{"id":25624,"date":"2026-08-14T16:56:16","date_gmt":"2026-08-14T09:56:16","guid":{"rendered":"https:\/\/b-company.jp\/?p=25624"},"modified":"2026-08-14T16:56:16","modified_gmt":"2026-08-14T09:56:16","slug":"beauty-retail-in-vietnam-store-expansion-slows-as-online-beauty-sales-surge","status":"publish","type":"post","link":"https:\/\/b-company.jp\/vi\/beauty-retail-in-vietnam-store-expansion-slows-as-online-beauty-sales-surge\/","title":{"rendered":"Ng\u00e0nh b\u00e1n l\u1ebb m\u1ef9 ph\u1ea9m t\u1ea1i Vi\u1ec7t Nam: M\u1edf r\u1ed9ng c\u1eeda h\u00e0ng ch\u1eadm l\u1ea1i khi doanh s\u1ed1 b\u00e1n m\u1ef9 ph\u1ea9m tr\u1ef1c tuy\u1ebfn t\u0103ng v\u1ecdt"},"content":{"rendered":"

\"B&Company-Vietnam<\/a><\/p>\n

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B&Company is the first Japanese company specializing in market research and investment consulting in Vietnam since 2008.<\/em><\/p>\n

In this section “Vietnam Briefing”, young researchers of B&Company will provide timely information of Vietnam’s industrial trends, consumer trends, and social movements.<\/em><\/p>\n

This article is written in English and automatic translation is used for other language versions. Please refer to the English version for accurate content. Although we strive to ensure the accuracy of the original information, please check separately for each information. Interpretations and future prospects are the personal opinions of each researcher. <\/em><\/p>\n<\/div>\n\t

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Vietnam\u2019s beauty retail market is entering a more selective phase. Physical beauty chains are still expanding, but store growth has slowed after several years of aggressive network development. At the same time, online beauty and personal care sales are surging, led by Shopee, TikTok Shop and Lazada. For foreign and Japanese beauty brands, Vietnam remains attractive, but success now requires a more integrated retail strategy: credible offline presence, strong e-commerce execution, localized product positioning and tighter control over brand trust.<\/p>\n

From fast store expansion to slower physical growth<\/strong><\/h3>\n

Vietnam\u2019s beauty retail market remains active, but the physical store network is no longer expanding as quickly as before. As of March 2026, Vietnam\u2019s beauty retail sector had 574 modern trade stores, up 4.5% from 2025[1]<\/a>. The market was still growing, but the pace of new store openings had moderated after years of faster expansion.<\/p>\n

The slowdown does not mean that beauty demand is weakening. It suggests that the market is becoming more selective. Retailers are now more careful about site selection, store productivity, product mix and operating costs. In major cities, prime locations are expensive, while competition from online platforms makes it harder for physical stores to rely only on walk-in traffic.<\/p>\n

Among domestic chains, Hasaki Beauty & Clinic remains one of the fastest-growing players. Its network increased from 172 stores in 2024 to 252 stores in 2025 and was projected to reach 304 stores in 2026. International chains are expanding more cautiously. Guardian was forecast to increase only slightly from 125 stores to 127 stores, while Watsons maintained stable growth momentum[2]<\/a>.<\/p>\n

Example of Hasaki store<\/strong><\/p>\n

\"Example<\/p>\n

Source: Hasaki<\/a><\/p>\n

This shows a more divided market. Strong domestic chains with integrated pricing, service, and e-commerce capabilities can still expand. International chains and smaller retailers may need a more disciplined approach, focusing on store quality rather than store count.<\/p>\n

Online beauty sales become the main growth engine<\/strong><\/h3>\n

While physical store growth is slowing, online beauty sales are accelerating. In 2025, Vietnamese consumers spent nearly VND 74.4 trillion, or about USD 3 billion, on beauty and personal care products across Shopee, TikTok Shop and Lazada[3]<\/a>. This represented an increase of almost 30% from the previous year and made beauty and personal care the leading category in Vietnam\u2019s e-commerce market.<\/p>\n

The category is broad. Online beauty demand is driven by skincare, body care, hair care, cosmetics, fragrances and personal hygiene products. Cosmetics alone remained one of the best-selling categories on Vietnam\u2019s e-commerce platforms, with revenue rising 23% year-on-year in 2025.<\/p>\n

Beauty products also accounted for around 14% of Vietnam\u2019s total e-commerce market in two consecutive quarters in 2025, showing that this is not a seasonal spike. Online beauty shopping has become a regular consumer behavior.<\/p>\n

Beauty Products Market Size<\/strong><\/p>\n

\"Beauty<\/p>\n

Source: B&Company analysis from Statista data<\/a><\/p>\n

This trend is important because beauty products are well suited to digital commerce. Consumers can compare prices, read reviews, watch livestream demonstrations, follow influencers, and receive products quickly. For younger consumers, discovery often happens online before any store visit.<\/p>\n

Why physical stores still matter<\/strong><\/h3>\n

Despite the surge in e-commerce, physical stores remain important in beauty retail. Cosmetics and skincare products are personal categories. Consumers often want to test texture, fragrance, color, shade, and suitability before purchase. Offline stores also help build trust, especially in a market where counterfeit or unclear-origin products remain a concern.<\/p>\n

