RoK firms pin hope to expand in Vietnam’s medical equipment market
The Republic of Korea (RoK)’s Ministry of Food and Drug Safety (MFDS) on April 20 announced that the Vietnam’s Ministry of Health has abolished a circular featuring the procurement of medical equipment, applying different bidding groups for imported equipment.
In Vietnam, medical equipment bidding packages are divided into groups based on criteria including manufacturing country and national reference for medical devices to be tendered.
MFDS has assessed that the abolishment is expected to create a more favorable condition for RoK firms to export medical equipment into Vietnam.
An official from the ministry said that the ministry will do its upmost to support the export of medical devices by strengthening cooperation with Vietnam's Ministry of Health, an important trading partner in Southeast Asia.
Export turnover of the RoK’s medical equipment to Vietnam reached US$499 million in 2021, ranking fourth after Germany (US$1.498 billion), the US (US$810 million) and China (US$710 million).
According to the Korean Investment and Trade Promotion Agency (KOTRA), in the period 2020-2025, the Vietnamese medical equipment market is expected to grow at an average annual rate of 10.5% to reach US$2.575 billion by 2025.