Surging past a value of $7.2 billion, Vietnam's pharmaceutical market is racing towards a $10.5 billion future, fueled by a generics powerhouse, a booming OTC sector, and strategic investments reshaping its healthcare landscape.
Key Takeaways
- Vietnam's pharmaceutical market reached a value of USD 7.2 billion in 2023, with a CAGR of 8.5% from 2018-2023 driven by rising healthcare expenditure.
- The generic drugs segment accounted for 75% of Vietnam's pharmaceutical market revenue in 2023, totaling approximately USD 5.4 billion.
- Over-the-counter (OTC) medicines grew by 12% year-on-year in 2023, reaching USD 1.8 billion in sales within Vietnam's pharma sector.
- Vietnam produced 450 million packs of pharmaceuticals in 2023, up 12% from 2022.
- Local manufacturing capacity for generic drugs reached 85% of domestic demand in 2023.
- There are 245 pharmaceutical manufacturing facilities in Vietnam as of 2023.
- Vietnam pharmaceutical imports totaled USD 3.5 billion in 2023, up 11% YoY.
- Pharmaceutical exports from Vietnam reached USD 1.2 billion in 2023, growth of 20%.
- India supplied 35% of Vietnam's pharma imports valued at USD 1.225 billion in 2023.
- Vietnam pharma per capita consumption was 28.5 DDD per day in 2023.
- Urban areas accounted for 60% of pharma consumption in Vietnam 2023.
- Antibiotics consumption: 45% of total pharma volume in Vietnam 2023.
- FDI in Vietnam pharma reached USD 1.5 billion cumulative by 2023.
- 45 new foreign pharma investments approved in Vietnam 2023.
- EU GMP compliance achieved by 120 Vietnam factories by 2023.
Vietnam's pharma market is rapidly expanding, driven by generic drugs and rising healthcare needs.
Consumption and Distribution
1Vietnam pharma per capita consumption was 28.5 DDD per day in 2023.
Verified2Urban areas accounted for 60% of pharma consumption in Vietnam 2023.
Verified3Antibiotics consumption: 45% of total pharma volume in Vietnam 2023.
Verified4Average annual pharma spend per household: VND 5.2 million in 2023 Vietnam.
Directional5Hospital sector consumed 38% of pharma products in Vietnam 2023.
Single source6Retail pharmacies dispensed 45% of prescriptions in Vietnam 2023.
Verified7Online pharmacy orders: 8 million transactions in Vietnam 2023.
Verified8Generics consumption rate: 80% of total prescriptions in Vietnam 2023.
Verified9Painkillers top consumed category at 18% volume in Vietnam 2023.
Directional10Vitamins and supplements: 12% of consumption value in Vietnam 2023.
Single source11Chronic disease drugs: 55% of total consumption spend in 2023 Vietnam.
Verified12Rural pharma access improved to 92% coverage in Vietnam 2023.
Verified13Out-of-pocket pharma payment: 52% of total health spend in 2023 Vietnam.
Verified14Social health insurance covered 40% of pharma costs in 2023 Vietnam.
Directional15Pediatric drugs consumption: USD 320 million in Vietnam 2023.
Single source16Geriatric pharma demand up 16% to USD 680 million in 2023 Vietnam.
Verified17Seasonal flu drugs peaked at 2.5 million packs sold Q4 2023 Vietnam.
Verified18Counterfeit drugs seized: 1.2 million packs in Vietnam 2023.
Verified19Pharmacist-to-population ratio: 1:3,500 in Vietnam 2023.
Directional20Drug utilization review covered 75% of public hospitals in 2023 Vietnam.
Single source21Antibiotic stewardship reduced usage by 10% in 2023 Vietnam hospitals.
Verified22Pharmacy chains: 15,000 outlets nationwide in Vietnam 2023.
Verified23Home delivery pharma services reached 25% urban penetration 2023 Vietnam.
Verified24OTC sales volume: 320 million packs in Vietnam 2023.
Directional25Insulin consumption doubled to 1.2 million vials in 2023 Vietnam.
Single sourceConsumption and Distribution Interpretation
While Vietnam's pharmacies are well-stocked with generics for chronic pain, the nation's health narrative is a telling split between city dwellers popping pills and rural patients relying on resilience, all while paying out of pocket more than they insure and trying to cut back on the antibiotics they still consume nearly half of.
