BEAUTY IS THE NEW F&B

BEAUTY IS THE NEW F&B

Why Spa, Skincare & Fitness Franchising Is Vietnam's Next Big Wave

Blog #4 — Vietnam Franchise Series | Go Global Blog

A question I often hear from young investors exploring franchising: "Beyond F&B — what other sectors are worth investing in?"

My answer always surprises them: beauty and wellness.

Not because I have a bias. But because the data is speaking clearly — and the market is showing a structural shift that most franchise investors are not yet seeing.

For the past decade, F&B has dominated almost every franchise conversation in Vietnam. Everyone talks about coffee, bubble tea, hotpot, BBQ. And they are not wrong — F&B is a large, dynamic market that is easy to understand.

But beauty — including spas, acne treatment, aesthetics, skincare, nail care, yoga and fitness studios — is quietly becoming one of the highest-growth, highest-margin, and least-saturated franchise sectors relative to its real potential.

This piece is a full-picture view of the beauty and wellness industry through a franchise lens — covering market data, international brands operating in Vietnam, the state of local brands, and the opportunities investors are missing.

Part 1: What the Market Is Saying

Before we talk franchising, let's look at scale.

Medical spa — the fastest-growing sub-segment

According to IMARC Group (2024), Vietnam's medical spa market reached USD 97.5 million in 2024 and is projected to grow to USD 253.35 million by 2033, at a CAGR of 10.02% during 2025–2033. This is the fastest-growing sub-segment in Vietnam's entire beauty and wellness industry.

Source: IMARC Group — Vietnam Medical Spa Market Report, 2024

Spa & wellness products

Bonafide Research (2024–2025) forecasts that Vietnam's spa and wellness products market will surpass USD 307.37 million by 2029, driven by a growing focus on holistic health and the surge in wellness tourism.

Source: Bonafide Research — Vietnam Spa and Wellness Market Report, 2024–2025

Wellness tourism

This number cannot be ignored: according to IMARC Group, Vietnam's wellness tourism market reached USD 5.0 billion in 2024 and is expected to hit USD 11.7 billion by 2033, at a CAGR of 8.84% — nearly three times Vietnam's average GDP growth rate. This reflects a global consumer trend of traveling to Vietnam specifically for spa and wellness experiences.

Source: IMARC Group — Vietnam Wellness Tourism Market, 2024

Medical tourism

A bright spot that rarely gets mentioned: according to IMARC Group, Vietnam's medical tourism market reached USD 722 million in 2024 and will grow to USD 3.7 billion by 2033, at an impressive CAGR of 17.8%. This is among the highest growth rates in the region — reflecting Vietnam's position as a competitive, high-quality destination for medical aesthetics and health services.

Source: IMARC Group — Vietnam Medical Tourism Market, 2024

Beauty & personal care

Statista (2025) projects that Vietnam's Beauty and Personal Care market will reach USD 2.79 billion in 2025, growing at 3.26% annually (CAGR 2025–2030). Online sales are expected to account for 18.8% of total revenue by 2025, with Vietnamese consumers increasingly embracing natural and organic beauty products.

Source: Statista — Beauty & Personal Care Vietnam Market Forecast, 2025

Put it all together: this is a multi-billion-dollar industry growing at double-digit rates in its most relevant sub-segments, with demand coming from both domestic consumers and international visitors. And franchising remains a dramatically underutilized growth tool within it.

Part 2: Why Beauty Is the New F&B of Franchising

The real question: why beauty over F&B?

The answer comes down to four structural advantages.

1. Recurring demand that cannot be deferred

F&B customers can cook at home when budgets get tight. But skincare, nail care, haircuts, gym memberships — these are periodic needs that cannot be fully self-substituted. For Vietnam's rapidly expanding middle class, beauty and wellness spending is becoming a fixed line item in the monthly budget, not a discretionary splurge.

This creates recurring revenue — the kind of predictable, repeating income stream that most F&B models simply cannot match.

2. Significantly higher margins than F&B

The average F&B restaurant has a gross margin of 50–60%, but after operating costs — labor, ingredients, rent — net profit typically falls to 8–15%.

Spa and skincare businesses have a fundamentally different cost structure. Consumables (products, tools) represent a much smaller share of revenue than food ingredients. The value-add comes primarily from technique and technology. And pre-paid treatment packages — typically 6 to 20 sessions — create predictable cash flow that is far easier to forecast.

