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The best-selling Korean product category on Shopee Vietnam is beauty products. From January to August this year, the cumulative number of orders of beauty products increased by 90% compared to the same period in 2022.
Shopee Korea, one of the major e-commerce sites in Southeast Asia, said Vietnam is currently attracting attention as a rapidly growing market, ranking first in number of orders and ranking second. in terms of sales among all markets where Shopee organizes a large-scale discount event “9/9 Super Shopping Day”.
The scale of Vietnam’s e-commerce market in 2022 will be at 16.4 billion USD, equivalent to an increase of about three times over the past 5 years.
American market research company eMarketer also selected Vietnam as one of the “top 5 e-commerce growth countries in the world.”
In fact, about 75% of Internet users in Vietnam shop through Vietnam's e-commerce. The average annual purchase amount per person has increased by more than double digits compared to the previous year, and purchasing power is also increasing.
The best-selling Korean product category on Shopee Vietnam is beauty products. From January to August this year, the cumulative number of orders for beauty products increased by 90% compared to the same period in 2022. Next is the number of orders in the “hobbies” category, i.e. products specifically related to K-pop and “food.”
In particular, in the field of hobbies, right from the beginning of the year, a large number of albums with high prices were sold. By the end of August, the number of accumulated orders had increased by 109% and sales had also increased by 278% compared to last year.
As Korean products become popular in the Vietnamese market, Korean sellers are also achieving remarkable results. In the beauty sector, early entrant brands, including current bestsellers such as COSRX and Some By Me, also showed notable achievements. Newly opened domestic cosmetic brands Torriden and d’Alba also recorded growth from January to August 2023 of nearly 28 times and 20 times respectively in the number of orders compared to the same period in 2022.
Analysis shows that consumers in Vietnam tend to value skin care products more than makeup products, so Korean beauty products with guaranteed quality have won the hearts of consumers' local consumption.
Shopee Korea also predicts that demand for Korean products in Vietnam, including beauty products, is expected to continue to grow in the future.
Hanoi and Ho Chi Minh City are said to be the places that promote the highest consumption of Korean products. The reason is because Vietnamese consumption trends often start first in these two cities and then spread to other provinces and cities. The main customers are also often women in their 20s to mid-30s, who are sensitive to trends and greatly influenced by the Korean Wave (Hallyu).
Kwon Yoon-ah, Director of Shopee Korea, said: “The Vietnamese market, where the number of Korean sellers is relatively small compared to other markets in Southeast Asia such as Singapore, Malaysia, and the Philippines, is ‘a blue ocean’ is expected to grow even stronger in the future.”
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