Vietnam's medicine import turnovers were roughly 3.1 billion U.S. dollars in 2019, with main suppliers including the United Kingdom, France, Germany, India, South Korea and the United States, according to the ministry.
On average, a Vietnamese person's annual spending on pharmaceutical products rose to 56 U.S. dollars in 2017 from 22.25 U.S. dollars in 2010, said local rating company Vietnam Report, adding that the average annual growth rate of spending on drugs was 14.6 percent during 2010-2015 and is set to stay at at least 14 percent until 2025.
Vietnam offers considerable longer-term commercial opportunities for a range of pharmaceutical players, according to a recent report by global research firm BMI Research. Its large population, government's drive to achieve universal health coverage through subsidized health insurance schemes, and authorities' support for pharmaceutical investment are some of the factors that would provide a fertile ground for substantial volume and value growth in the industry, said the report.
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