HCM (VNA) – Vietnam and India hold plenty of advantages andpotential to boost cooperation and investment in pharmaceuticals and medicalequipment, heard at a webinar co-held by the Vietnam Chamber of Commerce andIndustry's Branch in Ho Chi Minh City (VCCI-HCM) and the Pharmaceuticals Export Promotion Council ofIndia (Pharmexcil) on December 18.
Indiais now Vietnam’s third largest pharmaceutical supplier, after France andGermany, with imports into Vietnam reaching 198 million USD in the first threequarters of this year, Director of VCCI-HCM Vo Tan Thanh told the webinar onopportunities for cooperation and investment in pharmaceuticals in Vietnam.
Medicinedemand in Vietnam is on the rise in recent years, he said, adding that eachVietnamese spends around 64 USD on pharmaceuticals annually and theVietnamese market size has exceeded 6.5 billion USD.
Vietnamis calling investment in developing domestic production of pharmaceuticals andmedical equipment to improve people’s living standards, so there are largeroom for the two countries to step up cooperation and investment in thefield, Thanh noted.
HuaPhu Doan, Vice Chairman of HCM City’s Medical Equipment Association saidthat population aging in Vietnam has resulted in increasing demand for medicineand advanced medical equipment serving the elderly.
Indiais now Vietnam’s third largest pharmaceutical supplier, after France andGermany, with imports into Vietnam reaching 198 million USD in the first threequarters of this year, Director of VCCI-HCM Vo Tan Thanh told the webinar onopportunities for cooperation and investment in pharmaceuticals in Vietnam.
Medicinedemand in Vietnam is on the rise in recent years, he said, adding that eachVietnamese spends around 64 USD on pharmaceuticals annually and theVietnamese market size has exceeded 6.5 billion USD.
Vietnamis calling investment in developing domestic production of pharmaceuticals andmedical equipment to improve people’s living standards, so there are largeroom for the two countries to step up cooperation and investment in thefield, Thanh noted.
HuaPhu Doan, Vice Chairman of HCM City’s Medical Equipment Association saidthat population aging in Vietnam has resulted in increasing demand for medicineand advanced medical equipment serving the elderly.
Meanwhile, the local healthcaresystem has been poorly equipped with 70 percent of hospitals without CTscanners, 35 percent of medical equipment used for more than 20 years and 40percent of them used between 10 and 20 years.
Healso cited the fact that most of medical equipment in Vietnam are imported asdomestic production can only supply 1.5 – 2 percent of demand.
Thisprovides big opportunities for foreign investors, including those from India,he said.
PharmexcilDirector Murall Krishna said India is the world’s third largest exporter ofpharmaceuticals and medical equipment which provides up to 70 percent ofvaccines to the World Health Organisation (WHO).
Vietnamand India has seen strong partnerships in multiple areas, however, that inpharmaceuticals has failed to meet both sides’ potential, he said, noting thata large number of Indian producers in the field are looking for opportunitiesin Vietnam.
Vietnam – India trade and investment ties have been thriving in recent years withIndia ranking in Vietnam’s top 10 biggest trade partners while Vietnam is a key marketin India’s Act East Policy.
Bilateraltrade totaled 11.2 billion USD last year and over 7 billion USD in the firstnine months of 2020, despite impacts of COVID-19./.
Healso cited the fact that most of medical equipment in Vietnam are imported asdomestic production can only supply 1.5 – 2 percent of demand.
Thisprovides big opportunities for foreign investors, including those from India,he said.
PharmexcilDirector Murall Krishna said India is the world’s third largest exporter ofpharmaceuticals and medical equipment which provides up to 70 percent ofvaccines to the World Health Organisation (WHO).
Vietnamand India has seen strong partnerships in multiple areas, however, that inpharmaceuticals has failed to meet both sides’ potential, he said, noting thata large number of Indian producers in the field are looking for opportunitiesin Vietnam.
Vietnam – India trade and investment ties have been thriving in recent years withIndia ranking in Vietnam’s top 10 biggest trade partners while Vietnam is a key marketin India’s Act East Policy.
Bilateraltrade totaled 11.2 billion USD last year and over 7 billion USD in the firstnine months of 2020, despite impacts of COVID-19./.
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