Vietnam’s first pharmaceutical-biological industrial park project, which is designed to cover 300 hectares of land and requires an estimated investment of US$150-200 million, will be developed in Thai Binh Province, northern Vietnam. 

The Ministry of Health announced at the signing ceremony of the project on Saturday that the park will include a concentrated industrial zone and an area for ancillary industries and services in the pharmaceutical and biological field.

Once completed, the project is expected to draw a total registered investment of $800 million in 2024-27 and $2 billion in 2028-30.

Nguyen Khac Than, chairman of the People’s Committee of Thai Binh, said that the northern province is focusing on building infrastructure connected to the new industrial park, which the health ministry considers one of the key projects to attract investment in the production and technology transfer of drugs and vaccines.

There are plans to establish additional pharmaceutical-biological industrial parks in the central and southern regions of Vietnam similarly to the maiden project in Thai Binh, delegates said at Saturday’s ceremony.

Vietnam’s drug market is currently worth approximately $6-7 billion, with an annual growth rate of around 10.6 percent.

About 45 percent of the total drug cost is domestically produced.

In 2022, the average expenditure on medication per person was approximately $75, which is a ten-fold increase from 2002.

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