The diplomat said that since Vietnam and India elevated their ties to comprehensive strategic partnership in 2016, bilateral collaboration in trade and investment has been strengthened considerably.
In the coming time, the two governments will prioritise the development of cooperation in pharmaceuticals, he said.
The ambassador highlighted that India is the world’s biggest generic medicine suppliers, meeting over 50% of the demands for vaccines of different kinds. In 2017, Indian medical sector’s value was US$33 billion, he said, adding that this will reach US$55 billion, with an export revenue of US$20 billion.
India is now the world’s third largest medicine producer as the country provides about 10% of the total medicine in the world. At the same time, the country has a large number of scientists and researchers in the pharmaceutical sector, said the diplomat, adding that strong growth of the health care sector has also led to the development of supporting services and medical equipment in the country.
Raghuveer Kini, Executive Director of the Pharmaceuticals Export Promotion Council of India, said that medical equipment has become an emerging sector of India. The sector’s market is estimated to reach US$11 billion in 2022. Made-in-India equipment has been exported to over 150 countries, including Vietnam.
He said that Vietnam is an important market of India’s pharmaceuticals, medical equipment and health care in the ASEAN. The Pharmaceuticals Export Promotion Council of India has encouraged Indian enterprises to strengthen investment in Vietnam as well as trade with the country, he added.
Truong Hung, Vice President of the Ho Chi Minh City Medical Equipment Association, held that the current demand for pharmaceuticals and medical equipment in Vietnam is high.
Vietnam has to import 95% of its medical equipment, he noted, pointing out that the country spent US$816 million on the products in 2017, and the figure expands 15% every year.
The Vietnamese Government aims to ensure the supply of 60% of domestic demand in the future, which is a good chance for foreign investors, including those from India, he said.
Hung noted that Vietnam’s pharmaceutical sector is now worth US$3.5 billion, becoming a promising industry.
India is now the second largest pharmaceuticals suppliers of Vietnam, a country that imported US$70 million worth of medicine from India in 2017 and US$80 million in 2018 approximately.