Foreign investors acquire strategic stakes in Vietnam pharmaceutical firms
Vietnam's lucrative pharmaceutical industry has seen leading domestic companies like DHG Pharma, Domesco, Traphaco, Imexpharm, Ha Tay Pharmaceutical and Pymepharco attract foreign investors who’ve become strategic shareholders.
The Ha Tay Pharmaceutical JSC has approved a plan to issue 8.4 million shares, or 11.36% of its total number of outstanding shares, in a private placement to Japan’s Aska Pharmaceutical Co., Ltd.
The offering price has been determined at VND21,500 ($0.89) per share. The expected implementation time for the transaction is in the third and/or fourth quarter of 2023 after the State Securities Commission has issued a written notice of receipt of the complete application for registration of the offering.
These shares will be restricted for transfer within three years from the date of completion of the offering.
After the offering is complete, Aska will own a 32.56 stake in the Vietnamese firm.
Previously, in early February 2021, Aska had spent about VND440 billion ($18.4) to acquire a 24.9% stake and become Ha Tay Pharmaceutical’s largest stakeholder.

A lab technician with the Hau Giang Pharmaceutical JSC. Photo courtesy of the company.
Early this month, South Korea’s Dongwha Pharm said it will acquire a 51% stake in Vietnam’s Trung Son Pharma for KRW39.12 billion ($29.86 million).
In a filing with the Korea Stock Exchange, Dongwha Pharm, the first South Korean pharmaceutical company established in 1897, said the deal, equivalent to 12.15 million shares, is slated for completion in October.
Founded in 1997, Trung Son Pharma operates 141 drugstores in Vietnam, covering nine provinces and cities in the Mekong Delta and Ho Chi Minh City. Can Tho city has the largest number of outlets with 45 drugstores. It recorded revenues of KRW74 billion ($56.5 million) in 2022.
At the end of May 2020, South Korea’s second-largest conglomerate, SK Group, bought more than 12.3 million shares for a 24.9% stake in Imexpharm from the fund group comprising Dragon Capital, CAM Vietnam Mother Fund, Kingsmead, Mirae Asset and others. The Korean group completed the acquisition of Imexpharm last year, making an additional public offer of 1.1% to raise its stake to 55%.
SK Group has spent an estimated minimum of VND1.7 trillion ($71 million) to acquire Imexpharm.
In 2017, Traphaco (TRA) had its shareholder structure changed after two Korean entities – one representing investment fund Mirae Asset and Daewoong Pharmaceutical; and the other representing Magbi Fund Limited and Super Delta Pte Ltd – spent a total of more than VND2.35 trillion ($98.1 million) to buy 16.6 million TRA shares (40.12%) from Mekong Capital and Vietnam Holding Ltd.
In 2016, Japan’s Taisho Pharmaceutical Holdings, invested $100 million to buy 24.44% of DHG Pharma at VND100,000 ($4.18) per share, 20-30% higher than the market price at that time.
The Japanese firm kept increasing its stake in increments to acquire more than 51% by mid-2019, officially completing the acquisition of DHG Pharma.
Taisho has also spent an estimated VND7 trillion ($292.3 million) on acquiring the Hau Giang Pharmaceutical company in the largest M&A deal to date in Vietnam's pharmaceutical industry.
The value of Vietnam's healthcare market reached $20 billion in 2022, equivalent to 6% of the country's GDP, Deputy Minister of Planning and Investment Nguyen Bich Ngoc said at an event on pharmaceutical sector development last month. She also said the healthcare market value can reach $23.3 billion in 2025 and $33.8 billion in 2030.
The value of Vietnam’s pharmaceutical market increased from $3.4 billion in 2015 to $7 billion in 2022 and can reach $13 billion in 2030, she added.
According to BMI Research, Vietnam's pharmaceutical market value will reach $16.1 billion by 2026, with a compound growth rate of up to 11% in Vietnamese dong.
Meanwhile, Fitch Solutions has forecast that the revenue of Vietnam's pharmaceutical industry will grow steadily with a Compound Annual Growth Rate (CAGR) of about 6.72% in the 2022 – 2026 period, thanks growing health spending by the population.
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