The Drug Administration of Vietnam under the Ministry of Health has signed a support and cooperation agreement with two Singaporean partners to develop new drugs and vaccines.

Speaking at the signing ceremony for the development of Vietnam’s pharmaceutical-biological industry in Hanoi on Monday, Deputy Minister of Health Do Xuan Tuyen said that one of the cooperation's highlights is building two pharmaceutical-biological industrial parks. 

The first park will be developed in Thai Binh Province in northern Vietnam, while the second is set to be located in Ho Chi Minh City.

The two industrial parks, which will feature production plants, logistics areas, and research and development centers, are expected to attract VND46.9 trillion (US$2 billion) in investment by 2030.

The pharmaceutical-biological parks will prioritize plants that receive technology transfer to manufacture brand name drugs, specific drugs, vaccines, and biologic drugs, said Tuyen.

Vietnam’s pharmaceutical industry has made great strides over the past few years, comprising 230 facilities that meet the Good Manufacturing Practice (GMP) standards.

Among them, 20 plants get EU-GMP certificates, according to the Drug Administration of Vietnam.

Apart from boosting domestic consumption and treatment, the Southeast Asian country has exported drugs and cosmetic products worth VN11.7 trillion ($500 million).

Made-in-Vietnam drugs are available in nearly 50 nations, while Vietnamese cosmetics have been shipped to Japan and many Southeast Asian markets.

However, export revenue remains modest, well below the target of VND23.4 trillion ($1 billion) for 2030.

Given domestic drug supplies, Vietnam’s pharmaceutical market is worth VND140.6-164.1 trillion ($6-7 billion). The expenditure on domestic drugs is targeted to achieve 45 percent of the total medicine spending.

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