Vietnam grabs attention of pharmaceutical companies from RoK
A delegation of pharmaceutical companies from the Republic of Korea (RoK) has visited Vietnam to seek chances for strengthening business partnerships, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA).
Seoul (VNA) – A delegation of pharmaceutical companies from the Republic ofKorea (RoK) has visited Vietnam to seek chances for strengthening businesspartnerships, according to the Korea Pharmaceuticaland Bio-Pharma Manufacturers Association (KPBMA).
The fact-findingtrip from July 5 to 8, following a State visit to Vietnam by the RoK’sPresident Yoon Suk Yeol in late June, was considered a demonstration of effortsby both the private and state sectors of the RoK to enter the Vietnamese marketin the biopharmaceutical industry.
With aplan approved during President Yoon’s visit to substantively implement the twocountries’ comprehensive strategic partnership, bilateral cooperation in the biopharmaceuticalindustry is expected to expand, KPBMA said.
On July6, KPBMA, the RoK’s Ministry of Food and Drug Safety, and the DrugAdministration of Vietnam held a workshop on cooperation in the pharmaceutical sector,attracting the participation of about 100 experts and officials.
At anothermeeting the same day, Korean firms operating in Vietnamexpressed their hope for more opportunities to discuss with regulatory agenciesand businesses in the industry in emerging markets.
KangSeok-yeon, Director-General for the ministry’s Pharmaceutical Safety Bureau, said they hope the obstacles to businesses’ entry into the Vietnamese marketwill be resolved through the project currently pursued by the RoK’s Ministry ofHealth and Welfare, and that via the two Governments’ close cooperation, theywill strive to address difficulties facing the industry.
KPBMAVice Chairman Jang Byung-won said that Vietnam has a highly potential pharmaceuticalmarket that can become a bridge for companies of the RoK to enter the ASEAN market.They welcome efforts by the RoK’s Ministry of Food and Drug Safety to contact withdrug regulatory agencies of Vietnam.
Vietnam’s pharmaceutical market was estimated at about 8.2 billion USD as of2022. It is forecast to grow 11% annually due to people’s increasing attentionto health and multinationals’ strong investment, data of the Vietnam Industry Researchand Consultancy (VIRAC) show.
Togetherwith the growth potential, Vietnam is also considered a gateway to ASEAN, so ithas attracted attention from many Korean businesses./.
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A pharmacy in Vietnam (Photo: VNA) 
