From 2021 to 2023, K-beauty orders to Vietnam have increased 5.2 times, while transaction amounts have increased 4.9 times, according to Shopee Korea.
The company supports Korean sellers operating in South East Asia and Taiwan markets.
Last year, K-beauty products dominated the sales share on Shopee Vietnam.
Brands including COSRX, Peripera, and 3CE experienced more than double growth compared to the previous year.
In addition, K-beauty brands Torriden and D’Alba were among the top 10 K-beauty brands on Shopee Vietnam, establishing themselves as “rising stars” in the market, said the firm.
CosRx Low pH Good Morning Gel Cleanser was the top-selling K-beauty product last year, while other top selling products to Vietnam included Torriden Dive-In Serum, D’Alba First Spray Serum, 3CE Blur Water Tint, and 3CE Velvet Lip Tint.
This year from January to February alone, sales increased nearly four-fold, with transaction volume growing more than threefold.
It added that the number of sellers that joined Shopee Vietnam during the same period more than doubled.
This growth rate was more than five times faster than Shopee Korea’s main markets in Singapore, Malaysia, and the Philippines.
“The growth in the Vietnam market is not just a temporary phenomenon but is consistently continuing. Shopee Korea is expanding its support for sellers entering Vietnam,” said Kwon Yoon-ah, branch office manager of Shopee Korea.
“Given the potential of the market and the relatively low number of sellers currently present, there is a significant opportunity for brands and sellers to expand their business.”
As part of plans to capture the market, Shopee said it was enhancing its logistics services for “safe and fast delivery” while building on its marketing efforts.
Shopee said it has been introducing fulfilment services using a third-party logistics model in the Vietnam market since the end of last year.
This system involves storing products in local logistics warehouses and ensuring shipment within an average of one to two days.
The allows sellers to reduce inventory burdens and focus solely on sales, while local customers can receive products faster and in a safer manner.
Driven by Generation MZ
Shopee is an e-commerce platform founded in Singapore in 2015 and a subsidiary of SEA Group. In addition to SEA it also operates in markets including Taiwan, Brazil and Mexico.
The company attributed the growth of K-beauty in Vietnam to the younger set of consumers, namely millennials and generation Z demographics.
Comprising over 70% of Vietnam’s population, these consumers are “favourable towards Korean culture.”
Furthermore, the Vietnamese preference for makeup styles is aligned with the natural look popularised by K-beauty.
The company noted that these consumers values individuality and are willing to pay extra for differentiated premium products, including online-exclusive limited editions.
According to the firm, livestreaming has proven to be an effective platform to reach the younger consumers in Vietnam.
It highlighted that Torriden and 3CE have both successfully collaborated with local influencers.
