The health supplements market in Vietnam has experienced significant growth in recent years, driven by increasing health awareness, rising disposable incomes, and a rapidly growing middle class.
The market is characterised by a preference for herbal and traditional supplements. Products like ginseng, known for its immune-boosting properties, are particularly popular. While local brands dominate the lower end of the market, foreign brands hold the premium segment due to their perceived higher quality and safety standards.
Vietnam’s health supplement sector is regulated by a comprehensive legal framework ensuring product safety and quality, including guidelines on manufacturing practices, labelling, and ingredient use.
The market is expected to continue growing rapidly, with opportunities for both domestic and foreign brands to expand their presence and cater to a health-conscious consumer base
Vietnam’s supplements market in numbers
The vitamins and minerals market in Vietnam is projected to generate revenue of US$105.30 million by 2024. This market is expected to grow at a compound annual growth rate of 5.88 percent from 2024 to 2029, according to data collated by Statista.
The growth is driven by increasing health awareness among consumers, a rising middle class, and a higher demand for preventive health care products.
Vietnam’s supplements imports
Vietnam imports a significant portion of its health supplements, with New Zealand, the United States, and South Korea being key suppliers. The demand for imported supplements is high due to consumer perceptions of quality and safety associated with foreign products. In recent years, the Vietnamese government has sought to balance this by promoting local production, particularly in the area of medicinal herbs. For example, efforts are being made to scale up the cultivation and production of herbal supplements to reduce reliance on imports and support local industry growth.
Box 1: Opening a gym in Vietnam
Health and well-being are becoming more popular by the day in Vietnam and Vietnam’s health and fitness industry is booming as a result. From team sports to swimming to yoga and gym an increasingly wealthy middle class is going all in on making themselves feel and look good.
Opening a gym in Vietnam for foreign firms or individuals, however, is not always easy. Not only are there several technical and licensing requirements that need to be met, but Vietnam has also developed its own very distinct gym culture. This can take a little getting used to and may make penetrating Vietnam’s gym-going consumer class challenging.
Understanding the nuances of Vietnamese gym culture and the complexities of business establishment procedures in advance of entering the market can therefore be crucial to the success of a new gym in Vietnam.
Leading Vietnamese Supplement Firms
Traphaco JSC
Traphaco JSC is a leading Vietnamese pharmaceutical company known for its extensive range of health supplements and medicinal products. The company combines traditional Vietnamese medicine with modern production techniques, offering a variety of supplements aimed at boosting overall health and well-being. Traphaco’s focus on innovation and quality has made it a respected name in the local market, contributing significantly to the development of Vietnam’s supplement industry.
Hau Giang Pharmaceutical JSC
Hau Giang Pharmaceutical JSC is a prominent player in the Vietnamese health supplement sector. It produces a wide range of supplements alongside pharmaceutical products, focusing on both modern and traditional medicine. The company’s commitment to high-quality manufacturing and its strong distribution network have established it as a trusted brand for health-conscious consumers across Vietnam.
Nam Duoc JSC
Nam Duoc JSC specialises in herbal and traditional health supplements. The company is recognized for its use of natural ingredients and traditional Vietnamese medicine in its product lines. Nam Duoc’s supplements are designed to address various health issues, including immunity and general well-being. The company’s approach reflects a blend of heritage and modern healthcare practices, making it a popular choice among those seeking natural health solutions.
OPC Pharmaceutical JSC
OPC Pharmaceutical JSC is known for its herbal supplements and traditional medicines. The company focuses on creating health products that are deeply rooted in Vietnamese herbal traditions. Its supplements target a variety of health concerns, such as digestive health, respiratory support, and general wellness. OPC’s commitment to quality and its emphasis on traditional ingredients have solidified its position as a key player in the Vietnamese supplement market.
These Vietnamese firms are instrumental in shaping the local health supplement industry, offering a diverse range of products that cater to the growing demand for both modern and traditional healthcare solutions.
