Vietnam healthcare expenditure to reach $23.3 billion in 2025
Healthcare spending in Vietnam rose from $16.1 billion in 2017 to $20 billion in 2021 and could rise to $23.3 billion in 2025 and $33.8 billion in 2030.
The estimates are based on a compound annual growth rate (CAGR) of 7.6%, says a November report prepared by Vietnam Report, a Vietnamese business ranking company.
Contributing factors to such growth are the government’s efforts to make healthcare more accessible and affordable, the country’s aging population, improving awareness of healthcare needs, and rising incomes.
Pharmacity and Long Chau drugstores are close to each other on a street in Ho Chi Minh City. Photo courtesy of Intellectual newspaper.
The firm’s October-November survey found 85.7% and 78.6% of pharmaceutical businesses respectively reporting higher year-on-year revenues and profits in the first nine months of the year.
Experts attribute this trend - of buying medicines from pharmacies without doctor visits - to the Covid-19 pandemic. Other factors include people buying more supplements to improve their health and strengthen their immune systems; the government tightening rules on medicine sales and prescriptions; and drugstores selling more as hospitals became more cautious about buying medicine through a bidding process.
The report also identifies main challenges facing the healthcare sector, including risks from the supply chain and higher logistics costs, rising prices of raw materials, exchange rate pressures and stiffer competition.
- Related News
- Read More
Laos to build $1.9 bln wind power plant to export electricity to Vietnam
The Lao Government and Chitchareune Construction - a Lao builder will jointly build the 1,200 MW Nong wind power plant, with an investment of $1.9 billion, to export electricity to Vietnam.
Energy - Sat, February 15, 2025 | 8:46 pm GMT+7
Malaysia needs more funding for semiconductor sector
Malaysia needs more funding for the implementation of the National Semiconductor Strategy (NSS) to enhance its competitiveness with neighboring countries, said Penang Chief Minister Chow Kon Yeow.
Southeast Asia - Sat, February 15, 2025 | 4:31 pm GMT+7
Thailand considers easing rules on income from overseas
Thailand’s government is considering easing personal income tax rules for individuals’ overseas income to encourage the remittance of those funds back into the country, said a senior official.
Southeast Asia - Sat, February 15, 2025 | 4:29 pm GMT+7
Nissan to close factory in Thailand
Japanese automaker Nissan has announced plans to close one of its two automobile factories in Thailand this year, following the collapse of merger talks with Honda.
Southeast Asia - Sat, February 15, 2025 | 4:10 pm GMT+7
Vietcombank leads Vietnamese banks in 2024 pre-tax profit
Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).
Banking - Sat, February 15, 2025 | 4:04 pm GMT+7
Vietnam's leading trade firm Hapro appoints new general director
Hanoi Trade Corporation (Hapro), a leading producer and exporter of agricultural produces in Vietnam, has appointed deputy general director Duong Thi Lam as general director, effective from March 1, 2025.
Companies - Sat, February 15, 2025 | 2:18 pm GMT+7
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
Korea's SK Group seeks partnerships in LNG-fired power projects in Vietnam
South Korean chaebol SK Group seeks to jointly build LNG-fired power plants in Vietnam and then develop facilities utilizing electricity generated by those power plants.
Energy - Sat, February 15, 2025 | 9:26 am GMT+7
World’s largest shipping line MSC docks at southern Vietnam port
Phuoc An Port, the largest seaport in Dong Nai province, on Thursday welcomed the first ship from MSC, the world’s largest shipping line, opening up significant opportunities for boosting international trade in Vietnam’s southern region.
Economy - Sat, February 15, 2025 | 8:17 am GMT+7
Vietnamese chemical-pharmaceutical industry eyes yearly growth of 8-11% by 2045
Vietnam's chemical-pharmaceutical industry is expected to achieve an annual growth rate of 8-11% by 2045, according to a newly-approved program on the industry’s development until 2030, with a vision to 2045.
Southeast Asia - Fri, February 14, 2025 | 11:28 pm GMT+7
Vietnam PM urges world's food industry leader JBS S.A to invest in livestock farming, meat processing
Brazil’s JBS S.A, the world’s largest meat processing enterprise, should consider investing in livestock farming, meat processing, industrial crops, and coffee processing in Vietnam, said Prime Minister Pham Minh Chinh.
Industries - Fri, February 14, 2025 | 11:08 pm GMT+7
China proposes new initiatives of cooperation with ASEAN
China has unveiled new proposals to boost cooperation with ASEAN in key areas such as maritime cooperation, artificial intelligence, transportation, blue economy, women’s and children’s health, and the environment, towards strengthening the comprehensive strategic partnership between the two sides.
Southeast Asia - Fri, February 14, 2025 | 8:17 pm GMT+7
Honda Vietnam’s motorcycle, car sales decline in Jan
Honda Vietnam's motorcycle sales reached 198,911 units, marking a 12.6% decline from January 2024, while it sold 1,826 cars, a 9.7% decrease year-on-year.
Southeast Asia - Fri, February 14, 2025 | 8:15 pm GMT+7
Vietnam auto sales fall 2% to 18,893 in Jan amid EV trend
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 18,893 units in January 2025, down 2% year-on-year and 40% from December 2024.
Companies - Fri, February 14, 2025 | 4:50 pm GMT+7
China-based Red Board Electronics to invest $110 mln in northern Vietnam
China-invested Red Board Electronics Limited will invest $110 million in Vietnam’s northern province of Ha Nam to manufacture printed circuit board (PCB).
Industries - Fri, February 14, 2025 | 3:25 pm GMT+7
US recent tariff does not aim at Vietnam: diplomat
The United States’ recent tax measures do not aim at Vietnam and the United States seeks to continue “positive” trade-economic relations with Vietnam, said U.S. Ambassador to Vietnam Marc Knapper.
Economy - Fri, February 14, 2025 | 3:11 pm GMT+7
