Việt Nam seeks to transform pharmaceuticals into spearhead industry
Việt Nam seeks to transform pharmaceuticals into spearhead industry
The Ministry of Planning and Investment, the Ministry of Foreign Affairs and FPT Corporation co-hosted a working breakfast in Davos, Switzerland on January 22 to discuss the future and opportunities of Việt Nam's pharmaceutical industry in the new era.
A resident of Chợ Mới District, An Giang, sun-dries medicinal herbs in greenhouses for tea bag production. — VNA/VNS Photo |
The event brought together Politburo member and Secretary of the HCM City Party Committee Nguyễn Văn Nên, senior officials from Vietnamese ministries and localities, and representatives from global pharmaceutical giants like AstraZeneca, Bayer and Merck, alongside leading Vietnamese pharmaceutical companies.
They noted that Việt Nam’s pharmaceutical sector has been growing at an average annual rate of over 10 per cent, with market value rising from US$2.7 billion in 2015 to $7 billion in 2025, and a forecast of $10 billion by 2026.
The country is home to over 238 WHO-GMP-certified drug manufacturing plants, 17 EU-GMP-standard factories, more than 5,000 wholesale distributors and over 62,000 retail outlets.
Domestically produced pharmaceuticals now meet around 50 per cent of the national demand while gaining increasing recognition in international markets.
Speaking on behalf of Prime Minister Phạm Minh Chính, who is in Davos for the 55th Annual Meeting of the World Economic Forum, Nên underscored the pharmaceutical industry’s dual importance as a public health cornerstone and an economic growth driver. He noted that in the face of global challenges such as pandemics, aging populations and rising healthcare needs, technology and innovation are reshaping the pharmaceutical landscape.
The Vietnamese Government’s National Strategy for the Development of the Pharmaceutical Sector by 2030, with a Vision to 2045, outlines a path to position Việt Nam as a leader in the regional pharmaceutical industry. Key objectives include modernising production, ensuring medicine security, boosting exports and integrating into global supply chains.
Major priorities of the strategy include advancing research and development (R&D) to create high-value pharmaceutical products, developing herbal medicines, high-tech drugs, and innovative treatments such as biologics and vaccines, conserving and developing rare, indigenous medicinal resources, and introducing special investment incentives, such as preferential policies for projects exceeding $120 million.
Nên emphasised that digital transformation and technology will be central to the pharmaceutical sector’s growth. Emerging technologies like artificial intelligence (AI), big data, and the Internet of Things (IoT) hold the potential to optimise drug research, production processes and supply chain management, he said.
He also highlighted Việt Nam's focal points in the process of boosting the industry’s growth, including creating innovation ecosystems, high-tech pharmaceutical research centres, and dedicated pharmaceutical industrial zones, strengthening collaborations between enterprises, research institutions, and universities, and training a specialised workforce in AI and digital transformation for the pharmaceutical sector.
Việt Nam aims to ensure its pharmaceutical industry meets international standards, improve intellectual property protections, and design transparent, efficient regulatory systems for drug procurement and distribution.
The official called on international pharmaceutical corporations to strengthen partnerships and expand investments in Việt Nam. He highlighted opportunities for collaboration in high-tech drug manufacturing and resilient supply chain development.
Reaffirming PM Chính’s principle of 'harmonised benefits and shared risks,' Nên pledged Government’s support for foreign investors to ensure long-term, sustainable operations in Việt Nam.