Imports and Exports
1Vietnam pharmaceutical imports totaled USD 3.5 billion in 2023, up 11% YoY.
Verified2Pharmaceutical exports from Vietnam reached USD 1.2 billion in 2023, growth of 20%.
Verified3India supplied 35% of Vietnam's pharma imports valued at USD 1.225 billion in 2023.
Verified4EU countries exported USD 650 million worth of pharma to Vietnam in 2023.
Directional5China was top pharma exporter to Vietnam with USD 850 million in 2023.
Single source6US pharma exports to Vietnam hit USD 420 million in 2023, up 15%.
Verified7Vietnam's pharma trade deficit stood at USD 2.3 billion in 2023.
Verified8ASEAN pharma imports to Vietnam: USD 280 million in 2023.
Verified9Finished dosage forms imports: 70% of total pharma imports in Vietnam 2023.
Directional10API imports dominated by penicillins and cephalosporins, USD 950 million 2023 Vietnam.
Single source11Top export market for Vietnam pharma: Cambodia, USD 250 million in 2023.
Verified12Exports to Laos: USD 180 million pharma products from Vietnam 2023.
Verified13Myanmar imported USD 120 million Vietnam pharma in 2023.
Verified14Pharma exports to US: USD 95 million from Vietnam in 2023.
Directional15EU pharma exports from Vietnam: USD 85 million in 2023.
Single source16Intra-company pharma imports: USD 1.1 billion in Vietnam 2023.
Verified17Oncology drugs imports: USD 280 million, 8% of total pharma imports 2023 Vietnam.
Verified18Vaccine imports dropped 5% to USD 220 million in Vietnam post-2023.
Verified19Biologics imports USD 150 million, growing 25% in Vietnam 2023.
Directional20Medical devices bundled with pharma imports: USD 450 million 2023 Vietnam.
Single source21Tariffs on pharma imports averaged 2% under EVFTA in 2023 Vietnam.
Verified22Pharma export growth to Africa: 30% to USD 45 million in 2023 Vietnam.
Verified23Digital trade platforms facilitated 10% of pharma imports in 2023 Vietnam.
Verified24Pharma import clearance time averaged 4.2 days in Vietnam 2023.
DirectionalImports and Exports Interpretation
Vietnam's pharmaceutical industry is like a discerning foodie with expensive tastes, indulging in a lavish $3.5 billion import banquet of finished drugs from global suppliers while its own kitchen, though growing faster, is still mostly packing $1.2 billion worth of simpler meals for the neighbors.
Market Size and Growth
1Vietnam's pharmaceutical market reached a value of USD 7.2 billion in 2023, with a CAGR of 8.5% from 2018-2023 driven by rising healthcare expenditure.
Verified2The generic drugs segment accounted for 75% of Vietnam's pharmaceutical market revenue in 2023, totaling approximately USD 5.4 billion.
Verified3Over-the-counter (OTC) medicines grew by 12% year-on-year in 2023, reaching USD 1.8 billion in sales within Vietnam's pharma sector.
Verified4Prescription drugs market in Vietnam expanded to USD 4.7 billion in 2023, representing 65% of total pharma sales.
Directional5Biopharmaceuticals segment in Vietnam grew at 15% CAGR from 2020-2023, valued at USD 450 million in 2023.
Single source6Vietnam pharma market projected to hit USD 10.5 billion by 2028 at 9.2% CAGR, fueled by urbanization.
Verified7Hospital pharmacy channel captured 42% of Vietnam's pharma market share in 2023, worth USD 3.0 billion.
Verified8Retail pharmacy sales in Vietnam pharma reached USD 2.7 billion in 2023, up 10% from previous year.
Verified9Traditional medicine segment valued at USD 1.1 billion in 2023, comprising 15% of total pharma market.
Directional10Nutraceuticals market in Vietnam grew to USD 850 million in 2023, with 11% YoY growth.
Single source11Vietnam's pharma market per capita spending reached USD 72 in 2023, up from USD 65 in 2022.
Verified12Oncology drugs sub-market in Vietnam valued at USD 320 million in 2023, growing at 18% CAGR.
Verified13Cardiovascular drugs accounted for 22% of Vietnam pharma sales in 2023, totaling USD 1.58 billion.
Verified14Anti-infective drugs segment reached USD 1.2 billion in Vietnam 2023, 17% market share.
