Vietnam’s pharmaceutical industry is among the highest growth markets in the region
The World Bank, on 11 March, provided a breakdown of Vietnam’s economic development. The organisation noted that despite the continuous threat of COVID-19, the economy remained resilient. This, reported by VietnamPlus.
There was significant recovery in the production of computers, electronics, and optical products, which had a year-on-year growth of 9.1 percent. Export growth for these products increased by 6.2 percent last month.
Imports, however, grew much faster than exports, with trade balance going from a surplus of USD1.4 billion in January to a deficit of USD2 billion in February.
This can also be seen in the influx in the imports of phones, computers, and electronics components, which went from 14.9 percent in January to 32.3 percent in February.
Petroleum product imports increased by 146.8 percent as a direct result of higher oil prices. Exports to the United States grew by 14.6 percent, while exports to China recovered, increasing by 19.5 percent after falling by 15.2 percent in January.
In terms of emerging markets, Vietnam’s pharmaceutical industry is among the highest growth markets in the region, according to Vietnam Briefing. Previously valued at USD10 billion, the industry may reach USD16.1 billion by 2026.
The growth can be attributed to the country’s recovering economy, aging population, and rising income per capita.
With 250 manufacturing plants, 200 import-export facilities, 43,000 wholesale agents, and more than 62,000 retail agents, the pharmaceutical production and commercial system are growing.
Major pharmaceutical businesses are concentrated in and around Hanoi, Hai Duong province, Ho Chi Minh City, and Southwest provinces such as Can Tho City and Dong Thap province. Most of these have been investing in factory upgrades to meet rising demand, focusing on developing and improving local pharmaceutical products.
While the country’s pharmaceutical industry shows market potential, it would have to overcome the lack of proper development and investment. Vietnamese companies and regulatory bodies will have to depend on foreign partners for resources, as well as other suppliers of raw materials.
The Property Report editors wrote this article. For more information, email: [email protected].
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