Vietnam’s production of drugs, pharmaceutical chemicals, and pharmaceutical materials increased by 3.9 percent in December compared to November, according to Vietnam’s Industrial Production Index.
Year-on-year, the sector posted a modest growth of 0.5 percent in December compared to December 2023. However, for the full year of 2024, cumulative growth reached 7.3 percent compared to 2023, highlighting consistent annual progress.
The December monthly increase indicates recovering production levels to meet domestic demand, while the minimal year-on-year growth in December could suggest stabilisation after fluctuations in earlier months. The sector’s annual growth reflects Vietnam’s growing capacity to produce pharmaceutical products, driven by increasing investments and demand.
Vietnam’s pharmaceutical industry is a critical component of its healthcare system and export economy. With advancements in production technology and government policies supporting local manufacturing, the sector is becoming more competitive regionally and globally. The focus on quality and research further boosts its potential.
The steady growth in 2024 underscores the industry’s importance to Vietnam’s healthcare and industrial economy.
See also: Pharmaceuticals Industry in Vietnam