According to industry sources, a well-operated spa franchise can achieve gross margins of 60–75%, significantly higher than most F&B formats.

3. Experience-first — a firewall against the digital economy

Like hotpot and BBQ, spa and wellness services are experience-first businesses — the experience is the product. You cannot order a massage or a facial on a delivery app and have it arrive at your door. This creates a natural layer of protection against e-commerce disruption that most other retail and F&B categories simply do not have.

In franchise terms, this is a moat. And beauty and wellness have a very deep one.

4. Middle class and Gen Z are reshaping the market

Young Vietnamese consumers increasingly view spending on appearance and health as a priority, not a luxury. The skincare movement exploded post-COVID. Gym and yoga memberships are being normalized. Aesthetic services — eyebrow sculpting, skin brightening, laser hair removal — are becoming standard rather than premium. A new generation is deciding that looking and feeling good is non-negotiable.

Part 3: International Brands — Who Is Operating in Vietnam?

Unlike F&B, where Vietnamese brands are increasingly dominant, the beauty and wellness franchise space in Vietnam is currently dominated by international players — particularly in the premium and premium-lite segments.

Group 1: International Spa Brands Operating in Vietnam

Banyan Tree Spa — Singapore / International

One of Asia's most recognized luxury spa brands globally. Banyan Tree operates in Vietnam through five-star resorts in Da Nang and Lang Co. It does not franchise in the traditional sense — instead operating via management contracts with luxury resort owners. This is the benchmark for the luxury spa segment in Vietnam.

Six Senses — International (US / Asia)

A globally recognized luxury wellness and spa brand, present at Ninh Van Bay and Con Dao. Six Senses does not franchise — they self-operate or manage properties under contract with resort investors. This is a clear case study in the "no franchise to protect quality" model at the ultra-premium level.

Anantara Spa — Thailand

A premium spa brand under the Minor International group, integrated into Anantara resorts in Hoi An and Mui Ne. Operates as part of the resort model, not as an independent franchise.

L'Occitane en Provence — France

The iconic French cosmetics and spa brand, present in Ho Chi Minh City and Hanoi with retail stores integrated with skincare services. L'Occitane operates via exclusive distribution in Vietnam rather than traditional franchising.

Skin Food / The Face Shop / Innisfree — South Korea

These Korean skincare brands have a wide retail presence in Vietnam through distribution and flagship store models. Some operate stores with integrated skincare consultation services. This is the fastest-growing sub-segment thanks to the K-beauty wave — brands well-positioned within this trend are attracting an enormous young customer base.

Key observation:

The majority of major international spa brands in Vietnam today do NOT franchise in the traditional sense — they self-operate or use management contracts. This creates a significant white space for mid-range international brands that want to franchise broadly into Vietnam, and for Vietnamese brands that want to build properly structured domestic franchise systems.

Group 2: International Fitness Brands in Vietnam

California Fitness & Yoga — USA

One of the largest international gym chains in Vietnam, with multiple centers in Ho Chi Minh City and Hanoi. California Fitness operates its own locations rather than franchising broadly.

Anytime Fitness — USA

The world's largest fitness franchise with over 5,000 locations across 50 countries. Anytime Fitness is present in Vietnam and actively expanding. This is the most aggressively franchising international fitness brand currently operating in the country.

UFC Gym — USA

The gym brand of Ultimate Fighting Championship, focused on martial arts and functional training. Already operating in Ho Chi Minh City and seeking franchise partners.

Yoga Plus — Singapore

A premium yoga and wellness studio brand from Singapore, present in major malls in Ho Chi Minh City. The boutique studio model — well-suited to the growing community wellness trend.

Part 4: Local Vietnamese Brands — Big Potential, Weak Systems

This is the most important section — and the one that most accurately reflects the state of the industry. There are many Vietnamese beauty and wellness brands. But Vietnamese brands with the systems to franchise properly are very few.

Brands Actively Franchising

Seoul Spa — Vietnam

One of the largest beauty chains in Vietnam with over 30 branches nationwide. Notably, Seoul Spa does not franchise despite acknowledging the benefits of doing so — reflecting a quality-control mindset similar to Golden Gate in F&B. (Source: PosApp, 2022)

Green Field Spa — Vietnam

Specializing in maternity and baby wellness, with over 31 locations nationwide. This is one of the few Vietnamese spa brands actively franchising with a clear system — focused on the maternity spa niche where competition is far lower.

