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PHARMEDI VIETNAM 2023

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Government policy support

As a member of ASEAN and with the presence of foreign businessmen and a large population, Vietnam has considerable potential for growth in the medical market. The Vietnamese government lists the medical industry as a priority investment incentive project, rewards foreign investment and provides a number of preferential conditions. Therefore, the Vietnamese market provides good incentives for investing in the medical industry. The Vietnamese government attaches great importance to medical care, and health expenditures are increasing year by year. The government encourages private capital to invest in the construction of hospitals.


rapid economic growth

Vietnam's economy has grown rapidly, with its GDP growth increasing year by year and now reaching 6.7%, placing it in a leading position in ASEAN. Vietnam's GDP per capita exceeds 2,200 US dollars, and it is now at the mid-range level of a middle-income country. Vietnam’s annual per capita medical expenditure reaches US$142 and is growing rapidly.


Favorable market background

To upgrade and expand facilities, improve operational efficiency and provide better services, Vietnam is investing in equipping its facilities with advanced medical equipment. In 2019, the medical device market was valued at US$1.4 billion, and Vietnam is the ninth largest medical device market in the Asia-Pacific region, with more than 90% of medical equipment and supplies exported to the country. The industry is expected to grow at an average annual rate of more than 10% over the next five years. The pharmaceutical market is expected to grow at an annual rate of 10% from 2017 to 2028, with per capita sales nearly tripling to $131 in the decade from 2017 to 2027. A recent report by BMI showed that about 90% of medical equipment in Vietnam is imported, with major suppliers coming from South Korea, China, Japan, the United States and Germany, accounting for 71% of medical equipment imports. Medical products from these markets account for 55% of Vietnam’s total imports of medical equipment. Saigon Times reported that at the same time, Vietnam imports a large amount of medical equipment, and domestic companies currently composed of 50 medical equipment manufacturers licensed by the Ministry of Health only account for 10% of the local market share. According to the HCMC Medical Equipment Association, Vietnam spent US$1.1 billion on medical equipment imports in 2017, mainly diagnostic imaging equipment such as X-rays, ultrasound, magnetic resonance imaging and computed tomography scanners, as well as equipment used in surgeries, endoscopes Inspection, sterilization, testing and medical waste disposal, etc.


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