Japan’s Matsumoto Kiyoshi Holdings Group and Vietnamese Lotus Food Group yesterday sign a tie-up agreement in HCM City. – VNS Photo Thu Ngan

Japanese cosmetics and drugs retailer Matsumoto Kiyoshi is set to come to Vietnam next February.

Matsumoto Kiyoshi Viet Nam will be a joint venture between Matsumoto Kiyoshi Holdings Group and the local Lotus Food Group.

At the agreement signing ceremony on Monday in HCM City the two companies said the first store would be opened in HCM City at the end of March next year followed by another 10 to 15 in the next three to five years.

Matsumoto Kiyoshi said the focus was first on HCM City and then on expansion to other provinces and cities.

The Japanese company said it has done a lot of research and consumer interviews to customise store designs as appropriate for the country rather than apply concepts from Japan and other markets.

The stores will focus on key products like Japanese and other famous cosmetics, health supplements, functional foods, and self-care brands.

Le Van May, president and CEO of Lotus, said Vietnamese consumers have been very fond of Japanese goods for a long time, especially healthcare and beauty projects, with many travelling to Japan to shop for them.

The co-operation with Matsumoto Kiyoshi would enable her company to bring high-quality products to meet Vietnamese consumers’ demands, she added.

Founded in 1932, the Japanese company has the largest chain in Japan. It has opened 34 stores in Thailand and five others in Taiwan.

Lotus Food Group, established in 1997, is one of the distributors of Japanese maternal, baby and consumer products in Southeast Asia. The company has tie-ups with many leading Japanese brands. – VNS