Việt Nam, India eye partnership in pharmaceutical sector
Vietnamese and Indian businesses from the pharmaceutical sector participate in a B2B meet at the India – Việt Nam Pharmaceuticals and Health Industry Conference on July 5. VNS Photo Thu Hằng
Việt Nam is seeking co-operation with India in the field of pharmaceuticals, especially manufacture of vaccines for COVID-19, a conference heard on Tuesday.
India is now the third biggest supplier of pharmaceutical products to Việt Nam, Trần Ngọc Liêm, general director of the Việt Nam Chamber of Commerce and Industry’s HCM City branch, told the India-Việt Nam Pharmaceuticals and Health Industry Conference.
Pharmaceuticals were one of India’s key exports to Việt Nam last year at US$267 million, he said.
India is ranked third globally in terms of pharmaceutical output and 14th in terms of value.
Its leading companies all meet international standards.
The Vietnamese pharmaceutical market has been experiencing strong growth in recent years with 250 factories, 200 import-export facilities, 4,300 wholesalers, and 62,000 retailers as of this year.
Around 300 Indian drug companies had representative offices in Việt Nam, including large firms such as Sun Pharma, Natco, and Mylan, but there was an absence of joint ventures between Việt Nam and India, he remarked.
Pranay Verma, India’s ambassador to Việt Nam, said co-operation in the pharmaceutical sector was an important component in overall co-operation between the two countries.
He invited Indian companies to explore partnerships and investments in Việt Nam.
Murali Krishna, director of the Pharmaceuticals Export Promotion Council of India, said India and Việt Nam could work together in areas like finished dosage formulations, especially of high-tech products, APIs, excipients, herbals and traditional medicines, biosimilars, and vaccines.
The 200 participants at the conference were also updated on the latest regulations and guidelines for doing business and investing in the Vietnamese pharmaceutical sector.
Tạ Mạnh Hùng, deputy director of the Drug Administration, said the trade partnership between the two countries had been growing rapidly, presenting opportunities for India to increase its share in the pharmaceutical industry.
The Vietnamese market with an annual growth rate of more than 10 per cent represents significant opportunities for Indian investors, according to Hùng.
The Indian consulate in HCM City, the Pharmaceuticals Export Promotion Council of India and the VCCI organised the conference, which was followed by a B2B meet.
It was held as part of a series of activities by the consulate to commemorate the 50th year of diplomatic relations between Việt Nam and India. —VNS
Related News
Vietnam and UAE trade sees billion-dollar growth
07:15 | 03/11/2024 Import-Export
Vietnam's daily import expenditure surpasses VND25,000 billion
09:30 | 31/10/2024 Import-Export
Vietnam - UAE trade grows to billions of dollars
08:55 | 30/10/2024 Import-Export
Launch of the “Proud of 80 years of construction and development of Vietnam Customs” contest
09:08 | 30/10/2024 Customs
Latest News
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
More News
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
17:29 | 03/11/2024 Import-Export
Sharing responsibility for ensuring security and safety of the supply chain
07:13 | 03/11/2024 Import-Export
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Lao Cai Customs sees a triple-digit surge in export-import turnover
10:37 | 02/11/2024 Import-Export
Your care
Import and export are expected to reach 800 billion USD
13:32 | 04/11/2024 Import-Export
Fresh coconuts quenching new overseas markets
13:29 | 04/11/2024 Import-Export
Rice exports likely to set new record in 2024
13:25 | 04/11/2024 Import-Export
Vietnamese goods conquer halal market through trust and quality
09:57 | 04/11/2024 Import-Export
Exporters urged to have strategies to take advantage of UKVFTA for expansion
17:33 | 03/11/2024 Import-Export