Multifaceted Vietnamese conglomerate Vingroup has announced it would soon extend its reach to the pharmaceutical market with its own brand Vinfa.
Vingroup, which has interests in real estate, e-commerce, healthcare, education, agriculture and automobiles among others, said in a statement on Sunday it had launched the development of a pharmaceutical research and production center in the northern province of Bac Ninh.
The first phase of the US$96.8 million project is expected to enter into operation in Q3 2018 with capabilities in research, production and logistics.
Vingroup’s vision is for the center to produce both western and oriental medicine for domestic sales as well as export.
It would make in-depth investments into the research, development and conservation of traditional Vietnamese medicine, making use of medicinal herbs endemic to Vietnam, Vingroup said in its statement.
In the future, Vinfa could be the door for traditional Vietnamese medicine to be exported to foreign markets, the company claimed.
Phan Thu Huong, deputy chairwoman of Vinfa’s board of directors, said the company’s operations adhered to global standards with core values in product quality, human skills and a science-based approach to medicine.
Vingroup is Vietnam’s largest private enterprise by revenue, according to a 2017 list of the largest companies in the Southeast Asian country compiled by Vietnam Report.
It already runs Vinmec, a brand providing medical services with a network of seven international hospitals and clinics across Vietnam.