Việt Nam is being targeted as a land of opportunity by South Korean medical and aesthetic device companies. — VNA/VNS Photo

HÀ NỘI — Riding a wave of rising incomes, shifting lifestyles and the pull of K-Content, South Korean medical and aesthetic device makers are setting their sights on Việt Nam’s young and fast-growing consumer market, where the average age is just 33.4 years.

The Korea Trade-Investment Promotion Agency (KOTRA) recently released an overseas market report, focusing on evaluating the rapid growth rate and changing trends in Việt Nam's aesthetic medical device market.

With a population of nearly 100 million and a growing middle class, compounded by the booming wave of K-Content, the specialised home beauty device market in Việt Nam is seeing powerful growth far exceeding simple skincare products.

Việt Nam is currently witnessing a trend of rising living standards and an increasing demand for self-care. Consumer habits are rapidly shifting from predominantly using low-cost cosmetics to purchasing functional beauty devices for specific purposes such as hair removal, elasticity improvement and the care of acne and skin pigmentation.

According to market research firm Euromonitor, the size of Việt Nam's personal care device market grew by approximately 23.7 per cent over two years, from about US$5.31 million in 2022 to $6.57 million in 2024.

This trend is forecast to continue expanding to $12.27 million by 2028, achieving a compound annual growth rate (CAGR) of 7.6 per cent.

Notably, home beauty care is becoming increasingly prevalent in the daily lives of Vietnamese consumers.

The beauty routines of South Korean celebrities and influencers are shared in real time on social media, leading Korean laser, radiofrequency and LED devices to be recognised as premium products in the Vietnamese market.

The growth of social commerce platforms like Shopee and TikTok Shop is also acting as a catalyst, lowering market entry barriers for small and medium-sized brands.

Despite the immense potential, successful entry into the Vietnamese market requires companies to have a thorough understanding of the complex distribution structure and strict local regulations.

The key to conquering the Vietnamese market would be to tell a product story based on superior technology, along with a pioneering certification strategy aligned with local regulations and the establishment of a reliable after-sales service system, noted in the report. — VNS