GROUP ASSIGNMENT

Course Code : IBI101

Lecturer’s Name : Truong Dieu Thao

Assignment Title : INTRODUCTION TO INTERNATIONAL BUSINESS

Sub Title : You are the Project Team in International division of a

Vietnamese company which you are free to choose. Your
company plans to expand its business to a totally new country
and your CEO has asked you to prepare a report for the
board of directors (BOD) and investors in which
you select a country and explain why it is a good idea to
expand your company into that country.

Member Details : NO BRAIN

Numerical order Name Student code

1 Tran Nhu Quynh (Leader) DS170507

2 Le Viet Tin DS170086

3 Phan Gia Bao DS170545

4 Tran Dinh Khang DS170082

5 Luong Hoang Duy DE170114

6 Nguyen Thuy Dung DS170469

Paper Due Date

JULY 14, 2023

 TABLE OF CONTENTS

I. INTRODUCTION............................................................................................................4

II. COMPANY ANALYSIS.................................................................................................4

1. Company background.........................................................................................................4

2. Product offered...................................................................................................................4

3. Cocoon's marketing strategy is the most effective today...................................................5

III. COUNTRY ANALYSIS................................................................................................5

1. Market Positioning......................................................................................................5

2. PESTEL Model...........................................................................................................6

2.1. Political.............................................................................................................6

2.2. Law...................................................................................................................6

2.3. Economy...........................................................................................................7

2.4. Sociocultural.....................................................................................................8

2.5. Technology.......................................................................................................9

2.6. Environment.....................................................................................................9

3. Market Analysis..........................................................................................................9

3.1. Market Prospect Analysis.................................................................................9

3.2. Customers' Preference....................................................................................10

3.3. Competitors.....................................................................................................10

3.4. Competitive Pressures....................................................................................11

IV. RECOMMENDATIONS.............................................................................................12

1. SWOT Analysis........................................................................................................12

1.1. Strengths.........................................................................................................12

1.2. Weaknesses.....................................................................................................12

1.3. Opportunities..................................................................................................13

1.4. Threats............................................................................................................14
 2. Entry Mode...............................................................................................................14

V. REFERENCES..............................................................................................................16
I. INTRODUCTION

The company that No Brain's group will bring is Cocoon Original Vietnam, a 100% plant-
based cosmetic brand from Vietnam that is both effective and safe for everyone. Those
who wanted to learn about the indigenous ingredients of Vietnam such as squash, Ben Tre
coconut oil, grapefruit peel, rose, Hung Yen turmeric, and Dak Lak coffee formed Cocoon.
Skin and hair care products from Cocoon provide nourishing and soothing solutions from
natural ingredients. A testament to Cocoon's dedication topage environmental conservation
and compassion for animals are outstanding certifications from groups worldwide
including Leaping Bunny®, The Vegan Society, and PETA123.

In this report, No Brain will analyze the company, Thailand market. At the same time,
making recommendations with the aim of bringing Cocoon Original Vietnam's products to
the international market, specifically Thailand.

II. COMPANY ANALYSIS

1. Company background

Cocoon Vietnam is a famous vegan cosmetic brand, born in 2013, and quite well known
for its benign natural products. In each Cocoon product, the Vietnamese spirit is clearly
expressed with completely natural ingredients from Dak Lak coffee to Ben Tre coconut;
from Tien Giang cocoa butter to Cao Bang roses. Natural ingredients such as grapefruit,
pennywort, squash...Cocoon production base company specializes in providing beauty
products extracted from 100% natural, free of animal derivatives, tested to prove effective
and safe for users. Cocoon production base company always adheres to the traditional
recipe, and always cleans and disinfects contact tools during the production process in the
most meticulous and guaranteed way. The Ministry of Health has granted Cocoon goods a
license for distribution after the Pasteur Institute in Ho Chi Minh City evaluated and
validated them (Cocoon Vietnam, no date)i. As a result, Cocoon's products are an effective
beauty secret trusted by many people

2. Product offered

Products from Cocoon are for both hair and skincare. The following skincare items are
available: makeup remover, cleanser, mask, lotion, and sunscreen. Two shampoos,
conditioners, incubation cream, water, and hair conditioner are among the hair care goods.
Additionally, Cocoon offers a wider variety of items to customers. All skin types can
benefit from Cocoon's selection of combination packages for face and body care. In
particular, all of Cocoon's products are completely vegan and contain only plant extracts
like grapefruit, rose, squash, and pennywort. They are also not tested. contains no
hazardous materials when tested on animals. As a result, Cocoon products are relatively
safe and are suitable for use by both pregnant women and those with sensitive skin that is
prone to irritation.

