Vietnam’s 2019 drug imports expected to hit $3 bln, up 7%

Pharmaceutical imports continued to grow over 10 percent to $2.53 billion in the first 10 months of 2019, according data from the General Department of Customs.

In 2018, the country's pharmaceutical import reached $2.79 billion, down from $2.8 billion import in 2017. Major import markets were countries and territories in Asia, America, and Europe.

As of September 2019, France was the largest import market with $296 million, an increase of 28.7% over the same period in 2018. Germany was the second largest import market with $241 million, up 6.8% from a year ago.

Business Monitor International, a market research organization predicts that Vietnam's pharmaceutical market will reach $6.5 billion in 2019. By 2026, the market is seen to expand to over $16 billion.

Restricted ability to produce drugs locally is the main reason of the sharp increase in pharmaceutical import. The country has about 180 pharmaceutical manufacturing enterprises, including domestic and foreign invested enterprises.