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Domestic pharmaceutical firms will play an increasingly dominant role in Vietnam. (Photo: gmp.com.vn) Hanoi (VNS/VNA) - The Vietnamese Government's support for the local pharmaceutical industry will remain steadfast, according to Fitch Solutions . Under a report released last week, the UK-based financial information group said this was in part driven by the authorities' push to meet domestic healthcare needs. In addition, the economic potential of the pharmaceutical sector will incentivise continued Government support for the domestic industry. Although the Government aims to increase the share of locally produced pharmaceuticals to 80 percent, an average of 55 percent of medicines in Vietnam are imported every year. One of the reasons for Vietnam’s reliance on imports is that most domestic companies lack research and development capabilities, and do not meet the European Union Good Manufacturing Practice (EU-GMP) or Pharmaceutical Inspection Co-operation Scheme Good Manufacturing Practice (PIC/S-GMP) standards required to manufacture high-quality generic drugs. Further, Vietnam imports more than 90 percent of drug inputs, half of which are from China. According to Fitch, partnerships with local firms are integral. As a result of Government initiatives, domestic pharmaceutical firms will play an increasingly dominant role in Vietnam. “This accentuates the need for multinational pharmaceutical companies to partner with local drugmakers to adapt to this trend. Finding a local company to start such a joint venture is an important first step to enter the market in Vietnam ,” Fitch said. Foreign companies often work with domestic companies, such as Diethelm Vietnam, Zuellig Pharma Vietnam, and Mega Lifesciences, to fill in different needs in the supply chain. Fitch forecast a shift from pharmaceutical production to a more research-based industry was likely. The boost in attractiveness of the Vietnamese market comes at a time when the business …

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HCM City eyes 10 percent growth in export in 2021 Shrimps processed for export Ho Chi Minh City’s Department of Industry and Trade has set the target to export 48.19 billion USD worth of products in 2021, a year-on-year surge of 10 percent. Under its development plan for 2021 recently submitted to the municipal People’s Committee, the sector said import revenue is estimated at 56.47 billion USD for the whole year, up 11 percent against the previous year. Besides, it eyed to reel in more than 835.68 trillion VND (36.29 billion USD) from retail sales and services revenues in the year, up 10 percent year-on-year. The department said it will carry out necessary measures in a comprehensive fashion to branch out industry and trade, contributing to promoting economic recovery of the southern hub. Earlier, HCM City set a goal of boosting the export of its key products this year and beyond via trade promotion activities and assistance to enterprises. Head of the statistics office Huynh Van Hung said COVID-19 has been largely brought under control around Vietnam, resulting in the production sector exhibiting signs of recovery. Local enterprises, however, continue to face difficulties as many major trading nations are yet to open their markets. He noted that enterprises are in need of diverse and long-term support relating to information on importers of materials and fuel, new markets and partners, and domestic consumption stimulus measures. According to Nguyen Phuong Dong, Director of the municipal Department of Industry and Trade, despite facing myriad challenges, last year the city still saw five goods post export turnover in excess of 1 billion USD: computers-electronic products and components, with 17.8 billion USD; garment-textile 4.3 billion USD; footwear 2.2 billion USD; machinery-equipment-spare parts 2.2 billion USD; and other goods 6.9 billion USD. Together their export value accounted for 83.5 percent of the city’s total. Key export …

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The MoU was signed online on February 25 (Photo: VNA) Hanoi (VNA) - Representatives from the Vietnamese Ministry of Industry and Trade (MoIT) and the US state of West Virginia signed a memorandum of understanding (MoU) on February 25 to accelerate cooperation in economy, trade, and energy. The two sides aim to form a comprehensive cooperation framework to facilitate bilateral trade and investment ties in industry and energy, while increasing the exchange of information on business opportunities and supporting cooperation projects and the operations of businesses of both sides. Addressing the signing ceremony, Minister of Industry and Trade Tran Tuan Anh highlighted the special Vietnam-US partnership while lauding the role and effort of Congresswoman Carol Miller and Governor Jim Justice of West Virginia in promoting the US’s economic and trade ties with Vietnam in the US Congress and Government. This is a suitable time for the two sides to boost the partnership intensively, to speed up economic recovery and cope with the COVID-19 pandemic, Anh said, stressing that the US is an important and long-term partner of Vietnam in the field of energy. He described it as an important foundation for the strengthening of cooperation in specific areas in the long term. An overview of the ceremony (Photo: VNA) According to Vietnamese Ambassador to the US Ha Kim Ngoc , Vietnam-US relations have seen strong progress in all fields since the comprehensive partnership was set up in 2013. For her part, Miller expressed her hope of further boosting bilateral cooperation in industry and trade, especially energy. Vietnam and the US have seen continuous growth in bilateral trade and investment relations over the years. Two-way trade exceeded 90 billion USD for the first time last year and the figure is expected to reach 100 billion USD this year. The two nations have designed an action plan featuring a range of specific solutions, towards a harmonious …

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