to fully digitalise the consumer experience and journey throughout the wider e-commerce ecosystem. In this way, players aim to achieve successful brand building and enhance the shopper’s experience at the same time.
Based on the report of the General Statistics Office of Vietnam in 2021, the national economy is predicted to recover in 2022, with strong GDP growth anticipated by the end of the year. This performance is underpinned by the government’s implementation of various regulations to control the COVID-19 pandemic and help the economy to recover through 2020 and 2021.
Premium beauty and personal care is expected to become more competitive over the forecast period, with the landscape increasingly accommodating new and existing players. Firstly, various free trade agreements (FTAs) signed with developed countries like Thailand, China, Australia and New Zealand, as well as the EU in the review period will attract a higher number of international companies, not least due to the up to 0% tariff reduction.
E-commerce is set to continue to develop and grow strongly in premium beauty and personal care over the forecast period. Online platforms have become an effective way for premium companies to reach more consumers, underpinned by the convenience of the channel and the attraction of wide assortments and special offers and discounts of up to 50%.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium Beauty and Personal Care industry in Vietnam, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Premium Beauty and Personal Care
This is the aggregation of premium colour cosmetics, fragrances, deodorants, skin care, sun care, baby and child-specific products, bath and shower and hair care.See All of Our Definitions
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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