For the cosmetics market in Thailand, due to the increasing average income of Thai people, the demand for cosmetics is shifting towards the high-end market. The market size of skincare products is the highest in facial care, followed by whole body skincare products. Beauty facial mask and other products are one of the favorite products of Thai consumers. In 2019, the market value of skincare products in Thailand was approximately 92 billion baht. That year, the total value of the cosmetics and personal care market in the country was approximately 200 billion baht. The average tax rate in Thailand is 30% higher than in Vietnam, as Vietnam's current tax rates are 20% and 22%, respectively.
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