The medical equipment and pharmaceutical industries are attracting both domestic and foreign investors. - Photo: N. BINH
On August 1st, at the opening ceremony of the 22nd International Medical and Pharmaceutical Exhibition - Vietnam Medipharm Expo 2024 in Ho Chi Minh City, Vu Tuan Cuong, Director of the Drug Administration Department ( Ministry of Health ), stated that the medical equipment market in Vietnam is showing strong growth signs, with a scale of nearly 1.7 billion USD.
This figure makes the Vietnamese market the eighth largest in the Asia- Pacific region, with a compound annual growth rate (CAGR) of 10.2%.
This growth rate has slowed down compared to the 15-18% of previous years.
"However, this sector has still attracted a lot of foreign investment in the form of mergers and acquisitions in recent times. International exhibitions are becoming a bridge creating opportunities for Vietnamese businesses to find partners and expand their markets to countries in the region and internationally," Mr. Vu Tuan Cuong emphasized.
According to businesses, the boom in the market for manufacturing and providing products and services in the pharmaceutical industry is driven by the increasing trend of an aging population.
Meanwhile, people's living standards are steadily improving. This change is happening not only in urban areas but also in rural areas, where people are willing to invest large sums of money in health-enhancing products and equipment.
Finally, Vietnam has many open policies to attract foreign investors and encourage technology transfer, creating dynamism in this sector.
After 20 years of organization, Vietnam Medipharm Expo 2024 has The event affirmed its reputation and quality by bringing together over 500 booths from 450 businesses from 22 countries and territories.
This year's exhibition is held on a scale of up to 10,000 m² , notably featuring large national pavilions such as those of India, South Korea, Indonesia, Latvia, Sri Lanka, Turkey, and China...
During the event, Vietnam Medipharm Expo 2024 organized a series of seminars on "Healthcare Technology 4.0"; a business networking forum on "Vietnam - India Pharmaceutical Industry Cooperation"; "Procurement Law and Updated Policies, Vietnam's Pharmaceutical Market"...
These events serve as a bridge for business leaders to meet, exchange experiences, and foster sustainable collaboration.
Last year, Vietnam Medipharm Expo 2023 welcomed over 12,000 visitors, showcasing a diverse range of products across various sectors.
This year, the most anticipated annual event in the healthcare industry will run until August 3rd.
Source: https://tuoitre.vn/tang-truong-cua-thi-truong-thiet-bi-y-te-viet-nam-giam-toc-20240801190927457.htm