Therefore, Cocoon is known by many people for its humane and safe products for users'
health. That is a huge difference between the brand and other cosmetic companies on the
market. That is a huge difference between the brand and other cosmetic companies on the
market. Furthermore, to ensure the 100% veganism of the product, Cocoon only cooperates
with partners who use all-natural ingredients in their production process. This means they
don't use any animal-based ingredients like honey, beeswax, fluff, snail slime, silk, etc.

3. Cocoon's marketing strategy is the most effective today

No Brain's group assesses that the Cocoon company is adapting well to the rapid
development of technology. In 2020, adults will spend an average of 135 minutes each day
on social media, according to data from Statista (Global daily social media usage 2023 |
Statista, 2023)ii. So, using social media marketing is a strategy Cocoon is always dedicated
to. As evidence, the company quickly took advantage of the attraction from this platform to
deploy social media ads combined with gamification (for example, the minigame "Explore
Vietnam" took place in August 2020). Besides, not forgetting Influencer Marketing,
Cocoon has cooperated with many famous Beauty Bloggers such as Dao Ba Loc, Khoai
Lang Thang, Suboi, etc to reach users, create trust and convince them to choose the brand's
products. Next, the positioning strategy of the vegan cosmetic brand "Made in Vietnam" is
the third thing Cocoon is building. The evidence is that in the product composition, this
brand always uses purely Vietnamese ingredients, from familiar ingredients that can be
found throughout the S-shaped strip of land - Viet Nam.

III. COUNTRY ANALYSIS

1. Market Positioning
According to The Land of the Golden Temples, Thailand is not only famous for successful
gender reassignment surgeries but also known for its women's smooth and fair skin. The
weather in Thailand is not different from Vietnam, so Cocoon's products have great
potential in the Thai market. Like famous brands like Innisfree, The Body Shop, Beauty
and Planet, and The Face Shop provide natural cosmetics, Cocoon stands out by sourcing
local ingredients such as winter melon, DakLak coffee, Tien Giang avocado, Ben Tre
coconut oil, and Cao Bang roses (SEFA Media, 2023) iii. They have attracted attention by
offering organic products and implementing the "Discover Vietnam" campaign to promote
their commitment to quality and sustainability (Cocoon 2020's Vietnam Discovery
Campaign, no date) (in Vietnamese).iv

The Cocoon brand offers a wide range of products at various price points, with good
quality and the ability to meet most customers' needs, such as hair care, skincare, body
care, and more. Vegan cosmetics are not only safe for users and environmentally friendly
but also have a significant humanitarian meaning for animals. The brand was founded by a
young team with high creativity, making it easy to set trends and attract attention. It is
closely associated with a "green" lifestyle, leading the sustainable trend and contributing to
ecosystem protection (VnExpress, no date).v

On e-commerce platforms, Cocoon has built a quick and secure order management system.
To provide the greatest consulting and customer care services, they work closely with
distributors as well. The natural beauty of Vietnam and the Leaping Bunny logo—one of
the top animal cruelty-free exhibitions in the world—are both strongly associated with the
Cocoon brand. This program, which denotes non-animal testing with the "jumping rabbit"
emblem, is regarded as the global "gold standard" for cosmetics, personal care, and
household items (VnExpress, 2020)vi.

2. PESTEL Model

2.1. Political

Thailand is a constitutional monarchy with a combination of parliamentary

democracy. Economic, trade, and investment cooperation between Vietnam and
Thailand is a notable bright spot in their bilateral relations.

2.2. Law
Since a country joins ASEAN, ASEAN countries will enjoy preferential tax rates.
On the one hand, the import tariff: is calculated based on the import tax rate
multiplied by the CIF value, and is the tax side of the goods (price includes the
value of the goods, insurance, and freight). On the other hand, Value Added Tax
(VAT) is charged on the entire value. There is also CIF and import tax on goods.
There are many imported goods for re-export. Regular imports will be exempt from
import duties and VAT. The value-added tax rate in Thailand: 7%.

