Vietnam targets $20b pharmaceutical market by ’45

Vietnam’s pharmaceutical industry is expected to grow significantly, with the market projected to reach $20 billion by 2045, according to the Drug Administration of Vietnam.

However, the sector is currently dominated by foreign leaders, leaving limited room for domestic companies. To address this, the country has outlined a national strategy to increase domestic production and market share.

The industry aims to meet 80 per cent of domestic drug demand and capture 70 per cent of the market value by 2030.

Additionally, Vietnam aspires to become a regional hub for high-value pharmaceutical production, with export revenues projected to reach $1 billion by 2030.

This significant growth potential has sparked intense competition among pharmaceutical companies, both domestic and international, as they vie for a larger share of the market.

In 2023, the Vietnamese pharmaceutical market was valued at approximately $8 billion. As the industry continues to evolve, it is expected to attract further investment and innovation.

Attribution: Xinhua

Subediting: M. S. Salama