S.Thepharm, an aesthetic products company that is a subsidiary of Kosdaq-listed S.Biomedics, said Monday that three of its hyaluronic acid fillers, Qtfill Signature, have received product licenses in Vietnam.

Qtfill Signature consists of fillers used to improve facial wrinkles in adults through physical recovery by subcutaneous injection of cross-linked hyaluronic acid with lidocaine.

The products that received the approval are Qtfill Signature Fine, Qtfill Signature Deep, and Qtfill Signature Sub-Q.

According to the company, Vietnam's medical device market has the highest growth rate in Asia and is an emerging global market with 90 percent import dependency, showing an annual growth rate of 10 percent.

The aesthetic surgery market has also been growing steadily every year in Vietnam. In particular, due to the high economic growth rate and rising income levels, the demand for cosmetic surgery has been growing in recent years, especially among the wealthy and younger generations.

Vietnam's stringent import standards for medical devices have made it difficult for Korean medical companies to enter Vietnam, but with the recent abolition of related regulations, it is expected that Korean companies with global competitiveness will continue to enter the market.

"The timing of Vietnam's deregulation and the acquisition of Qtfill Signature's approval in Vietnam are favorable for us to preempt the market," said Oh Se-yeok, CEO of S.Thepharm. "As we are planning to acquire the license in Thailand in the first half of this year, we will accelerate our entry into the Southeast Asian market and expand the global market."