All goods entering the Thai market must comply with the following laws: The
name of the cosmetic type:

 Manufacturer's name and address

 User manual

 Ingredients in the product

 Side effects when using the product (if any)

2.3. Economy

Thailand's economy, according to Asia Fund Managers, is the seventh biggest in

Asia-Pacific and the second largest in Southeast Asia (SEA), after Indonesia, in
terms of Purchasing Power Parity. Additionally, according to World's Main
Exports, Thailand's main exports to international trade partners are rice, machinery,
vehicles, diamonds, and steel. In 2022, the Kingdom of Thailand exported products
worth US$283.8 billion throughout the world. Compared to the US dollar,
Thailand's use of the Thai baht has fallen by -8.5% since 2018 and by -9.6%
between 2021 and 2022, according to the average exchange rate for 2022. Thai
Baht devaluation strengthens the economic position of US dollar payments (for
global markets).

On the other hand, businesses need to pay attention to corporate income tax. Most
business activities in Thailand including foreign organizations operating or earning
income in Thailand (whether doing business here or not) must set an income tax
rate based on the firm's fixed income. According to Themis Partner: The average
tax rate for business is 20%, but the tax base is divided into parts. So If Cocoon
enters this market, the expected tax rate is 15%-20% (J, 2021).vii
The Thai cosmetic market:

According to ChemLinked: “Thailand is traditionally one of the main cosmetic

markets in Asia, and its growth is estimated by 5.5% per annum until 2025. The
faster-growing product segments are skincare (42%), hair products (15%), soaps
and hygiene (14%), oral and dental care (12%), and makeup (12%)”. The Thai
cosmetics market now has greater expansion potential through the ASEAN
economic community, which promotes free trade policies among member
countries.

Therefore, it can be seen that the demand and purchasing power of cosmetics in this
market is increasing and has better development potential because Thailand is a
developing country. In the Thai market, there are top skincare brands including
Artistry, Pond's, Olay, Mistine, and Nivea. Highest market size for facial and body
care products.

The Thai consumer market outlook is estimated by Statista to grow to about 649
million USD by 2024.

2.4. Sociocultural

Thai culture is deeply influenced by Buddhism - the state religion in this country.
Therefore, people attach great importance to animal protection and focus on vegan
products.

Next, social stratification directly affects the spending and consumption trends of
people in the city-rural areas, rich - poor. Besides, Thai people tend to value their
appearance and beauty, this has been proven by the development and affirmation of
Thailand's image in the Makeup arena, there are many phenomena, styles, and
makeup trends that have_ become viral globally. Along with that, along with the
development of the Internet, cosmetics and personal care products have become
more accessible through Internet platforms. As a result, cosmetics are one of the
top product categories purchased through influencer marketing.

In addition, changes in consumer demographics also signal changes in consumption

patterns. As Thailand is moving towards an aging society, cosmetic brands are
aiming to launch more products with anti-aging properties.
 2.5. Technology

In the era of the 4th industrial revolution, many countries in Asia are racing to catch
up with the trend, including Thailand. According… bỏ vô chỗ này nè, t nghĩ v
"Thailand 4.0" aims to transform the country's industrial manufacturing economy
into a high-tech. In addition, the country also applies digital technology and
automation at the customs, greatly reducing the time of importing and exporting to
other countries. Thailand also thoroughly applies technology in shopping with e-
commerce platforms.

2.6. Environment

Thailand has a climate not too different from Vietnam: Tropical climate. This
climate is also one of the potential opportunities for the Cocoon company to
penetrate. From No Brain’s perspective, because the climate is one of the factors
affecting skincare trends, Cocoon's company has reduced pressure to be locally
responsive. However, for the company's current products to reach Thai consumers,
it is still not completely convincing.

3. Market Analysis

3.1. Market Prospect Analysis

Thailand stands as one of the prominent cosmetic markets in Southeast Asia.

According to Statista (2023), the value of the prestige cosmetic and fragrance
market in Thailand reached approximately $487 million in 2022. A study
conducted by HKTDC Research in 2020 revealed that 81% of Thai consumers
planned to maintain or increase their spending on skincare and cosmetics over the
next three years. The affluent middle class in Thailand demonstrates a strong desire
for innovative beauty products.