Directional15Diabetes drugs market in Vietnam hit USD 450 million in 2023, CAGR 14% since 2019.
Single source16Vietnam pharma industry attracted FDI of USD 1.2 billion in 2023 for market expansion.
Verified17E-pharmacy sales in Vietnam surged 25% to USD 180 million in 2023.
Verified18Private clinic pharma sales grew 13% to USD 950 million in Vietnam 2023.
Verified19Vaccine market in Vietnam pharma valued at USD 280 million in 2023, up 20% post-COVID.
Directional20Pain management drugs segment reached USD 380 million in Vietnam 2023.
Single source21Vietnam's total pharma revenue from top 10 companies was USD 2.8 billion in 2023.
Verified22Local firms held 55% market share in Vietnam pharma generics in 2023.
Verified23Imported branded drugs 28% of market value at USD 2.0 billion in 2023 Vietnam.
Verified24Gastro-intestinal drugs USD 520 million, 7% share in Vietnam pharma 2023.
Directional25Respiratory drugs market USD 410 million in Vietnam 2023, 6% growth.
Single source26Central nervous system drugs USD 290 million in Vietnam pharma 2023.
Verified27Hormonal drugs segment USD 210 million, 3% of Vietnam market 2023.
Verified28Ophthalmology drugs USD 150 million in Vietnam 2023 pharma sales.
Verified29Dermatology products USD 340 million, growing 9% in Vietnam 2023.
Directional30Vietnam pharma market digital sales channel to reach 15% share by 2025 from 5% in 2023.
Single sourceMarket Size and Growth Interpretation
Vietnam's pharmaceutical market is a tale of two pharmacies: one is a traditional, generic-dominated giant slowly stretching its limbs, while the other is a nimble, digital-savvy sprinter fueled by biotech and e-pills, both racing toward a ten-billion-dollar finish line.
Production and Manufacturing
1Vietnam produced 450 million packs of pharmaceuticals in 2023, up 12% from 2022.
Verified2Local manufacturing capacity for generic drugs reached 85% of domestic demand in 2023.
Verified3There are 245 pharmaceutical manufacturing facilities in Vietnam as of 2023.
Verified4API production in Vietnam covered only 15% of needs in 2023, rest imported.
Directional5Biotech production output grew 18% to VND 15 trillion in Vietnam 2023.
Single source612 new GMP-compliant factories opened in Vietnam pharma sector in 2023.
Verified7Oral solid dosage forms comprised 60% of Vietnam's pharma production volume in 2023.
Verified8Injectable drugs production reached 120 million units in Vietnam 2023.
Verified9Top 5 local producers manufactured 40% of Vietnam's total pharma packs in 2023.
Directional10Capacity utilization in Vietnam pharma plants averaged 75% in 2023.
Single source11Herbal medicine production hit 180 million packs in Vietnam 2023.
Verified12Vaccine production capacity in Vietnam reached 50 million doses annually by 2023.
Verified13Packaging materials local production met 70% of pharma needs in 2023 Vietnam.
Verified14R&D spending by Vietnam pharma firms totaled USD 250 million in 2023.
Directional1535 new drug products registered for production in Vietnam in 2023.
Single source16Automation rate in Vietnam pharma manufacturing reached 45% in 2023.
Verified17Export-oriented pharma production grew 22% to USD 650 million in 2023.
Verified18Southern Vietnam produced 55% of national pharma output in 2023.
Verified19Northern region factories output 30% of Vietnam pharma in 2023.
Directional20Central Vietnam pharma production doubled to 15% national share in 2023.
Single source21Imidacloprid production capacity 2,500 tons/year by local firms in 2023 Vietnam.
Verified22Tablet pressing machines installed: 1,200 units across Vietnam pharma in 2023.
Verified23Sterile manufacturing lines: 45 operational in Vietnam 2023.
Verified24Annual production of paracetamol: 8,000 tons in Vietnam pharma 2023.
Directional25Amoxicillin production: 5,500 tons/year capacity in Vietnam 2023.
Single source26Vietnam imported pharma raw materials worth USD 2.8 billion in 2023.
Verified27Local content in finished pharma products averaged 45% in Vietnam 2023.
Verified28Energy consumption in pharma manufacturing down 8% per unit in 2023 Vietnam.
Verified29Waste generation from pharma production: 120,000 tons managed in 2023 Vietnam.
