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.

Under the program, by 2030, the sector strives to meet 20% of the domestic demand for raw materials to produce drug; and 50% of the domestic demand for raw materials to make supplementary foods and cosmeceuticals.

The export growth rate of certain natural chemical-pharmaceutical products including active ingredients, standardized extracts, and essential oils rich in active substances is targeted to reach over 10% per year.

By 2045, Vietnam's chemical-pharmaceutical industry is expected to become a high-tech, modern industry with competitiveness and to participate in the global value chain.

To achieve those goals, the program also outlines key solutions including institutional improvements, incentives to support and attract investment to the industry, particularly in R&D activities, technology transfer, and human resources development.

A report by the Drug Administration of Vietnam under the Ministry of Health shows that the total value of the Vietnamese pharmaceutical market grew from $2.7 billion in 2015 to $7 billion in 2022 and is forecast to reach more than $10 billion by 2026.