Additionally, Thailand's aging population offers promising prospects in the field of

anti-aging products. There is considerable market potential for products that
address age-related issues like wrinkles, fine lines, and age spots. By creating
effective and innovative solutions for anti-aging, companies can take advantage of
this demographic trend.
Furthermore, the male grooming sector is witnessing significant expansion in
Thailand. Men are increasingly mindful of their appearance and are willing to
spend on grooming and personal care products. The customer segment includes
both females and males is a remarkable point since Thailand is heavily influenced
by Korean beauty trends, where cosmetic companies' clientele includes both men
and women. These findings indicate that the Thai customer segment remains an
enticing target for the cosmetic industry both in the foreseeable future and in the
long term.

3.2. Customers' Preference

In Thailand, there is a growing market for cosmetics made with natural and organic
components. The possible impacts of the items people use on their health and the
environment are becoming more and more known to consumers. Companies are
more likely to obtain a competitive edge if they promote sustainability, openness,
and ethical business practices in their product offers. HKTDC Research (2021) also
suggests that young Thai consumers have a stronger propensity to try out new
products as opposed to staying with well-known ones. This group is drawn to social
media advertising and is willing to try out unusual and reasonably priced goods.
Cocoon, a company that specializes in cosmetics made with natural components,
has identified a market niche. The rising popularity of these goods in Thailand
suggests promising futures for companies operating in this market.

(Statista, no date)viii

3.3. Competitors
The first is Mistine - a famous cosmetic brand in Thailand, offering a variety of
beauty and skin care products. With a strong presence in the market, Mistine is
known for its competitive pricing, high quality service and extensive distribution
network. The brand appeals to a diverse clientele, offering a wide range of
products to suit different tastes and budgets.

Secondly, Cathy Doll has emerged as a famous Thai cosmetic brand, especially
among young people. The brand focuses on innovative and trendy products,
including cosmetics, skin care and body care. The success of Cathy Doll can be
attributed to its attractive packaging, effective formula and attractive price.

Furthermore, the brand has effectively leveraged social media platforms to

interact with customers and execute successful marketing campaigns. The third
competitor is Siam Botanicals - a brand that specializes in natural and organic
skin care products. The company prides itself on sourcing high-quality botanical
ingredients from Thailand and prioritizes sustainable and eco-friendly practices.
Siam Botanicals caters to customers who are looking for natural skin care
solutions and offers a wide range of products.

These three competitors - pose significant challenges for Cocoon Cosmetics in

the Thai market. To stay competitive, Cocoon Cosmetics should continue to
innovate, differentiate its offerings, and adapt to growing consumer preferences.
Conducting regular market research and keeping up with industry trends will be
crucial for Cocoon Cosmetics to maintain its position in the Thai market.

3.4. Competitive Pressures

Local Responsiveness

The graph below shows that Thais still place a higher value on homegrown goods
than those that come from elsewhere. There will be a lot of pressure from local
demand because Thailand has the largest cosmetics market in ASEAN and is
expected to grow rapidly in the future. The temperature and environmental
conditions in Thailand may necessitate that cosmetic companies change the
ingredients and formulations of their products. For instance, Thailand's tropical
climate may necessitate the use of light, non-greasy cosmetics. Thailand's laws for
the cosmetic sector are very stringent in terms of compliance with legal
 requirements. Businesses must make sure that their products adhere to regional
regulations, labeling specifications, and safety standards. Obtaining the necessary
certifications and permissions from the Thai Food and Drug Administration (FDA)
is a part of this. Understanding the local distribution environment is essential for
cosmetic firms when it comes to distribution channels. The retail industry in
Thailand is diversified and includes contemporary retail chains, department stores,
beauty-specialized shops, and internet marketplaces. To reach their target market,
businesses must determine which distribution methods are the most efficient.

IV. RECOMMENDATIONS

1. SWOT Analysis

1.1. Strengths
 Natural and Chemical-Free Products: The Cocoon brand's offering of natural and safe
skincare products that are free of harmful chemicals has helped build a strong brand
identity and customer loyalty.

 In order to increase brand recognition and engage consumers, brands are active on
social media sites like Facebook and Instagram.

 Watsons are often one of the leading merchants. In contrast, Watson's stores in
Vietnam carried Cocoon merchandise. The primary distribution channels for skin care
goods in the nation are hypermarkets and supermarkets. This makes it easy for Cocoon
to distribute in the Thai market.

1.2. Weaknesses

 Cocoon is unfamiliar with local customs and culture. This might make it more difficult
for the business to properly modify its products and marketing approaches to suit the
unique requirements and preferences of Thai consumers.

