Korea SMEs and Startups Agency Holds 'Business Consultation Event' to Support K-Beauty SMEs' Entry into Vietnam

The Ministry of SMEs and Startups and the Korea SMEs and Startups Agency held a business consultation event on April 24 (local time) at the Lotte Hotel in Hanoi, Vietnam, to support the local market entry of K-beauty companies.

Exterior view of the Small and Medium Business Corporation. Small and Medium Business Corporation

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Vietnam has consistently shown strong interest in K-beauty alongside the growing popularity of the Korean Wave, with demand for cosmetics rapidly increasing, particularly among young consumers. Both online platforms and offline distribution channels are experiencing simultaneous growth, and as Vietnam is recognized as a strategic hub for expanding into the Southeast Asian market, it is attracting attention as a promising destination for overseas expansion by Korean small and medium-sized enterprises (SMEs).

The consultation event was attended by 15 K-beauty SMEs deemed highly likely to enter the Vietnamese market. Vietnamese beauty buyers visited each consultation booth, directly reviewed the companies’ products and technologies, and engaged in in-depth discussions.

This event was organized to connect Korean K-beauty SMEs and local buyers one-on-one, providing on-site export consultations and supporting their entry into the Vietnamese market based on preliminary research of local distribution networks.

The Korea SMEs and Startups Agency provided buyers with information on participating companies in advance to help identify buyers with a high potential for contract agreements. A product showcase was set up at the entrance of the event venue so buyers could directly experience the products.

Participating companies visited major local K-beauty distribution channels, examined the products and price ranges displayed on store shelves, compared them to competing products, gained insights into market trends and consumer preferences, and refined their strategies for entering the local market.

For the consultations conducted on-site, trade experts will provide one-on-one support from export negotiations to contract drafting through the GoBizKorea "Export Contract Support Project." Additional follow-up support, including assistance with moving into the Hanoi GBC, will also be provided by linking to related programs.

Park Janghyuk, Executive Director of Global Growth at the Korea SMEs and Startups Agency, stated, "This consultation event goes beyond simple meetings; it is an integrated program that connects entry into distribution networks and follow-up support, with a focus on increasing the potential for K-beauty SMEs to enter the local market. We will continue to expand on-site, market-driven support to help companies enter promising overseas markets in the future."

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