Vietnam Rises as a Key Pharmerging Market

Vietnam is emerging as one of Asia's most promising pharmaceutical and biotechnology markets. As the government advances its national pharma strategy and regional collaborations deepen, the country is positioning itself as a future hub for biotech in Southeast Asia. We look at how the key trends are shaping Vietnam's pharma and biotech sectors from regulatory reforms and investment flows to the rise of local innovators.

- Ayesha Diddiqui

Vietnam's pharmaceutical market is expanding rapidly. According to Fitch Solutions, it was valued at $6 billion in 2023 and is projected to reach $8.7 billion by 2028, before climbing to $11.6 billion by 2033. Despite this growth, the industry remains heavily reliant on imports. Data from the Drug Administration of Vietnam (DAV) show that innovative medicines account for only 3 per cent of total drug volume but represent 22 per cent of market value, most of which are imported.

To strengthen domestic capacity, in 2023, the Vietnamese government has launched the National Strategy for the Development of the Pharmaceutical Industry to 2030, with a long-term vision to 2045. The plan targets local manufacturers to meet 80 per cent of national drug demand and account for 70 per cent of market value by 2030. It also seeks vaccine self-sufficiency for the national immunisation programme and 30 per cent coverage of private vaccination needs. By the end of the decade, Vietnam aims to produce 20 per cent of its own pharmaceutical raw materials and complete technology transfer for at least 100 drugs, vaccines, and biologics currently imported.

Supporting this vision, Hanoi launched the Biotech Hi-Tech Park in August 2025. The park aims to attract global biotech firms, promote domestic R&D, and facilitate technology transfer to Vietnamese enterprises. It is set to become a centre for biomedical research, agricultural biotechnology, and pharmaceutical manufacturing, reinforcing Vietnam's broader ambition to lead in life sciences within Southeast Asia.