 Limited product range: The Cocoon brand's product range is limited to skincare and
cosmetic products, which may limit the brand's market reach.

 Limited geographic reach: Cocoon currently only operates in Vietnam, which may
limit the brand's market potential. Since Thailand is Cocoon's first foreign market, the
company has no experience in market penetration.

 Higher production costs: The use of natural and sustainable ingredients increases
production costs, which can make a brand's product more expensive to manufacture
and less profitable.

 The scale of the enterprise is still small, and the financial potential is not strong
enough. In addition, the Thai market advertises products mainly through celebrity
reviews on their blogs or YouTube. Therefore, Cocoon will have to spend a lot of
money and effort to establish relationships with famous people in this market so that
more people know about the product.

1.3. Opportunities

 The country of Thailand's rising demand for cosmetics and aesthetic items. Cocoon
items have an average price that is neither too expensive nor too low, so when they are
 introduced on the market in 2022 with a GDP of $7,630 per person per year (Quỳnh,
2023)ix, consumers will be able to comfortably afford them.

 Cocoon's product range fits the growing demand for natural and organic beauty
products among Thai consumers.

 Thailand is located in ASEAN countries, so Cocoon will enjoy tax incentives as well
as easier exports. Therefore, Cocoon's products will not be inflated too high and will
still be kept at an average level for easy consumption.

 Thailand is one of the three highest revenue markets (2019) (Lqthieu, 2019) x in the
organic cosmetics industry. But Cocoon has a strength in vegan cosmetics and always
upholds its mission of bringing users vegan products with gold certification from
Leaping Bunny.

 Due to Thailand's gender-diverse population, this industry caters to all genders,

including men. Cocoon cosmetics can be used by both men and women, so Cocoon
will have both male and female cosmetic markets.

1.4. Threats

 Competition: the presence of strong competitors in the cosmetics industry in Thailand.

These competitors may already have a well-established customer base and brand
loyalty, making it challenging for Cocoon to gain market share.

 Economic factors: Economic factors such as inflation, recession, and currency

fluctuations can affect a brand's sales and profits.

 The stringent regulations and standards in the cosmetics industry in Thailand. These
regulations may require Cocoon to make significant modifications to its products or go
through a lengthy approval process before they can be sold in the Thai market.
Furthermore, political instability or changes in government policies could also pose a
threat to Cocoon's entry into the Thailand market.

 Consumer preferences: Changes in consumer preferences and trends can affect a

brand's sales and market position.

 Counterfeit: The success of the Cocoon brand can attract counterfeiters who may try to
copy and sell counterfeit products, which can damage the brand's reputation.
 Cocoon will have to invest a lot in Marketing to increase brand recognition in the Thai
market.

 Thailand is a large cosmetics exporter, so this is a barrier for Cocoon to sell well in
such a large cosmetic export market.

2. Entry Mode

Although Cocoon was established in 2013, it can be considered a small and medium
enterprise. And to easily penetrate the international market, especially Thailand, Cocoon
should choose the export method. Exporting goods from one country to another is a
business activity in the field of international trade that plays an important part in business
today. Different from domestic retail trade, the form of export becomes a system of
domestic and foreign trade, and the purpose is to consume products. When goods are sold
outside, foreign currency is obtained, which promotes the development of commodity
production, which means that the economy also develops, leading to an improvement in
people's living standards. With international trading, even small businesses can thrive,
creating employment opportunities and economic growth. By exporting goods abroad and
meeting the needs of international customers, SMEs can have many customers, earn a lot
of foreign currency and generate profits.

Some benefits of exporting goods:

 Exporting goods means that businesses have the opportunity to expand sales markets
that benefit both businesses and the country.

 Exporting goods helps to express goods, and elevate and promote brands in the
international market. Enterprises with many export products have the opportunity to
dominate international markets and strengthen their brands.

 Bring in foreign currency, promote better economic development, and increase foreign
exchange reserves.

Besides, exporting also brings some problems such as: Accessing foreign markets through
export also makes it difficult for enterprises to contact the end consumers, so there is a lack
of strong competitive tools. On the other hand, companies do not have a deep
understanding of the customs and laws of the market they participate in, so they also tend
to lose the market. But this problem can be overcome if businesses have stable initial steps
and learn about the market they want to export.

