Visitors see products at a booth in the Vietnam Medipharm expo last year. — Photo of Vinexad

The Vietnam Medipharm expo 2024 in Hà Nội will take place from December 5 to 7 at the I.C.E Hanoi International Exhibition Centre.

This year’s exhibition features 100 booths from eight countries and territories and is expecting to attract approximately 9,000 visitors.

In recent years, on a macroeconomic level, Việt Nam has achieved remarkable success in trade diplomacy, highlighted by a series of bilateral and multilateral agreements. Việt Nam has also become a strategic partner for many major global economies. These developments have laid the groundwork for key sectors, including medical and pharmaceutical products and services to expand their cross-border connections.

Việt Nam's GDP per capita has seen continuous growth, rising from US$121 in 1990 to $4,622 in 2024 (according to Statista). As living standards improve, the demand for healthcare products and services has grown, driving significant development in the medical and pharmaceutical industries.

A 2023 market overview by the Ministry of Health reveals that Việt Nam has approximately 1,500 hospitals, nearly 1,300 of which are public hospitals. The market value of medical equipment use has been estimated at over $1.67 billion, with a CAGR of 10.2 per cent (based on research by strategic consulting and market analysis firm Report Ocean).

The pharmaceutical industry in Việt Nam has also witnessed impressive growth in the first half of 2024. According to the JobsGo Employment Information Report, job opportunities in this sector increased by 142 per cent.

Meanwhile, the EU-Vietnam Business Network (EVBN) reported a significant rise in pharmaceutical enterprises, with approximately 250 manufacturing plants, 200 import-export facilities, 4,300 wholesale agents and over 62,000 retail outlets now operating in the country. Meanwhile, numerous international pharmaceutical products have been imported and distributed within Việt Nam. — VNS