Nguyen Van Thai, Co-founder and Vice Chairman of Thai Huong Group

What has Thai Huong done in a relatively short period of 10 years to succeed in the domestic market and obtain such impressive achievements?

Branding was the first step that Thai Huong focused on. From its inception in 2015, Thai Huong aimed at natural, safe and gentle cosmetic products for consumers. This was a bold move at a time when low-quality mixed creams were quite popular in the market. High-quality, safe products were generally expensive and dominated by foreign giants.

Focusing on products as the core of its development, in 2017, Thai Huong quickly built its first factory, marking a shift from a trading company and handmade production to professional manufacturing.

Recognizing that technology was its main weakness, Thai Huong quickly learned, accessed, and adopted many advanced cosmetic production technologies. As a result, it was able to capture the market with products of similar quality but at much lower prices.

Notably, the group also swiftly introduced products that were better suited to Vietnamese consumers and local weather conditions - something that many foreign products could not achieve.

Thai Huong has quickly learned, accessed, researched and acquired advanced technologies in cosmetics production

How does Thai Huong utilize digital technology to develop production and trading activities?

As a technology enthusiast, I was quick to apply technology in both production and sales. This can be considered the “key” that helped Thai Huong quickly capture the market in such a short time.

Thai Huong’s mindset is to constantly evolve, always embracing new ideas, and being ready to discard outdated thinking to pursue better solutions. Thai Huong’s products are available on many online sales platforms and social media. We believe this has been the fastest and best route so far.

We prioritize working and partnering with strong e-commerce companies and brands, some of which have experience in selling internationally through e-commerce platforms, to reach a wide range of customers both domestically and internationally.

Thai Huong has quickly upgraded its production lines, improved technology, and raised product standards. In 2024, we received the FDA certification, allowing our products to meet the export standards for the discerning US market. We aim to earn a revenue of almost US$10 million from the US market by the end of 2025.

Thai Huong aims to earn a revenue of almost US$10 million from the US market by the end of 2025

In season 7 of Shark Tank, startups in the cosmetic industry were featured. As a first-time investor on the show, how do you plan to support and inspire startups to conquer the market and go global like your company has?

While the Vietnamese cosmetics market is highly competitive, challenging, and dominated by big players, Thai Huong has succeeded and made a significant impact in the domestic cosmetics industry. This means our opportunities are much clearer now. We have the technology, resources and a deep understanding of the market.

As I join season 7 of Shark Tank, I understand that for startups to make significant changes in the cosmetics industry, they don’t just need capital. They also need comprehensive support in terms of technology, production capacity, management, and distribution.

With the existing ecosystem of Thai Huong, we hope to accompany startups in conquering the market and expanding globally. For now, all that startups need is determination and persistence, and they will surely succeed./.