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Vietnam’s Pharmaceuticals Industry: Overview 2025

Vietnam’s pharmaceuticals industry is poised for significant growth, driven by rising healthcare demands, increasing government support, and a growing middle class with heightened health awareness. The country has made substantial investments in its healthcare infrastructure, including the establishment of modern hospitals and clinics, which, in turn, boosts the demand for pharmaceutical products. As the population ages and chronic diseases become more prevalent, the need for effective medications and healthcare solutions is more critical than ever.

Vietnam has been actively promoting the local pharmaceutical sector through favourable policies aimed at enhancing production capabilities and encouraging research and development.

Initiatives such as the National Drug Policy emphasise the importance of pharmaceutical manufacturing in Vietnam to reduce dependence on imported medicines. This strategy is further supported by partnerships between local companies and foreign pharmaceutical firms, facilitating technology transfer and innovation in drug development.

In addition, the rise of health-conscious consumers has also spurred interest in dietary supplements and herbal medicines, further diversifying the market. As regulatory frameworks evolve to accommodate new types of products, the industry is expected to attract more investment and collaboration, positioning Vietnam as a competitive player in the regional pharmaceuticals landscape.

Vietnam’s pharmaceuticals industry in numbers

In 2024, Vietnam’s pharmaceuticals market is projected to reach revenue of US$2.40 billion. Leading this sector is the oncology drugs market, which is anticipated to account for US$365.5 million worth of the total revenue.

Looking ahead, the market is expected to experience a steady annual growth rate of 4.25 percent from 2024 to 2029, ultimately reaching US$2.96 billion by 2029. This growth underscores the increasing demand for pharmaceutical products and advancements in healthcare within the country, according to data collated by Statista.

Vietnam pharmaceuticals industry revenue listed firms

The revenue of Vietnam’s pharmaceuticals industry, particularly among publicly listed companies, has seen steady growth over recent years. As the country’s healthcare needs expand, listed pharmaceutical firms have been well-positioned to capitalise on rising demand for essential medicines, vaccines, and medical supplies.

Revenue, key Vietnam pharmaceutical firms, US$ millions

2020202120222023
Hau Giang Pharmaceuticals$149.75$159.62$186.44$199.98
Imexpharm Pharmaceuticals$54.60$50.50$65.54$79.51
Ha Tay Pharmaceuticals$80.00$64.17$73.26$79.72
Vietnam Pharmaceutical Corporation$211.77$194.32$220.92$222.62
Binh Dinh Pharmaceutical$50.12$62.14$61.99$65.86
Traphaco$76.11$86.16$95.65$91.68
CPC1 Hanoi Pharmaceuticals$20.67$22.97$31.42$44.40
Domesco Medical Import Export$57.89$59.74$63.51$68.54
Cuu Long Pharmaceutical$26.76$28.06$40.50$45.61
OPC Pharmaceutical$38.50$44.81$46.72$40.07
Total$766.18$772.49$885.95$937.97

Vietnam pharmaceuticals imports

Vietnam’s pharmaceutical product imports have been steadily increasing, driven by growing demand for healthcare and a rising middle class. As domestic production focuses largely on generic and traditional medicines, Vietnam relies on imports for specialised drugs, high-tech pharmaceuticals, and raw materials for manufacturing. Key import partners include countries like India, France, Germany, and the United States.

The pharmaceutical import market is also influenced by global trends, such as the rising costs of healthcare products and increasing regulatory standards. Vietnam’s government has been working to balance import reliance with boosting domestic production, but imports remain critical to meeting the country’s diverse healthcare needs.

Vietnam pharmaceutical materials imports, 2024 vs 2023, US$

20242023Change
Total480,092,018438,449,9759.50%
Other12,859,44912,003,6647.13%
China344,196,285295,543,02216.46%
India79,531,61483,390,087-4.63%
Spain12,937,12516,587,184-22.01%
Italy9,086,7877,395,49222.87%
Germany5,544,3465,287,8514.85%
Switzerland4,023,1484,764,481-15.56%
South Korea2,821,3102,717,4033.82%
Singapore2,649,1272,373,71911.60%
France2,044,4201,875,0379.03%
Thailand2,024,3961,008,051100.82%
UK1,980,5874,244,097-53.33%
Austria393,4241,259,887-68.77%

Source: Vietnam Imports Tracker

Vietnam pharmaceutical materials imports by month 2024: December

Box 1: Importing pharmaceuticals into Vietnam

Vietnam is in the midst of an economic boom that is seeing a burgeoning, health conscious middle-class thirsty for all manner of pharmaceuticals emerge. There are, however, limitations for local producers and as a result a fairly sizable volume of pharmaceutical products are now imported. A number of foreign pharmaceuticals firms are already operating in Vietnam, but there is room for many more.