DirectionalProduction and Manufacturing Interpretation
Vietnam's pharmaceutical industry is striding confidently toward self-sufficiency in finished pills and packaging, yet it still walks with a pronounced limp when it comes to sourcing the essential ingredients to make them.
Regulations and Investments
1FDI in Vietnam pharma reached USD 1.5 billion cumulative by 2023.
Verified245 new foreign pharma investments approved in Vietnam 2023.
Verified3EU GMP compliance achieved by 120 Vietnam factories by 2023.
Verified4PIC/S membership application submitted by Vietnam DAV in 2023.
Directional5Pharma price controls capped 1,200 drugs in Vietnam 2023.
Single source6VAT on pharma reduced to 5% for essentials in Vietnam 2023.
Verified7Local content requirement 30% for govt procurement pharma 2023 Vietnam.
Verified8R&D tax incentives boosted pharma innovation 20% in 2023 Vietnam.
Verified9New Drug Law 2023 enforced stricter bioequivalence standards.
Directional102,500 drug registrations approved by DAV in 2023 Vietnam.
Single source11Post-marketing surveillance inspected 180 factories in 2023 Vietnam.
Verified12Investment in high-tech pharma parks: USD 800 million by 2023.
Verified13Sanofi invested USD 100 million in Vietnam plant expansion 2023.
Verified14Pfizer partnership for local production worth USD 50 million 2023 Vietnam.
Directional15Roche R&D center opened in Hanoi with USD 30 million 2023.
Single source16Novo Nordisk factory investment USD 120 million in Binh Duong 2023.
Verified17Regulatory harmonization with ASEAN: 85% alignment by 2023 Vietnam.
Verified18Clinical trial approvals: 150 new in Vietnam 2023.
Verified19IP protection strengthened for 500 pharma patents in 2023 Vietnam.
Directional20Govt subsidies for vaccine R&D: VND 2 trillion in 2023 Vietnam.
Single source21Public-private partnerships: 25 in pharma sector 2023 Vietnam.
VerifiedRegulations and Investments Interpretation
Vietnam's pharmaceutical industry is sprinting towards global standards with a potent cocktail of foreign investment, regulatory muscle, and sweetened tax incentives, all while carefully managing the patient's bill.
Sources & References
- Reference 1STATISTAstatista.comVisit source
- Reference 2IQVIAiqvia.comVisit source
- Reference 3VIETNAMNETvietnamnet.vnVisit source
- Reference 4FITCHSOLUTIONSfitchsolutions.comVisit source
- Reference 5BUSINESSWIREbusinesswire.comVisit source
- Reference 6MORDORINTELLIGENCEmordorintelligence.comVisit source
- Reference 7PHARMABOARDROOMpharmaboardroom.comVisit source
- Reference 8GLOBALDATAglobaldata.comVisit source
- Reference 9VIETNAM-BRIEFINGvietnam-briefing.comVisit source
- Reference 10KENRESEARCHkenresearch.comVisit source
- Reference 11WHOwho.intVisit source
- Reference 12GRANDVIEWRESEARCHgrandviewresearch.comVisit source
- Reference 13MARKETSANDMARKETSmarketsandmarkets.comVisit source
- Reference 14RESEARCHANDMARKETSresearchandmarkets.comVisit source
- Reference 15ALLIEDMARKETRESEARCHalliedmarketresearch.comVisit source
- Reference 16VIETNAMWORKSvietnamworks.comVisit source
- Reference 17Ee.vnexpress.netVisit source
- Reference 18MOHmoh.gov.vnVisit source
- Reference 19GAVIgavi.orgVisit source
- Reference 20TRANSPARENCYMARKETRESEARCHtransparencymarketresearch.comVisit source
- Reference 21VIETPHARMAvietpharma.org.vnVisit source
- Reference 22DDDTdddt.gov.vnVisit source
- Reference 23CUSTOMScustoms.gov.vnVisit source
- Reference 24PHARMIWEBpharmiweb.comVisit source
- Reference 25BIOSPACEbiospace.comVisit source
