Korean Firms Forge Strategic Alliance to Expand K-Beauty into Vietnam
A new partnership aims to unlock significant opportunities in Vietnam’s burgeoning beauty market, leveraging Korean expertise in cosmetics, medical devices, and health supplements. On Thursday, the Daegu Hankook Ilbo, Kim Medi Beauty, and the Korea Small and Medium Venture Trade Association formalized a memorandum of understanding (MOU) to facilitate entry and cooperation within the Vietnamese beauty industry.
The agreement, signed with the Vietnam-based Red River Group, signals a concerted effort to capitalize on the growing demand for Korean beauty products and services in Southeast Asia. Representatives from over 20 organizations, including the Daegu Medical Tourism Promotion Agency and the K-Beauty Association, attended the signing and commemorative ceremony. Notably present were Levin Hwang, Chairman of the Red River Group, and Nguyen Haing Taean, CEO of Kim Medi Beauty Group, alongside key figures from the Korean delegation.
The collaboration will focus on several key areas designed to foster a comprehensive K-Beauty ecosystem in Vietnam. These include the establishment of K-Beauty Academies to train local professionals, the organization of K-Beauty Fairs and Miss Beauty Pageants to showcase Korean products and talent, and dedicated support for the recruitment, exhibition, and sales of Korean cosmetics, medical devices, and health supplements. Export consultation and networking opportunities will also be a central component of the initiative.
“The K-Beauty Academy and Fair will be a foothold for Daegu and Vietnam,” stated a senior official involved in the negotiations. Chairman Lecong Hwang emphasized the Red River Group’s extensive experience in transportation and tourism – spanning 30 years – as a valuable asset in driving successful collaboration. He affirmed a commitment to achieving “more results in Korea and Vietnamese beauty industry cooperation.”
Nguyen Haing Taean, CEO of Kim Medi Beauty Group, expressed optimism that the partnership would translate into tangible outcomes, including “promotion, sales and import and export contracts.” A company release indicated that officials from both nations recently visited Kim Medi Beauty’s second plant in Yulha-dong, Daegu, to further explore potential synergies.
This strategic alliance underscores the increasing importance of international partnerships in the global beauty industry. As Vietnamese consumers demonstrate a growing affinity for Korean beauty standards and products, this collaboration is poised to become a significant driver of growth for both Korean exporters and the Vietnamese beauty market.