See: How to Start an Import Business in Vietnam

Vietnam pharmaceutical product imports, 2024 vs 2023, US$

20242023Change
Total4,399,432,4523,440,508,29327.87%
Other387,886,083311,639,19424.47%
France572,461,541435,761,01831.37%
USA512,534,682393,040,99330.40%
Germany404,802,719319,266,23526.79%
India335,706,632273,518,23122.74%
Italy302,564,405191,970,60557.61%
South Korea206,114,819165,144,62224.81%
Belgium202,302,011151,377,33233.64%
Ireland190,526,394148,864,57827.99%
Austria138,740,57793,863,07347.81%
Spain133,417,28497,838,26636.37%
Sweden113,414,05682,354,58637.71%
Thailand106,338,26485,152,71524.88%
Switzerland106,121,373110,551,876-4.01%
UK92,771,56581,379,15714.00%
Japan77,304,64769,996,50110.44%
Netherlands76,256,90068,491,61411.34%
Australia61,483,90139,554,83655.44%
China60,505,35843,625,88738.69%
Russia48,802,24642,689,34914.32%
Poland47,517,91349,693,194-4.38%
Hungary42,088,13035,720,48617.83%
Taiwan34,982,36422,811,51153.35%
Denmark21,788,35014,841,05346.81%
Indonesia20,858,37016,038,55730.05%
Turkey19,527,54819,900,003-1.87%
Bangladesh18,017,12218,848,719-4.41%
Canada16,776,4168,755,73191.60%
Malaysia13,092,8425,117,324155.85%
Argentina11,984,8007,164,83267.27%
Singapore10,635,31320,788,946-48.84%
Pakistan10,249,58513,074,023-21.60%
Philippines1,858,2421,673,24611.06%

Source: Vietnam Imports Tracker

Vietnam pharmaceutical product imports by month 2024: December

Domestic pharmaceuticals production

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.

Domestic pharmaceuticals production by month 2024: December

Pharmaceutical prices in Vietnam

Medicines and medical services prices saw a notable increase of 5.32 percent in December 2024 compared to December 2023, according to Vietnam’s Consumer Price Index. Month-on-month, prices rose by 2.19 percent from November.

For the full year, the sector experienced a significant rise of 7.16 percent compared to 2023, reflecting ongoing cost pressures and increased demand for healthcare services and pharmaceuticals.

Pharmaceutical prices in Vietnam by month 2024: December

Key players in Vietnam’s pharmaceuticals industry

These key players contribute significantly to the growth and development of Vietnam’s pharmaceuticals industry, fostering innovation, enhancing healthcare access, and ensuring the availability of essential medications for the population. As the industry continues to evolve, these companies will play a crucial role in shaping the future of healthcare in Vietnam.

Hau Giang Pharmaceuticals (DHG Pharma)

Hau Giang Pharmaceuticals is one of the largest pharmaceutical companies in Vietnam, specialising in the production and distribution of generic drugs. The company has a strong reputation for quality and focuses on serving both domestic and international markets. It is known for its research and development in pharmaceutical products aimed at improving public health.

Imexpharm Pharmaceuticals

Imexpharm is a leading Vietnamese pharmaceutical company known for producing high-quality generic medicines. It has a strong presence in the domestic market and has been expanding into international markets. The company emphasises research and innovation, with modern production facilities that comply with international standards like GMP.

Ha Tay Pharmaceuticals

Ha Tay Pharmaceuticals is a prominent pharmaceutical company based in the northern region of Vietnam. The company produces a wide range of pharmaceuticals, including over-the-counter (OTC) drugs, prescription medications, and health supplements, focusing primarily on the local market.

Vietnam Pharmaceutical Corporation (Vinapharm)

Vinapharm is a state-owned enterprise that plays a significant role in Vietnam’s pharmaceutical sector. It operates through various subsidiaries and partners, focusing on the production, import, and export of pharmaceutical products. Vinapharm is also involved in research and development to enhance the quality and availability of medicines in the country.

Binh Dinh Pharmaceutical (Bidiphar)

Binh Dinh Pharmaceutical, commonly known as Bidiphar, is a leading pharmaceutical company in central Vietnam. It specialises in producing a wide range of drugs, including oncology and high-tech pharmaceuticals. The company is known for its advanced manufacturing capabilities and focus on high-quality, specialised medicines.