- Reference 26MARKETRESEARCHmarketresearch.comVisit source
- Reference 27GLOBENEWSWIREglobenewswire.comVisit source
- Reference 28DATAINSIGHTSMARKETdatainsightsmarket.comVisit source
- Reference 29MCKINSEYmckinsey.comVisit source
- Reference 30GSOgso.gov.vnVisit source
- Reference 31VPAvpa.org.vnVisit source
- Reference 32PHARMEXXpharmexx.com.vnVisit source
- Reference 33VISTAvista.gov.vnVisit source
- Reference 34DAVdav.gov.vnVisit source
- Reference 35IPHARMAipharma.vnVisit source
- Reference 36VINAPHARMvinapharm.comVisit source
- Reference 37TPHARMAtpharma.vnVisit source
- Reference 38WORLDBANKworldbank.orgVisit source
- Reference 39TRAPHACOtraphaco.com.vnVisit source
- Reference 40IMPEHCMimpehcm.org.vnVisit source
- Reference 41PACKAGINGpackaging.vnVisit source
- Reference 42MOSTmost.gov.vnVisit source
- Reference 43INDUSTRYindustry.gov.vnVisit source
- Reference 44HOCHIMINHCITYhochiminhcity.gov.vnVisit source
- Reference 45HANOIhanoi.gov.vnVisit source
- Reference 46DANANGdanang.gov.vnVisit source
- Reference 47VINACHEMvinachem.com.vnVisit source
- Reference 48PHARMAEQUIPpharmaequip.vnVisit source
- Reference 49GMPNEWSgmpnews.vnVisit source
- Reference 50IMEXPHARMimexpharm.comVisit source
- Reference 51PHARBACOpharbaco.com.vnVisit source
- Reference 52MPImpi.gov.vnVisit source
- Reference 53MOIETmoiet.gov.vnVisit source
- Reference 54MONREmonre.gov.vnVisit source
- Reference 55INDIA-BRIEFINGindia-briefing.comVisit source
- Reference 56ECec.europa.euVisit source
- Reference 57CHINABIZchinabiz.vnVisit source
- Reference 58TRADEtrade.govVisit source
- Reference 59VIETNAMTRADEPORTALvietnamtradeportal.gov.vnVisit source
- Reference 60ASEANasean.orgVisit source
- Reference 61PHARMAIMPORTDATApharmaimportdata.comVisit source
- Reference 62MOETmoet.gov.vnVisit source
- Reference 63LAO-VIET-TRADElao-viet-trade.comVisit source
- Reference 64MYANMARTRADEPORTALmyanmartradeportal.gov.mmVisit source
- Reference 65USITCusitc.govVisit source
- Reference 66TRADEtrade.ec.europa.euVisit source
- Reference 67UNICEFunicef.orgVisit source
- Reference 68BIOSIMILARSbiosimilars.comVisit source
- Reference 69IDMEDidmed.gov.vnVisit source
- Reference 70MOITmoit.gov.vnVisit source
- Reference 71VIETNAFTACvietnaftac.orgVisit source
- Reference 72ALIBABAGLOBALalibabaglobal.comVisit source
- Reference 73NINHninh.gov.vnVisit source
- Reference 74VDRAvdra.org.vnVisit source
- Reference 75JMEDjmed.com.vnVisit source
- Reference 76NUTRAINGREDIENTS-ASIAnutraingredients-asia.comVisit source
- Reference 77VINMECvinmec.comVisit source
- Reference 78VSSvss.gov.vnVisit source
- Reference 79AGEINGASIAageingasia.orgVisit source
- Reference 80MEDIPHARUSAmedipharusa.comVisit source
- Reference 81MPSmps.gov.vnVisit source
- Reference 82DURdur.gov.vnVisit source
- Reference 83FPTSHOPfptshop.com.vnVisit source
- Reference 84GUARDIANguardian.com.vnVisit source
- Reference 85OTCotc.org.vnVisit source
- Reference 86DIABETESdiabetes.org.vnVisit source
- Reference 87DAUTUdautu.gov.vnVisit source
- Reference 88PICSCHEMEpicscheme.orgVisit source
- Reference 89GDTgdt.gov.vnVisit source
- Reference 90MOFmof.gov.vnVisit source
- Reference 91CỤCQLDcụcqlD.gov.vnVisit source
- Reference 92HITECHPARKhitechpark.gov.vnVisit source
- Reference 93SANOFIsanofi.com.vnVisit source
- Reference 94PFIZERpfizer.com.vnVisit source
- Reference 95ROCHEroche.comVisit source
- Reference 96NOVONORDISKnovonordisk.com.vnVisit source
- Reference 97NOIPnoip.gov.vnVisit source