Vietnam’s cosmetics retail market keeps expanding but at slow pace

Vietnam’s cosmetics retail market continued expanding in 2026, though the pace of store openings has begun to moderate after years of rapid growth, according to market research firm Q&Me.

The Vietnam modern trade report 2026 by Q&Me showed the country’s beauty retail sector recorded 574 stores as of March 2026, up 4.5% from 2025.

Among domestic players, Hasaki Beauty & Clinic remained the industry’s fastest-growing chain by store opening. It added 52 stores within a year, increasing its network from 172 outlets in 2024 to 252 stores in 2025, with the figure projected to rise further to 304 stores in 2026.

Founded in 2016, Hasaki has emerged as one of Vietnam’s largest integrated beauty retail and clinic chains. In late 2023, Alibaba International Digital Commerce Group, a unit of China’s Alibaba Group, completed the acquisition of a minority stake in the company.

To support its expansion strategy, Hasaki has also repeatedly raised capital. As of October 2024, the company’s charter capital had increased to VND350 billion ($13.27 million).

Another strong domestic performer was Co Mem, a natural cosmetics brand, which recorded growth of more than 20%.

The chain is projected to expand from 62 stores in 2025 to 80 stores in 2026, driven largely by growth in provincial markets outside major cities.

International retailers also continued to find room for expansion despite intensifying competition. The Guardian chain is forecast to increase slightly from 125 stores to 127 stores, while Watsons maintained stable growth momentum.

Smaller integrated beauty retail models also posted moderate gains. Glam Beautique is expected to increase its store count from 14 to 16, while The Gioi SkinFood may expand from 10 to 12 outlets.

In contrast, mono-brand cosmetics chains faced mounting pressure amid changing consumer behavior and tougher competition from multi-brand retailers and e-commerce platforms.

The Face Shop recorded the sharpest decline, with its store network projected to shrink from 28 outlets in 2025 to just nine stores in 2026.

Meanwhile, The Body Shop is also expected to reduce its footprint slightly, leaving it with 29 stores nationwide.

The data highlights an ongoing shift in Vietnam’s beauty retail landscape, where large multi-brand chains with strong offline networks, competitive pricing and omnichannel capabilities are increasingly capturing market share from traditional mono-brand operators.

According to a report by Metric.vn, retail sales in beauty and personal care segment reached VND74.4 trillion ($2.83 billion) in 2025, up nearly 30% year-on-year, making it the largest segment in Vietnam’s online retail market.