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Hong Kong's Watsons dives into Vietnam's crowded beauty market

Competition for millennial shoppers heats up as spending on cosmetic imports hits $6bn

Watsons' first Vietnamese store in Ho Chi Minh City: Targeting young shoppers will be key in a country where millennials make up 30% of the population.

HO CHI MINH CITY -- One of Asia's biggest health and beauty retailers has entered Vietnam's fast-growing but crowded cosmetics market, where a young and growing middle class is fueling demand for imported products.

Hong Kong-based Watsons opened its first outlet in Vietnam on Thursday and announced plans for 50 more shops in the next few years, which would put it slightly behind two of the country's biggest players: Guardian, founded in Singapore, and local player Medicare.

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