Mudra House — Vietnam

Combines traditional Eastern medicine with modern technology, following the Yuliang meridian therapy method from China. Actively franchising with publicly disclosed fees at 70–80% of comparable market rates.

Duong Tam / Moc Tam Beauty / HB Spa — Vietnam

A cluster of mid-range wellness spa brands franchising at investment levels of 100–500 million VND per location. This is the mass-market segment — highest competition but lowest barrier to entry for first-time franchise investors.

Brand	Segment	Franchising?	Locations	Notes
Seoul Spa	Mid-high	❌ No	30+	Self-operated
Shynh Beauty	Mid-high	✅ Launching	New	Targeting go global
Green Field Spa	Mid (maternity)	✅ Active	31+	Niche segment
Mudra House	Mid (wellness)	✅ Active	Growing	Competitive fees
Anytime Fitness	Fitness / Gym	✅ Int'l franchise	Expanding	US brand
California Fitness	Fitness / Gym	❌ Self-operated	15+	Premium segment

The Core Weakness of Local Vietnamese Brands

After years of working with Vietnamese beauty brands wanting to build franchise systems, I see a consistent pattern:

•      Good service quality — but not yet standardized into scalable SOPs

•      Locally recognized brand names — but no franchise-ready disclosure documentation

•      Skilled technicians — but training programs not yet replicable across franchisees

•      Loyal customers — but CRM and client management systems still largely manual

This is why the majority of Vietnamese beauty brands — even those with 5 to 10 locations — are not yet ready to franchise to international standards. Building systems takes longer than building a brand. And that gap is exactly where franchise development expertise can create the most value.

Part 5: The Three Hottest Sub-Segments

Segment 1: Skincare & Medical Aesthetics — Fastest Growth

This is the highest-CAGR segment in the entire industry. According to IMARC Group, Vietnam's medical spa market is growing at a CAGR of 10.02% between 2025 and 2033 — from USD 97.5 million (2024) to USD 253.35 million (2033). (Source: IMARC Group — Vietnam Medical Spa Market, 2024)

Services in high demand: laser treatments, Botox, fillers, eyebrow sculpting, technology-enhanced skin brightening, and customized skincare by skin type.

This segment offers the highest margins but also demands the largest technology investment and the strictest regulatory compliance. Franchising here requires franchisors to have rigorous technician training systems and fully documented operating procedures.

Segment 2: Fitness & Wellness Studios — The New Wave

Traditional gym memberships are giving way to specialized boutique studios: yoga, pilates, kickboxing, spinning, and HIIT. The boutique studio model operates in smaller spaces (200–500 sqm), requires lower investment, and builds more tightly knit customer communities than large gyms.

This is the segment where international brands have not yet consolidated — creating a real opportunity for Vietnamese brands to build a distinctive model before the international wave fully arrives.

Segment 3: Nail & Hair — Easy Entry, High Competition

This is the segment with the lowest capital threshold (200–600 million VND per location), the easiest to standardize, and therefore also the most competitive. That said, any brand that builds a franchise system with structured technician training, proprietary products, and a consistent client experience can still win in this fragmented market.

Part 6: Five Franchise Lessons From the Beauty Industry

Lesson 1: The technician is the product — training is non-negotiable

Unlike F&B, where equipment can standardize much of the process, beauty services depend directly on people. A great technician builds loyal customers. A poor one destroys a brand in a single session.

Franchisors in this space must invest heavily in scalable training programs. This is not a cost that can be cut if you want to franchise successfully.

Lesson 2: Technology is a differentiator, not an option

The world's most successful spa and skincare franchise brands all integrate technology into their core process: AI-powered skin analysis, next-generation laser equipment, CRM systems that track each client's treatment history. This is not just operational infrastructure — it is why customers are willing to pay premium prices and keep coming back.

Lesson 3: Treatment packages beat single sessions — sell programs to build recurring revenue

Instead of selling one session at a time, successful beauty franchise brands sell pre-paid treatment programs of 6 to 12 sessions. This creates stable cash flow, reduces customer churn, and increases customer lifetime value — all factors franchise investors weigh heavily when evaluating a model.

Lesson 4: Location matters, but prime retail is not required

Unlike F&B which needs high foot traffic, spa and wellness studios can operate successfully in secondary locations — the second floor of an office building, an upscale residential neighborhood, or a second-tier shopping center — as long as they are serving the right target customer. This significantly reduces rental costs compared to F&B and meaningfully improves unit economics.

