A Matsumoto Kiyoshi store in Japan (Source: japantravel.com)

The information was revealed during a signing ceremony on December 16 between Vietnam’s Lotus Food Group and Japan’s Matsumoto Kiyoshi Holdings to set up the Matsumoto Kiyoshi Vietnam joint venture.

The cosmetics and drugstore chain in Vietnam is expected to meet Japanese standards in the next 3-5 years, with hundreds stores across the country.

Established in 1932, Matsumoto Kiyoshi is a famous Japanese drugstore chain that boasts a massive selection of goods, including medicine, makeup, cosmetics, mouth hygiene products, supplements, among others.

Meanwhile, Lotus Food Group boasts a distribution network reaching almost all of the 63 Vietnamese localities.

According to UK-based Mintel market intelligence agency, Vietnam’s cosmetics market valued about 2.3 billion USD as of 2018, but mostly in traditional retail.

Furthermore, data show that Vietnamese tourists have huge demand for Japan’s cosmetics and dietary supplements while visiting Japan.

Japanese products currently account for 17 percent of foreign cosmetics’ sales in Vietnam, following those from the Republic of Korea and Europe./.VNA