In recent years, there has been significant rise in Vietnam’s imports of cosmetic products. Based on data from National Trade Center (ITC) and the World Bank (WB), cosmetic products imports have doubled the amount from 2011 to USD 1.1 billion in 2016. What is more, it is predicted that the imports will reach USD 2.2 billion by 2020. To support the ever-growing imports, the country has cooperated with many countries through the signing of free trade agreements with the aim to reduce the tax price of imported cosmetics by 0-5%. It is also shown that perfumes dominated as the most imported cosmetic products at 55%, followed by make-up at 21% and other products like hair products and essential oils at 2-8%.
If you have not seized this promising opportunity, now is the best time to grab it as more foreign brands have made their market presence in Vietnam. According to the Society of Cosmetics in Ho Chi Minh City, over 400 cosmetic businesses have been registered in Vietnam and 90% of the market share are dominated by foreign brands, including Korean, European and Japanese.
This article provides a comprehensive guide of cosmetics registration in Vietnam, from authority you will be dealing with required documents to proclamation process.