Workshop examines Viet Nam’s pharmaceutical industry

11/09/2007 -- 11:58 AM

New York (VNA) – The growing pharmaceutical market in Viet Nam is offering a host of opportunities to US businesses, said an official from the US Commercial Service. Joel Reynoso, international trade expert and representative of the US Commercial Service, made the remark at a workshop in New York on September 10 on Viet Nam’s pharmaceutical industry. The event, which was jointly held by the US Commercial Service of the US Department of Commerce (DoC) and the Viet Nam Trade Promotion Centre in New York, drew more than 20 Vietnamese pharmaceutical enterprises, a number of US drug makers and distributors and representatives from the DoC and the Office of the New York Mayor. The Viet Nam Phamaceutical Companies Association (VNPCA) highlighted the rapid growth of Viet Nam’s pharmaceutical industry at an annual rate of 14-15 percent. Per capita spending for medicine is also rising by between 10-12 percent every year and is expected to reach 15 USD by 2010. This means Viet Nam’s medicine market will worth an estimated 2.25-2.4 billion USD by 2015 and 3.5 billion USD five years after that. Speaking to a Vietnam News Agency correspondent in New York, VNPCA Vice Chairman Nguyen Trong De said a delegation of Vietnamese pharmaceutical companies are seeking opportunities in the trading of pharmaceutical products with the US and US investment capital. The visit also aims to promote cooperation in drug research and manufacturing as well as in personnel training in the field, he added. De went on to say that the two countries’ businesses lack understanding about each other’s markets and pharmaceuticals only makes up a small part of two-way trade value between Viet Nam and the US. US investment in manufacturing and distributing medicine in Viet Nam is also negligible, the VNPCA vice chairman added.-Enditem
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