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Apr. 03, 2017

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Korean beauty industry is interested in franchise development in Vietnam

In recent years, Korean franchise (FC) business has spread in Vietnam.
Especially in the eating and drinking and beauty fields. It is remarkable.

From Vietnamese consumption trends to policies by Vietnam Korea Free Trade Agreement (VKFTA), favorable conditions for the development of franchises are in place.
Mr. Cho, a representative of Korean beauty brand "Beaupeople"
"To the Korea beauty industry, Vietnam is the most promising market. Due to the increase in average income and lots of women and young people living in urban areas, beauty demand is rapidly increasing.
Though it is informal statistics, the increase rate has reached about + 30%. "He said.

According to Mr. Cho, there are not many foreign franchise brands in the beauty market in Vietnam and there is much space for development, so they are looking for partners to develop franchises such as beauty salons.

According to the manager of the Korean Consulate General in Ho Chi Min, VKFTA Vietnam has eliminated the import tax of 265 items including seven cosmetics items to Korea.

"Korean companies can establish franchise in Vietnam by taking advantage of opportunities,
He said "I hope to develop it.”