Foreign supplements firms in Vietnam
Herbalife Vietnam (USA)
Herbalife Vietnam is the local arm of Herbalife Nutrition, a company based in the United States. It is known for its wide range of health and wellness products, including protein shakes, vitamins, and dietary supplements. Herbalife promotes a balanced and active lifestyle through its comprehensive product offerings, focusing on weight management and overall health improvement.
Amway Vietnam Ltd. (USA)
Amway Vietnam Ltd. is part of the American direct-selling company Amway Corporation. The company offers a variety of health supplements, including the Nutrilite range, which is well-known for supporting general health and immunity. Amway’s presence in Vietnam is bolstered by its network of independent business owners who distribute its products across the country.
Nu Skin Vietnam (USA)
Nu Skin Vietnam, a subsidiary of the American company Nu Skin Enterprises, is recognized for its anti-aging products and nutritional supplements. The company’s ageLOC brand has been particularly successful in Vietnam, focusing on wellness and skincare. Nu Skin leverages its expertise in scientific research to provide high-quality products tailored to the Vietnamese market.
Cheong Kwan Jang (South Korea)
Cheong Kwan Jang is a leading South Korean brand specialising in premium ginseng products. It has established a strong presence in Vietnam with its range of health supplements aimed at boosting energy and overall well-being. The brand’s ginseng products are particularly popular among consumers who value traditional herbal remedies.
Pharmaton (Switzerland)
Pharmaton is a Swiss brand under Boehringer Ingelheim, offering a range of multivitamins and mineral supplements in Vietnam. The company is known for its focus on enhancing vitality and energy, catering to individuals with active lifestyles. Pharmaton’s products are widely trusted and available in various health stores and pharmacies across Vietnam..
These foreign firms contribute significantly to the Vietnamese supplements market, bringing a diverse array of products and international expertise to meet the health needs of local consumers.
Popular supplements products in Vietnam
The Vietnamese supplement market is diverse, offering a wide range of products to meet the evolving health needs of consumers. Popular categories include vitamins, minerals, herbal supplements, and sports nutrition, with a noticeable trend towards plant-based and personalised health products. Some of the more popular products include:
Vitamins
Vitamins like Vitamin C, Vitamin D, and Vitamin B12 are among the most popular supplements in Vietnam. They are commonly used to support general health, boost immunity, and improve energy levels. These vitamins are often available in various forms, including capsules, tablets, and liquids, catering to a wide range of consumer preferences.
Minerals
Mineral supplements such as calcium, iron, and zinc are widely consumed to support bone health, improve cognitive function, and enhance immune defence. Calcium is particularly popular among older adults for maintaining bone density, while iron and zinc are sought after for their roles in overall health and wellness.
Omega-3 and Probiotics
Omega-3 fatty acids and probiotics are increasingly popular for their health benefits. Omega-3 supplements are known for supporting cardiovascular health and cognitive function, while probiotics are valued for their role in promoting digestive health and boosting the immune system. These products are available in capsules, soft gels, and liquid forms, providing options for diverse consumer needs.
Herbal and Traditional Supplements
Herbal supplements, including ginseng and other traditional remedies, dominate the market due to their perceived safety and health benefits. Ginseng, in particular, is popular for its immune-boosting properties and is commonly used in products that support energy and overall well-being. The preference for herbal supplements reflects a strong cultural inclination towards natural and traditional health solutions.
Collagen Supplements
Collagen supplements have gained popularity, especially among consumers interested in skin, hair, and joint health. These products, available in various forms such as powders and drinks, are marketed for their ability to improve skin elasticity and joint function, catering to a growing demand for beauty and anti-aging solutions.
Sports and Fitness Supplements
With the rise in active lifestyles, sports and fitness supplements such as protein powders, creatine, and pre-workout formulas are becoming more prevalent. These products are particularly popular among fitness enthusiasts and athletes looking to enhance performance and recovery.
What’s next?
The future of Vietnam’s supplements market is promising, with strong growth projections driven by increasing health consciousness and rising disposable incomes. The market is expected to expand significantly over the next decade, benefiting from a growing middle class and heightened awareness of health and wellness.
With this in mind, foreign supplements firms considering entering the market should make sure to keep up with changes in the market by subscribing to the-shiv.
Last reviewed December 26, 2024