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HCM City (VNA) – Vietnam’s pharmaceutical market which is worth 3.5 billion USD is attractive to Indian enterprises, according to Operational Director of the Pharmaceuticals Export Promotion Council of India (Pharmexcil) Ravi Uduy Bhaskar.

Addressing a Vietnam-India trading exchange programme for the pharmaceutical sector in Ho Chi Minh City on March 17, the director said significant changes in laws and mechanisms regulating the sector in Vietnam have encouraged Indian enterprises to consider greater presence in the Southeast Asian country’s market.

The Deputy Director of Ho Chi Minh City branch of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Thu Hang, revealed Vietnam’s pharmaceutical sector is expected to growth at an annual growth of 16 percent from now to 2020.

Meanwhile, India has an advantage in science, technology, the pharmaceutical industry and chemistry, hence cooperation in the field would help bilateral trade and investment in the area, she added.

Hoang Thanh Mai from the Vietnam Pharmaceutical Management Department stressed Vietnam’s authorities have always created the best possible conditions for enterprises, including those from India.

The department has cooperated with many local and international entities to boost the application of information technology in managing activities such as medicine registration, price declaration and information registration, she noted.

The department is working to refine the regulation system in the area towards meeting both the domestic requirements and international best practice, she concluded.

According to the department, among 7,630 valid registered foreign medicines in Vietnam, 2,814 are of Indian companies. Indian companies number 200 among 718 foreign companies operating in medicine and medicine material in the country. They not only supply regular generic medicines but also highly specialized drugs which Vietnam is not able to produce at present.-VNA