Foreign drug firms expect further business improvements in Vietnam
Executives of foreign drug companies in Vietnam have proposed to Prime Minister Pham Minh Chinh legal and administrative improvements to make the market more attractive to foreign investors.
The suggestions were made at a business dialog between the government and foreign investors on Saturday.
“In terms of pharmaceuticals, we’re pleased to see continuous improvements and expect Vietnam to speed up the issuance of marketing authorizations for medical devices and pharmaceuticals,” said Nitin Kapoor, co-chairman of the Vietnam Business Forum (VBF) and chairman of AstraZeneca Vietnam.
“We hope Vietnam will have a specific procurement mechanism for medical equipment and consumables in the amended law on bidding and relevant rules.”
Kapoor said the FDI sector applauds Vietnam’s revisions to the Pharmacy Law that aim to address challenges such as warehousing and transportation restrictions for FDI firms and the removal of country-specific requirements to harmonize Vietnamese processes with regional and global standards.
EuroCham chairman Gabor Fluit said his organization emphasizes improvements for access to pharmaceuticals and medical devices through optimized management processes and global best practices. This requires value-based financing and procurement policies to be revised by the Pharmacy Law.
“We highly appreciate the recent implementation of Decree 07 and Resolution 30, which has contributed to overcoming the shortage of medical supplies and ending the interruption of testing, diagnosis and treatment at hospitals.
“We also acknowledge the efforts by the Ministry of Health in approving marketing authorizations for the backlog of Class C and D medical devices and new submissions, contributing to providing better access to high-quality healthcare services at reasonable costs,” he said.
Emin Turan, CEO of Sanofi Vietnam, raised three major issues at the business meeting.
The first is to improve the effectiveness of regulations, he said.
“By 2021, there were 460 globally advanced drugs made across the world but only 9% of them appeared in Vietnam. This rate is low, and lower compared to many countries worldwide and in the Asia-Pacific region."
Turan said the reasons included policy barriers, administrative delays in drug registration, and fast policy changes, which affect the time it takes to get access to medicines, especially new products. “This also hinders investment activities in the pharmaceutical industry.”
Due to these obstacles, a new drug or vaccine will only be available in public hospitals eight years from the time of filing a domestic application. This period is very long and not good for the investment decisions of drug firms, he said.
The Sanofi Vietnam CEO added: “We’d like Vietnam to pay more attention to the following policies.”
The first is Decision 1661 issued in October 2021 by the Prime Minister. “We want this decision to be implemented towards the goal of eliminating administrative barriers, and we hope that amended Decree 54 in 2023 will reflect the improvements in this decision.”
Secondly, it is necessary to speed up the registration time by applying WHO recommendations on the reliability of mechanisms and policies.
Turan also called for a shorter delivery time of new drugs to public hospitals. "We recommend an annual review process for new drugs to be eligible for use in public hospitals instead of the current cycle of four to five years.
"Vietnam should also allow patients to choose at public hospitals’ pharmacies even before the above-mentioned drugs become available."
Greg Testerman, chairman of AmCham Vietnam in Ho Chi Minh City, proposed procedures licensing food and medicine products to be adjusted in line with global standards, including the amendments to the Pharmacy Law.
- Read More
Vietnam one of the most dynamic, important pharma markets in Southeast Asia: Sandoz exec
Vietnam is one of the most dynamic and important pharma markets in Southeast Asia, and Sandoz, a Switzerland-headquatered global leader in generic and biosimilar medicines, has decided to invest massively in the country, said Charaf Eddine Kadri, general director of Sandoz Vietnam.
Executive Talk - Mon, December 23, 2024 | 8:36 am GMT+7
Noi Bai, Tan Son Nhat airport terminals to be completed in 2025: investor ACV
The T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City will be completed by April 30, 2025, two months ahead of schedule, while the expansion of the T2 passenger terminal at Noi Bai International Airport in Hanoi is slated for completion next year.
Infrastructure - Mon, December 23, 2024 | 8:23 am GMT+7
Vietnam’s benchmark VN-Index to reach 1,400-1,420 points in 2025: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may hit 1,400-1,420 points in 2025, driven by an 18% market-wide profit growth and a price-to-earnings (P/E) ratio of 12.5-13x, according to broker MBBank Securities (MBS).
