Vietnamese and Indian businesses from the pharmaceutical sector participate in a B2B meet at the India – Việt Nam Pharmaceuticals and Health Industry Conference on July 5. VNS Photo Thu Hằng

HCM CITY — Việt Nam is seeking co-operation with India in the field of pharmaceuticals, especially manufacture of vaccines for COVID-19, a conference heard on Tuesday.

India is now the third biggest supplier of pharmaceutical products to Việt Nam, Trần Ngọc Liêm, general director of the Việt Nam Chamber of Commerce and Industry’s HCM City branch, told the India-Việt Nam Pharmaceuticals and Health Industry Conference.

Pharmaceuticals were one of India’s key exports to Việt Nam last year at US$267 million, he said.

India is ranked third globally in terms of pharmaceutical output and 14th in terms of value.

Its leading companies all meet international standards.

The Vietnamese pharmaceutical market has been experiencing strong growth in recent years with 250 factories, 200 import-export facilities, 4,300 wholesalers, and 62,000 retailers as of this year.

Around 300 Indian drug companies had representative offices in Việt Nam, including large firms such as Sun Pharma, Natco, and Mylan, but there was an absence of joint ventures between Việt Nam and India, he remarked.

Pranay Verma, India’s ambassador to Việt Nam, said co-operation in the pharmaceutical sector was an important component in overall co-operation between the two countries.

He invited Indian companies to explore partnerships and investments in Việt Nam.

Murali Krishna, director of the Pharmaceuticals Export Promotion Council of India, said India and Việt Nam could work together in areas like finished dosage formulations, especially of high-tech products, APIs, excipients, herbals and traditional medicines, biosimilars, and vaccines.

The 200 participants at the conference were also updated on the latest regulations and guidelines for doing business and investing in the Vietnamese pharmaceutical sector.

Tạ Mạnh Hùng, deputy director of the Drug Administration, said the trade partnership between the two countries had been growing rapidly, presenting opportunities for India to increase its share in the pharmaceutical industry.

The Vietnamese market with an annual growth rate of more than 10 per cent represents significant opportunities for Indian investors, according to Hùng.

The Indian consulate in HCM City, the Pharmaceuticals Export Promotion Council of India and the VCCI organised the conference, which was followed by a B2B meet.

It was held as part of a series of activities by the consulate to commemorate the 50th year of diplomatic relations between Việt Nam and India. —VNS