Vietnam’s Lotus Food Group and Japan’s Matsumoto Kiyoshi Holdings have inked a business cooperation deal, said the Japanese famous drugstore chain on July 16.

Foreign tourists select products at a Matsumoto Kiyoshi store in Tokyo
(Photo: Nikkei)

Under the pact, the two firms will set up a joint venture to develop and manage the Matsumoto Kiyoshi cosmetics and drugstore chain in Vietnam. Business activities in the Vietnamese market will be further discussed in the coming time.

Established in 1932, Matsumoto Kiyoshi is a famous Japanese drugstore chain that boasts a massive selection of goods, including medicine, makeup, cosmetics, oral hygiene products, supplements, among others.

According to Ryutsuu News, Vietnam’s distribution and retail market is thriving, thanks to an increase in the middle-income class and stable economic growth in recent years. 

Furthermore, data showed that Vietnamese tourists have huge demand for Japan’s cosmetics and dietary supplements while visiting Japan.

Alongside Vietnam, the Matsumoto Kiyoshi Holdings eyes the opening of its drugstore chain in Hong Kong, as the Japanese firm has previously entered two Asian markets of Taiwan and Thailand.