Drugstore Matsumoto Kiyoshi expands to Vietnam, first store next year
HO CHI MINH CITY, NNA - Japanese drugstore Matsumoto Kiyoshi Holdings Co. will bring its popular range of pharmaceutical and beauty products to Vietnam following a joint venture with local Japanese product distributor Lotus Food Group Joint Stock Co.
The partners, who signed their memerandum of understanding on Monday, will open their first store in the bustling shopping and tourist hub in District 1 of Ho Chi Minh City in March next year. They aim to open 10 to 15 stores over the next three to five years.
"Our vision is to be the biggest cosmetic and pharmaceutical chain in Vietnam,” Hiroki Miyaoka, General Director of Matsumoto Kiyoshi Vietnam Joint Stock Co., declared when giving details of their ambitious plan at the event. He believes the move to grow big in Vietnam comes at the right time as Vietnamese consumers have become more aware about their health and beauty needs.
They have also shown a preference for quality Japanese products, he said, adding that women, including mothers and those who are working, would be the main target group.
While the store can offer a wide range of pharmaceuticals, beauty products, and health supplements, it will study consumer data and behaviour to ensure that suitable products would be made available for them and at the right prices too, Miyaoka told NNA.
In Japan, Matsumoto Kiyoshi stores are popular with Japanese and tourists looking for reasonably priced quality and trendy products that boost their looks as well as well-being.
Miyaoka told NNA that the company would also play a role in promoting health prevention among consumers with its range of health supplements in Vietnam.
The Vietnam healthcare market had a value of $17.4 billion in 2018. Meanwhile, the country’s pharmaceutical market had an estimated a revenue of $5.9 billion in the same year, an 11.7% increase from the previous year, which makes Vietnam the second largest medicine market in the South East Asia, according to a report by British Business Group Vietnam, a local entity of the British Chambers of Commerce, citing a 2018 Business Monitor International report.