Korea's Chuncheon Bioindustry Foundation signs a Memorandum of Understanding with Can Tho and Soc Trang's departments of Science and Technology. — VNS Photo Viet Dung
The Chuncheon Bioindustry Foundation (CBF) of South Korea has signed a Memorandum of Understanding with the departments of Science and Technology in Can Tho City and Soc Trang Province on pharmaceutical product research.
The MoU was signed during a conference on consumer healthcare goods and co-operation with Korean businesses in HCM City on June 18.
The MoU promises co-operation on research and extraction of medicine from plants such as ming aralia and shallots, as well as a poison testing kit for agricultural products for Can Tho.
The Saigon Innovation Hub (Sihub) also signed an MoU with Vietnamese researchers on commercialisation of their research products in which the former will do business with both Vietnamese and foreign partners.
Many Korean businesses at the conference introduced their biotech products including test kits, skincare and products to combat alcohol intoxication.
Dr Nguyen Thanh Danh, general director of the pharmaceutical company Besins Healthcare Viet Nam, said the demand for consumer healthcare products within Asia Pacific is on the rise, due to the high population and increased demand for healthcare.
Products in which convenience is a big selling point are also easier to develop than traditional medicine and contain fewer risks, making them more suitable for small to medium-sized businesses.
He also noted the rising popularity of healthcare products sold through e-commerce, signalling a move away from hospitals and pharmacy as the only providers of health products.
He added that more people are no longer relying solely on hospitals for medicine and testing.
However, he said that Vietnamese businesses' technological capability to make products was still limited, with many research projects not being successfully commercialised and many businesses simply trading goods.
The value of the consumer healthcare product market in Viet Nam in 2017 was nearly US$900 million, according to Asia Market Outlook.
The event was held by Sihub and CBF. -— VNS