A customer buys medicine at a Pharmacity store. — Photo courtesy of Pharmacity

Việt Nam's pharmaceutical imports reached nearly US$3.15 billion million in the past nine months of this year, marking an increase of 24.2 per cent compared to the same period in 2023, according to statistics from the General Department of Customs.

With the current import pace, the total for the year is projected to surpass $4 billion.

In September, spending rose sharply to $374 million, up 7 per cent month-on-month.

The main suppliers of pharmaceuticals to Việt Nam were France, the US, Germany, and India, with overall imports from most markets rising compared to the same period in 2023.

Việt Nam's pharmaceutical market has been expanding continuously in recent years.

According to the Drug Administration of Việt Nam (DAV), the market size reached $3.3 billion in 2015 and grew to $6.9 billion by 2021, $7.3 billion in 2022, and exceeded $7.7 billion by the end of last year.

The sustainable growth in this sector is driven by increasing per capita spending on medicine, as people's incomes improve, and healthcare becomes a higher priority.

Despite the rapid growth, domestic pharmaceutical production only meets about 60 per cent of the country's demand. — VNS