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 MatsumotoKiyoshi cosmetics and drugstore chain in Vietnam. Business activities in theVietnamese market will be further discussed in the coming time.

Established in1932, Matsumoto Kiyoshi is a famous Japanese drugstore chain that boasts a massiveselection of goods, including medicine, makeup, cosmetics, oral hygieneproducts, supplements, among others.

According toRyutsuu News, Vietnam’s distribution and retail market is thriving, thanks to anincrease 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 anddietary supplements while visiting Japan.

Alongside Vietnam,the Matsumoto Kiyoshi Holdings eyes the opening of its drugstore chain in HongKong, as the Japanese firm has previously entered two Asian markets of Taiwanand Thailand.-VNA