Pharmaceutical imports surge in first nine months
Vietnam's pharmaceutical imports reached nearly US$3.15 billion million in the past nine months of this year, marking an increase of 24.2% compared to the same period in 2023, according to statistics from the General Department of Customs.
With the current import pace, the total for the year is projected to surpass US$4 billion.
In September, spending rose sharply to US$374 million, up 7% month-on-month.
The main suppliers of pharmaceuticals to Vietnam were France, the US, Germany, and India, with overall imports from most markets rising compared to the same period in 2023.
Vietnam's pharmaceutical market has been expanding continuously in recent years.
According to the Drug Administration of Vietnam (DAV), the market size reached US$3.3 billion in 2015 and grew to US$6.9 billion by 2021, US$7.3 billion in 2022, and exceeded US$7.7 billion by the end of last year.
The sustainable growth in this sector is driven by increasing per capita spending on medicine, as people's incomes improve, and healthcare becomes a higher priority.
Despite the rapid growth, domestic pharmaceutical production only meets about 60% of the country's demand.