Traphaco

Traphaco is one of Vietnam’s largest and most recognised pharmaceutical brands. It specialises in traditional Vietnamese herbal medicines alongside modern pharmaceuticals. Traphaco is known for combining modern scientific methods with traditional ingredients to produce effective and safe medicinal products.

CPC1 Hanoi Pharmaceuticals

CPC1 Hanoi Pharmaceuticals is a pharmaceutical company focused on manufacturing and distributing a wide variety of generic medications. Based in Hanoi, the company serves the domestic market, providing essential drugs to hospitals, clinics, and pharmacies across Vietnam.

Domesco Medical Import Export

Domesco is a major Vietnamese pharmaceutical company, with a strong emphasis on the import and export of medical products. The company is involved in the production of a variety of pharmaceutical products, including prescription drugs and OTC medications, and is a leader in exporting Vietnamese pharmaceuticals to international markets.

Cuu Long Pharmaceutical

Cuu Long Pharmaceutical is a well-established company in Vietnam, primarily known for producing capsules and injectable medicines. It operates several modern factories and has a strong presence in both domestic and international markets, particularly in the production of medical devices and pharmaceutical packaging.

OPC Pharmaceutical

OPC Pharmaceutical is known for its focus on herbal and traditional medicines, blending Vietnam’s rich heritage in natural remedies with modern pharmaceutical practices. The company produces a range of medicinal products aimed at improving overall health and wellness, with a particular focus on natural, plant-based ingredients.

Pharmacy chains in Vietnam

Pharmacity

Pharmacity is one of the most prominent pharmacy chains in Vietnam. Founded in 2011, it has quickly expanded to become the largest player in the country’s pharmaceutical retail market. Pharmacity offers a wide range of products, including prescription and over-the-counter (OTC) medications, personal care items, health supplements, and wellness products. The chain is known for its strong presence in urban areas, particularly in Ho Chi Minh City and Hanoi.

As of 2024, Pharmacity operates over 1,100 stores nationwide and continues to grow rapidly. The company has ambitious expansion plans, aiming to open hundreds of additional stores in the coming years to meet the increasing demand for healthcare products. Its focus on convenience, customer service, and comprehensive product offerings has positioned it as a trusted brand for Vietnamese consumers.

Long Châu (FPT Retail)

Long Châu is a fast-growing pharmacy chain that is a subsidiary of FPT Retail, one of Vietnam’s largest electronics retailers. FPT Retail acquired Long Châu to diversify its business into the healthcare sector, and the chain has since experienced rapid growth. Long Châu pharmacies are known for offering an extensive range of prescription medications, supplements, and healthcare products.

As of 2024, Long Châu operates over 1,200 stores across Vietnam, making it one of the largest pharmacy chains in the country. FPT Retail has invested heavily in expanding the Long Châu network, particularly focusing on reaching rural and suburban areas where healthcare access may be more limited. This expansion, combined with competitive pricing and a broad product range, has made Long Châu a key player in the Vietnamese pharmacy market.

Phano Pharmacy

Phano Pharmacy is another established pharmacy chain in Vietnam, with roots dating back to 2007. It is well-regarded for its emphasis on high-quality pharmaceutical products and professional customer service. Phano operates hundreds of stores, primarily concentrated in larger cities such as Ho Chi Minh City and Hanoi. The chain offers a wide variety of medications, healthcare supplies, and personal care items, along with pharmacist consultations. Phano’s focus on customer satisfaction and accessibility has helped it maintain a strong presence in the competitive pharmacy market. Although it does not have the same scale as Pharmacity or Long Châu, Phano remains a trusted brand, particularly among urban consumers looking for reliable pharmaceutical services.

Guardian

Guardian, a part of the Dairy Farm Group, is a health and beauty retailer that also has a strong presence in the Vietnamese pharmaceutical market. While Guardian is more widely known for its beauty and personal care products, it also offers a range of OTC medications and health supplements. Guardian operates over 100 stores across major cities in Vietnam, catering to urban consumers with a focus on wellness and beauty.

While it is not a pharmacy chain in the traditional sense, its inclusion of healthcare products makes it an important player in the broader health retail market. Guardian’s appeal lies in its modern store layouts, accessible locations, and a wide variety of products that appeal to health-conscious consumers.

