Japanese drugstore operator Matsumotokiyoshi Holdings Co. on November 13 announced its plan to set up a joint venture in Vietnam.
A Matsumotokiyoshi store (Photo: globalcosmeticsnews)
The firm signed a joint venture agreement with Vietnam’s Lotus Food Group Joint Stock Co. in July to form Matsumoto Kiyoshi Vietnam Joint Stock Co. in Ho Chi Minh City, which will be officially established in February 2020.
Capitalised with 31.5 billion VND (1.36 million USD), the local unit is 51 percent owned by Matsumotokiyoshi, 48.87 percent by Lotus Food Group, and 0.13 percent by Le Van May, president and CEO of the local partner.
With the formation of the joint venture, the Japanese firm aims to expand its network to newly-emerged markets in Asia, including Vietnam where the cosmetics market was valued at about 2.3 billion USD at the end of 2018.
As of September 2019, Matsumotokiyoshi had run 34 stores in Thailand, five in Taiwan. It plans to set up more shops in Asia.
Set up in 1932, Matsumotokiyoshi Holdings Co., formerly known as Matsumotokiyoshi Ltd. based in Chiba, has currently managed and operated many drug and cosmetics retail and wholesale companies in Japan./.VNA
Japan has overtaken Taiwan as the most popular destination for Vietnamese guest workers, according to the Department of Overseas Labor, under the Ministry of Labor, Invalids and Social Affairs.
Vietnam’s retail market is growing at an annual rate of 10.9% in the 2013 – 2018 period, while most leading names in the market come from the Republic of Korea (RoK) and Japan.