Physical stores are becoming less about simple distribution and more about experience, consultation and credibility. A well-located store can serve as a showroom, product-testing space, consultation point and fulfillment support channel. For skincare, dermo cosmetics, premium cosmetics and Japanese beauty brands, this offline trust layer can be especially important.<\/p>\n

Matsukiyo store in Vietnam<\/strong><\/p>\n

\"Matsukiyo<\/p>\n

Source: Matsukiyo<\/a><\/p>\n

This means the market is moving toward an omnichannel model. Consumers may discover products through TikTok Shop, compare prices on Shopee, test products at Hasaki, Guardian or Watsons, and then purchase either online or offline depending on promotion, convenience and trust.<\/p>\n

For retailers, the challenge is to make stores work harder. A store must justify rent through higher basket size, consultation value, membership retention, or cross-channel conversion. Store expansion without strong customer data and product productivity is becoming riskier.<\/p>\n

A more competitive brand landscape<\/strong><\/h3>\n

Competition is intensifying across three groups: international brands, Korean and Chinese beauty brands, and domestic Vietnamese brands.<\/p>\n

Foreign brands still benefit from strong consumer trust. Japanese, Korean, European and American beauty products are often associated with quality, technology, safety and trend leadership. Japanese beauty brands already have a visible presence in Vietnam through skincare, sunscreen, hair care, body care and makeup products. Major Japanese names such as Shiseido, Anessa, Senka, Hada Labo and Biore are familiar to many Vietnamese consumers.<\/p>\n

However, domestic brands are becoming more competitive. Cocoon, a Vietnamese vegan cosmetics brand using local ingredients such as Dak Lak coffee, Hung Yen turmeric and Hau Giang lotus, became the best-selling cosmetics brand across Guardian Vietnam\u2019s retail chain in 2025. This shows that local brands are no longer limited to low-end positioning; they can compete through ingredient storytelling, transparency, pricing and strong digital communication.<\/p>\n

Cocoon\u2019s natural beauty products and environmental campaigns<\/strong><\/p>\n

\"Cocoon\u2019s<\/p>\n

Source: Cocoon Facebook<\/a><\/p>\n

The rise of domestic brands also changes the entry strategy for foreign companies. A foreign origin is still valuable, but not sufficient. Consumers now compare product function, ingredient claims, price, online reviews, influencer credibility and availability across channels.<\/p>\n

From volume growth to value growth<\/strong><\/h3>\n

The next phase of Vietnam\u2019s beauty retail market is not simply about selling more items. It is about building sustainable value.<\/p>\n

E-commerce platforms can generate high sales volume, but they also create pressure. Prices are transparent, promotions are frequent, and competition is intense. Brands that rely too heavily on discounts may gain short-term sales but weaken long-term positioning.<\/p>\n

At the same time, online channels are becoming more selective. Official brand stores accounted for 64% of total online beauty revenue in 2025, with most sales concentrated in the VND 200,000\u2013500,000 price range[4]<\/a>. This suggests that consumers are willing to buy branded beauty products online, but they still look for credible sellers and accessible price points.<\/p>\n

For beauty brands, the core question is changing from \u201cCan we sell online?\u201d to \u201cCan we build a profitable and trusted omnichannel model?\u201d This requires clear product hero items, controlled pricing, strong content, reliable fulfillment, and alignment between marketplace, social commerce, and physical retail.<\/p>\n

Implications for Japanese beauty brands<\/strong><\/h3>\n

Vietnam remains attractive for Japanese beauty and personal care companies. The country has a young consumer base, high smartphone usage, strong interest in skincare and growing demand for trusted products. Japanese brands can benefit from perceptions of safety, quality, research and gentle formulations.<\/p>\n

However, Japanese brands need sharper localization. Product claims should be easy to understand in Vietnamese. Texture and formula should match Vietnam\u2019s hot and humid climate. Sunscreen, oil-control skincare, acne care, sensitive-skin products, hair care and body care can be relevant categories, but price positioning must be realistic.<\/p>\n

Channel strategy is equally important. A Japanese beauty brand entering Vietnam should not choose between offline and online too early. In many cases, the better strategy is staged: test demand online, collect consumer feedback, identify hero products, then approach modern retail chains with stronger evidence of market fit.<\/p>\n

Retail partner selection also matters. Hasaki may offer broad access to local beauty consumers. Guardian and Watsons may support credibility and international brand positioning. Sociolla can be relevant for curated beauty positioning and younger consumers. E-commerce platforms provide scale, but require strong content, price management and review control.<\/p>\n

B&Company support<\/strong><\/h3>\n

B&Company supports beauty and personal care companies in Vietnam through market research, consumer surveys, retail channel mapping, competitor benchmarking, distributor search and business matching. Its experience covers beauty market analysis, e-commerce trend assessment, Japanese brand positioning, retail partner screening and consumer preference research.<\/p>\n

Vietnam\u2019s beauty retail market is still growing, but it is no longer a simple expansion story. Physical store growth is slowing, while online sales are surging. The winning brands will likely be those that combine trust, localization, channel discipline and strong omnichannel execution.<\/p>\n

Read more<\/strong><\/h3>\n

Vietnam Beauty Market 2025: Key Updates, Investment Activities, and Trends<\/a><\/p><\/blockquote>\n