Vietnam grabs attention of pharmaceutical companies from RoK
A delegation of pharmaceutical companies from the Republic of Korea (RoK) has visited Vietnam to seek chances for strengthening business partnerships, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA).
The fact-finding trip from July 5 to 8, following a State visit to Vietnam by the RoK’s President Yoon Suk Yeol in late June, was considered a demonstration of efforts by both the private and state sectors of the RoK to enter the Vietnamese market in the biopharmaceutical industry.
With a plan approved during President Yoon’s visit to substantively implement the two countries’ comprehensive strategic partnership, bilateral cooperation in the biopharmaceutical industry is expected to expand, KPBMA said.
On July 6, KPBMA, the RoK’s Ministry of Food and Drug Safety, and the Drug Administration of Vietnam held a workshop on cooperation in the pharmaceutical sector, attracting the participation of about 100 experts and officials.
At another meeting the same day, Korean firms operating in Vietnam expressed their hope for more opportunities to discuss with regulatory agencies and businesses in the industry in emerging markets.
Kang Seok-yeon, director-general for the ministry’s Pharmaceutical Safety Bureau, said they hope the obstacles to businesses’ entry into the Vietnamese market will be resolved through the project currently pursued by the RoK’s Ministry of Health and Welfare, and that via the two Governments’ close cooperation, they will strive to address difficulties facing the industry.
KPBMA Vice Chairman Jang Byung-won said that Vietnam has a highly potential pharmaceutical market that can become a bridge for companies of the RoK to enter the ASEAN market. They welcome efforts by the RoK’s Ministry of Food and Drug Safety to contact with drug regulatory agencies of Vietnam.
Vietnam’s pharmaceutical market was estimated at about US$8.2 billion as of 2022. It is forecast to grow 11% annually due to people’s increasing attention to health and multinationals’ strong investment, data of the Vietnam Industry Research and Consultancy (VIRAC) show.
Together with the growth potential, Vietnam is also considered a gateway to ASEAN, so it has attracted attention from many Korean businesses.