Customers visit the first store of Matsumoto Kiyoshi in HCMC’s District 1, October 19, 2020. Photo courtesy of Matsumoto Kiyoshi.
Japanese cosmetic and pharmaceutical store chain Matsumoto Kiyoshi opened its first store in HCMC on Sunday at the Vincom Center shopping mall in District 1.
The store, which stocks more than 6,000 items from around the world, attracted hundreds of customers on the opening day.
It was originally scheduled to open in March but was delayed due to the Covid-19 pandemic.
Hiroki Miyaoka, managing director of Matsumoto Kiyoshi Vietnam, said at the opening ceremony another 10-15 stores are likely to be opened in Vietnam in the next five years. Vietnam has become the third foreign market in the company’s expansion strategy. As of June it had 32 stores in Thailand and 12 in Taiwan.
Hirai Shinji, chief representative of the Japan Trade Promotion Organization (JETRO) in HCMC, said it is a good time for Japanese corporations to expand their business in Vietnam since the pandemic has been contained and economic activities are gradually recovering.
Matsumoto Kiyoshi Holdings last year signed a joint venture deal with the HCMC-based Lotus Food Group to establish the Matsumoto Kiyoshi Vietnam with a registered capital of VND31.5 billion ($1.35 million).
Vietnam is among 17 countries in the pharmerging markets, a group of countries that are expected to be the pillars of the global pharma industry, according to U.S. information technology firm IMS Health.
Its drug market is expected to grow at 10 percent annually for the next five years.
It grew at 16 percent a year in 2015-18, and is currently worth $10 billion, global research firm Business Monitor International reported.