A support and collaboration agreement has been signed by the Drug Administration of Vietnam and two Singaporean partners to work together on the development of new drugs and vaccines.
According to the deputy minister of health, who was speaking at the signing ceremony for the growth of Vietnam’s pharmaceutical-biological sector in Hanoi, the building development of two pharmaceutical-biological industrial parks is one of the cooperation’s highlights.
The first park will be built in northern Vietnam’s Thai Binh Province, while the second will be built in Ho Chi Minh City.
By 2030, it is anticipated that the two industrial parks, including manufacturing facilities, distribution hubs, and research and development centers, will draw investment totaling VND46.9 trillion ($2 billion).
The manufacturing of brand-name drugs, specific drugs, vaccines, and biological drugs will be given priority at the pharmaceutical-biological parks.
The pharmaceutical sector in Vietnam has advanced significantly in recent years, and now 230 facilities meet Good Manufacturing Practice (GMP) standards.
According to the drug agency of Vietnam, among them, 20 plants receive EU-GMP certifications.
The Southeast Asian country has increased domestic consumption and medical care while exporting drugs and cosmetics products worth VN11.7 trillion ($500 million).
Vietnamese pharmaceuticals are sold in approximately 50 countries, while Vietnamese cosmetics have been shipped to Japan and numerous Southeast Asian markets.
However, export earnings remain modest and well below the projected VND23.4 trillion ($1 billion) level by 2030.
Vietnam’s pharmaceutical market is approximately VND140.6-164.1 trillion ($6-7 billion), given the domestic drug supply. It is intended for domestic drug expenditures to account for 45% of all medical costs.