Vietnam's beauty retail sector reached 574 stores as of March 2026, marking a 4.5 percent increase from 2025. This growth in physical outlets comes as the market experiences a slowdown in the pace of new store openings after several years of rapid expansion.
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Market research firm Q&Me reports that alongside this expansion, there has been a significant increase in online sales for beauty and personal care products, reaching VND74.4 trillion ($2.83 billion) in 2025.
Hasaki Beauty & Clinic emerged as the fastest-growing chain in the sector, adding 52 locations in just one year. This expanded its total from 172 stores in 2024 to 252 in 2025, with expectations to reach 304 stores by the end of 2026. Established in 2016, Hasaki operates an integrated business model that combines beauty retail with aesthetic clinics, and it raised its charter capital to VND350 billion ($13.27 million) in October 2024 to support its growth.
Another local brand, Co Mem, which focuses on natural beauty formulas, grew its store count by over 20 percent and plans to expand from 62 to 80 stores by 2026, targeting markets outside of Hanoi and Ho Chi Minh City.
In contrast, international chains have moderated their growth. Guardian, a pan-Asian pharmacy and beauty chain, is expected to increase its presence from 125 to 127 stores, while regional competitor Watsons has maintained its store count. Smaller multi-brand operators are also experiencing modest growth, with Aeon-backed Glam Beautique projected to increase from 14 to 16 outlets, and The Gioi SkinFood expected to grow from 10 to 12 stores.
Single-brand stores, however, face significant challenges, with many reducing their presence. The Face Shop is set to decrease its outlets from 28 in 2025 to just nine by 2026. Similarly, The Body Shop has cut its retail locations to 29 nationwide. This decline can be attributed to changing consumer preferences, as shoppers increasingly favor multi-brand options that provide wider product selections and better promotions.
The shift in retail dynamics has consequences for leasing practices in Vietnam. Landlords, especially in secondary cities, now rely more on multi-brand beauty chains to anchor personal care sections rather than standalone boutiques. In late 2023, Alibaba International Digital Commerce Group acquired a minority stake in Hasaki, enhancing the chain's financial capacity to expand into lower-rent secondary provinces.
As growth in physical stores slows, retailers need to maintain profit margins. The sector's next milestone is set for the end of 2026, when Hasaki aims to surpass 300 stores in Vietnam.