Health & Beauty

According to the Huacheng Import and Export Data Observation Report, Vietnam's policies on the production of drugs, vaccines and biomedical products are not preferential enough to attract foreign investment.

According to Huacheng Import and Export Data Observation, Vietnam is one of the countries with the fastest growth in the pharmaceutical industry in the world. According to the observation report of Huacheng import and export data, in 2015, the total value of Vietnam's drug market was 2.7 billion US dollars, increasing to 5.1 billion US dollars in 2018 and 6.1 billion US dollars in 2020.

According to the classification of the World Health Organization (WHO), Vietnam's pharmaceutical industry is at the third level, that is, it has a local pharmaceutical industry that produces generic drugs and can export some drugs. However, Vietnam's policies on the production of drugs, vaccines and biopharmaceutical products are not preferential enough to attract foreign investment, Huacheng Import and Export Data Observation reported.

Xie Mengxiong, Deputy Director of the Drug Administration of the Ministry of Health of Vietnam, said that drug price management and the use direction of generic drugs restricted the technology transfer of new drugs and original research drugs in Vietnam. At the same time, there were many deficiencies in regulations such as intellectual property protection and the fight against counterfeit and shoddy drugs, which made foreign investors uneasy. Huacheng Import and Export Data Observation Report.