Lesson 5: Reputation is everything — one bad review costs more than one advertising campaign

In beauty, trust is the foundation of the business. Customers share good and bad experiences extremely quickly on social media. Beauty franchise brands must have tighter quality control and client feedback processes than almost any other industry. A single franchisee running below standard can damage the whole network.

Part 7: The Real Challenges

It would not be honest to only talk about the opportunity.

Technician shortage is the industry's number one problem

Training a qualified technician to standard takes 3 to 6 months. Retaining them is even harder as competition for skilled staff intensifies. Any franchise brand without a clear human capital strategy will struggle seriously when scaling. This is non-negotiable — build the talent pipeline before you build the network.

Aesthetic and medical regulations are tightening

Regulations governing aesthetic services, medical procedures, and spa operations are under increasing scrutiny. Franchise investors need to understand the legal framework for each category of service before committing capital. What is permissible today may require additional licensing tomorrow.

Local brands are not yet ready — but the market is not waiting

Many Vietnamese beauty brands have real potential but have not invested sufficiently in the systems required to franchise properly. Meanwhile, international brands are steadily entering. The gap between "capable of franchising" and "actually franchising" is a problem Vietnamese brands need to close faster than they currently are.

Part 8: Where the Investor Opportunity Actually Is

If you are considering franchising in beauty and wellness, here are the three directions I consider most valuable:

Direction 1: Master franchise rights from international brands not yet in Vietnam

Many boutique studio brands from the US, Australia, and South Korea — in pilates, yoga, and functional training — still have no master franchisee in Vietnam. This is a first-mover opportunity: better negotiating terms, a less crowded market, and the chance to build out ahead of the international wave. Acne Studio by PMT is a strong local example of a brand that is building this kind of franchise structure now — worth studying as a benchmark for what Vietnamese-built systems can look like.

Direction 2: Invest in domestic spa and skincare brands in early-stage expansion

Some Vietnamese brands are currently in the phase of building their franchise systems — this is the best time to enter with preferential conditions, before systems are fully mature and before entry costs increase. The brands actively structuring for growth now will be the ones writing the playbooks for the next decade.

Direction 3: Build a Vietnamese beauty brand that can franchise across ASEAN

This is the longer road, but the highest-value one. Vietnamese spa concepts can compete strongly in ASEAN markets thanks to cultural advantages — traditional massage, herbal therapies, Eastern wellness practices — combined with competitive operating costs. If you build a brand with the right systems, go global is entirely achievable. We have already seen it happen with Vietnamese F&B brands. The question for beauty is: who goes first?

Closing: When Beauty Becomes an Investment

There is a mindset shift happening among Vietnamese consumers — particularly Millennials and Gen Z. They no longer view spending on beauty and health as a luxury. It is an investment in themselves, in their health, in their confidence.

When consumers shift their mindset, markets shift with them. And when markets shift fast enough, franchise opportunities appear before most investors see them.

F&B still matters. Coffee, bubble tea, hotpot — I believe in their potential.

But if you ask me which sector has the most white space in Vietnamese franchising right now — my answer is clear: beauty and wellness.

The market is waiting for brands with systems. The question is not "does this industry have potential?" The question is: who builds the system first?

✦ ✦ ✦

Nguyen Phi Van is an international franchise expert, Chairwoman of the Vietnam Franchising & Licensing Network (VFLN) and Go Global Holdings, and author of 11 books on global franchising and future-ready skills. She is the founder of Go Global — a platform connecting Vietnamese brands with international markets. In 2025, she brought Three O'clock Coffee to India and Indonesia, and HappiTea to the Philippines and India.

Sources

•      IMARC Group — Vietnam Medical Spa Market Report, 2024 (CAGR 10.02%, 2025–2033)

•      IMARC Group — Vietnam Wellness Tourism Market Report, 2024 (CAGR 8.84%, 2025–2033)

•      IMARC Group — Vietnam Medical Tourism Market Report, 2024 (CAGR 17.8%, 2025–2033)

•      Statista — Beauty & Personal Care Vietnam Market Forecast, 2025

•      Bonafide Research — Vietnam Spa and Wellness Market Report, 2024–2025

•      Beauty Lab — Spa Franchising: Many Opportunities for Investors, December 2024

•      PosApp — Top 12 Spa Franchise Brands, 2022