An Khang Pharmacy (MWG)

An Khang Pharmacy is owned by Mobile World Group (MWG), a major player in Vietnam’s retail sector. MWG entered the pharmaceutical market with An Khang as part of its strategy to diversify its business. Since then, An Khang has expanded quickly, with hundreds of stores already in operation and many more planned. An Khang pharmacies offer a broad selection of pharmaceutical products, including prescription medications, supplements, and medical devices. Leveraging MWG’s extensive retail expertise, An Khang focuses on providing convenient, affordable healthcare solutions to consumers. With its rapid expansion, An Khang is positioning itself as a major competitor to larger chains like Pharmacity and Long Châu.

Eco Pharmacy

Eco Pharmacy is a smaller but emerging pharmacy chain in Vietnam. It focuses on providing a range of pharmaceutical products, including prescription and OTC medications, medical devices, and personal care items. Although it does not have the same scale as larger players, Eco Pharmacy is growing steadily, with a network of stores primarily located in major urban areas. The chain is known for offering competitive prices and a customer-friendly shopping experience. As health awareness continues to rise in Vietnam, Eco Pharmacy is positioning itself as a reliable option for consumers seeking affordable and accessible healthcare products.

Key Vietnam pharmaceuticals regulations

Vietnam’s Pharmaceuticals Law, also known as the Law on Pharmacy, is a comprehensive legal framework that regulates the production, distribution, use, and management of pharmaceutical products and activities in Vietnam. It was enacted by the National Assembly on April 6, 2016, and came into effect on January 1, 2017. The law aims to ensure the quality, safety, and efficacy of pharmaceutical products and to promote the development of Vietnam’s pharmaceutical industry.

See also: Vietnam’s Pharmaceuticals Law: Overview

Consumer behaviour in Vietnam’s pharmaceuticals industry

Consumer behaviour in Vietnam’s pharmaceuticals industry is influenced by various factors, reflecting the changing dynamics of health awareness, accessibility, and cultural preferences. Here are some key trends:

Increased health awareness

As access to information improves and healthcare education expands, Vietnamese consumers are becoming more health-conscious. This growing awareness has led to increased demand for pharmaceuticals, especially in areas such as chronic disease management, preventative care, and wellness products. Consumers are more likely to seek out medications and supplements that align with their health goals.

Preference for local products

Many consumers in Vietnam show a preference for locally produced pharmaceuticals, often believing that these products are more tailored to their specific health needs and cultural contexts. Local companies that emphasise quality and affordability are gaining traction, especially among price-sensitive consumers.

Digital influence

The rise of digital technology is reshaping consumer behaviour in the pharmaceutical sector. More consumers are using online platforms to research medications, read reviews, and compare prices before making purchases. E-commerce is increasingly popular for buying over-the-counter medications and health products, making it easier for consumers to access a wider range of options.

Trust and reputation

Trust in pharmaceutical brands is crucial for consumers when selecting products. Companies that prioritise transparency in their manufacturing processes, adhere to international quality standards, and invest in marketing campaigns that highlight their credibility tend to build stronger customer loyalty. Word-of-mouth recommendations and social media influence are also significant in shaping consumer perceptions.

Interest in natural and herbal remedies

There is a growing trend toward natural and herbal remedies in Vietnam, driven by traditional medicine practices and an increasing preference for holistic health solutions. Consumers often seek out herbal supplements and products that are perceived as safer or more effective than conventional pharmaceuticals, reflecting a blend of modern and traditional health practices.

Price sensitivity

While there is a demand for quality pharmaceuticals, many consumers remain price-sensitive, particularly in lower-income segments. Affordable options and promotional deals significantly influence purchasing decisions. As a result, generic medications and cost-effective alternatives are often preferred.

These trends highlight the evolving consumer landscape in Vietnam’s pharmaceuticals industry, where health awareness, digital engagement, and cultural preferences are reshaping how consumers approach their healthcare needs. Understanding these behaviours is essential for companies looking to effectively reach and serve the Vietnamese market.

What’s next?

Vietnam’s pharmaceuticals industry is experiencing robust growth, driven by increasing health awareness, rising demand for medications, and supportive government policies. With a focus on both traditional and modern healthcare solutions, the market is seeing a shift towards locally produced pharmaceuticals, which are often favoured for their affordability and relevance to local health needs. 

Overall, the industry is poised for continued expansion, characterised by innovation, increased investment, and a commitment to improving healthcare access for the Vietnamese population.

With this in mind, to keep abreast of what’s happening in Vietnam’s pharmaceuticals industry, foreign pharmaceuticals industry professionals should make sure to subscribe to the-shiv.

First published September 19, 2024. Last updated January 30, 2025.

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