Finance - Sun, December 22, 2024 | 7:52 pm GMT+7
HCMC's first metro line officially operational after nearly 2 decades
The first urban railway line in Ho Chi Minh City, named Ben Thanh-Suoi Tien, officially started commercial operations on Sunday after nearly two decades of waiting.
Infrastructure - Sun, December 22, 2024 | 2:17 pm GMT+7
Vietnam's 2025 GDP to grow 6.5% on robust infrastructure investment, consumer spending recovery: VinaCapital
Domestic factors, including a ramp-up in Government infrastructure spending, a revival of the real estate market, and a recovery of consumer spending, will help sustain Vietnam's GDP growth at a circa 6.5% pace next year, in-line with the National Assembly’s official target and with 2024 GDP growth, write Michael Kokalari, chief economist at VinaCapital.
Consulting - Sun, December 22, 2024 | 2:00 pm GMT+7
Vietnam shipping, seaport stock rally driven by rosy outlook in 2025
Many shipping and port stocks have risen sharply since November on an optimistic outlook for the industry driven by increasing throughput and a shift in container shipping alliances in 2025.
Companies - Sun, December 22, 2024 | 10:00 am GMT+7
Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.
Finance - Sun, December 22, 2024 | 9:29 am GMT+7
1.8 km road connecting Lach Huyen Port terminals to be built in northern Vietnam
The Hai Phong Economic Zone Management Board has taken a significant step forward in enhancing infrastructure around Lach Huyen Port by establishing a council to appraise the environmental impact assessment for the road connecting terminals No. 3 to No. 6.
Economy - Sun, December 22, 2024 | 8:00 am GMT+7
Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam
Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.
Society - Sat, December 21, 2024 | 10:57 pm GMT+7
Unlocking Phu Quoc’s potential to become the 'Hawaii of the East'
Leading global tourism companies have remarked that Phu Quoc has "yet to receive the recognition it deserves," despite its impressive and unexpected growth rate.
Travel - Sat, December 21, 2024 | 7:20 pm GMT+7
Thai central bank maintains policy interest rate at 2.25%
The Thai Chamber of Commerce (TCC) has said it backs the decision by the Bank of Thailand, the country's central bank, to maintain the policy interest rate at 2.25%, considering the move as suitable for a reviving economy.
Southeast Asia - Sat, December 21, 2024 | 5:43 pm GMT+7
Vietnam's military-run tech giant Viettel strikes big deals at international defence expo
Subsidiaries of Military Industry and Telecommunications Group (Viettel) signed a string of significant contracts with major global partners during the first two days of the Vietnam International Defence Expo 2024 in Hanoi.
Companies - Sat, December 21, 2024 | 5:36 pm GMT+7
Taiwan’s Wistron acquires 37ha land lot in northern Vietnam for expansion
Taiwan-headquartered Wistron, a top electronics provider and an Apple supplier, will further its investment in Vietnam’s northern province of Ha Nam by acquiring another 37.1-hectare land lot.
Companies - Sat, December 21, 2024 | 2:08 pm GMT+7
VAFIE seeks to promote sci-tech development, intellectual property policies
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) aims to enhance policies for the development of science, technology, and intellectual property, creating a more conducive investment environment.
Companies - Sat, December 21, 2024 | 1:59 pm GMT+7
Vietnamese dong likely to depreciate 3% in 2025: VinaCapital
The Vietnamese dong is likely to depreciate 3% in 2025 on anticipation that the US Dollar/DXY Index will finish 2025 nearly unchanged, says Michael Kokalari, chief economist at Vietnam's leading fund manager VinaCapital.
Economy - Sat, December 21, 2024 | 11:23 am GMT+7
First luxury railway journey across Vietnam features Indochine architecture
PYS Travel has launched the first luxury railway journey across Vietnam named Sjourney, marking a new milestone in the railway tourism sector.
Travel - Sat, December 21, 2024 | 10:09 am GMT+7