Some forms of export:

1. Direct Export: The company sells directly to its customers in foreign markets. There are
two main forms of direct export:

 Direct export: An exporting company can set up an export customs management

department. As export transactions and jobs increased, import and export
departments were established to ensure the direct export of the company to the
international market.

 A sales representative is a form of sales that does not stand on behalf of the
business but in the name of the customer, based on the salary and commission
received from a part of the value of the goods sold. In effect, the sales representative
acts as the company's salesperson in the foreign market.

2. Indirect exporting: selling the company's goods and services abroad through an
intermediary (through a third party). The most important intermediaries in the export
business are agents, import-export companies, and import-export trading companies.

 Agent: a person or organization representing an exporter carrying out one or more

activities in a foreign market.

 Export management company: a company that entrusts and manages the export
of goods. These companies have experience in carrying out import and export
procedures and provide these services to companies.

 Export trading company: is a company that acts as an independent distributor with the
task of connecting foreign customers with domestic export companies to import goods
for overseas consumption.

 Shipping companies: are companies that provide forwarding services and

activities related to the import and export of goods, such as customs declaration,
tariff orders, forwarding, and dangerous insurance.

V. REFERENCES
i
Cocoon Vietnam (no date).

Available at: https://cocoonvietnam.com/.

ii
Global daily social media usage 2023 | Statista (2023).

Available at: https://www.statista.com/statistics/433871/daily-social-media-usage-worldwide/.

SEFA Media (2023) “Cocoon's Marketing Strategy: The journey of 'breaking the cocoon' of a
iii

Vietnamese vegan cosmetic brand,” SEFA Media [Preprint] (in Vietnamese).

Available at: https://sefamedia.vn/chien-luoc-marketing-cua-cocoon-hanh-trinh-pha-ken-cua-

thuong-hieu-my-pham-thuan-chay-viet-nam/.
iv
Cocoon's Vietnam Discovery Campaign 2020 (no date) (in vietnamese).

Available at: https://phuongnamdigital.com/vi/tin-tuc/chien-dich-kham-pha-viet-nam-cua-cocoon-

2020.html.
v
VnExpress (no date) VnExpress - The most viewed Vietnamese newspaper (in Vietnamese).

Available at: https://vnexpress.net/cocoon-thuong-hieu-my-pham-viet-truyen-cam-hung-song-xanh-

4417676.html:https://vnexpress.net/cocoon-thuong-hieu-my-pham-viet-truyen-cam-hung-song-
xanh-4417676.html.

VnExpress (2020) “Cocoon - the first Vietnamese cosmetic to join Leaping Bunny,”
vi

vnexpress.net, November 29 (in Vietnamese).

Available at: https://vnexpress.net/cocoon-my-pham-viet-dau-tien-gia-nhap-leaping-bunny-

4196857.html?
fbclid=IwAR3Ybi6LewzJlpvvhROVFvpDxrz2abuTd8NkPnNdmayN20yunoLREgwsVPk.
vii
J, K. (2021) “What are business taxes in Thailand?,” Themis Partner [Preprint].

Available at: https://thailand.themispartner.com/guides/business-taxes-thailand/#:~:text=The%20standard

%20corporate%20income%20tax%20rate%20is%2020%25%2C%20[Accessed%2014%20Jul.%202023].
viii
Statista (no date) Natural Cosmetics - Thailand | Statista market forecast.

Available at: https://www.statista.com/outlook/cmo/beauty-personal-care/cosmetics/natural-

cosmetics/thailand.
ix
Quynh T. (2023a) “The IMF expert once calculated that the average GDP of Vietnam took 197
years to catch up with Singapore: Still the same calculation, how has the gap changed?,” Copyright
(C) by Joint Stock Company Vccorp, 31 January (in Vietnamese).

Available at: https://cafef.vn/chuyen-gia-imf-tung-tinh-toan-gdp-binh-quan-viet-nam-mat-197-nam-

moi-duoi-kip-singapore-van-cach-tinh-do-khoang-cach-gio-thay-doi-ra-sao-
20230131101123845.chn.
x
Lqthieu (2019) “ASEAN organic cosmetics market has strong growth potential,”
https://baothuathienhue.vn, 17 July (in Vietnamese).

Available at: https://baothuathienhue.vn/the-gioi/the-gioi-toan-canh/thi-truong-my-pham-huu-co-

asean-co-tiem-nang-phat-trien-manh-me-74833.html.