India-Vietnam seminar on promotion of trade and investment in pharmaceutical sector
- New prospects for Vietnam-India trade, investment cooperation
- Vietnam, India strengthen defense ties
The Embassy of India in association with the International Investment Promotion Alliance (INVEST-GLOBAL), Vietnam Association of Foreign Invested Enterprise (VAFIE) and Indian Business Chamber (INCHAM) in Hanoi organized an India-Vietnam Seminar on Promotion of Trade and Investment in Pharmaceutical Sector on 21 January 2021.
The event was attended by about 180 people including representatives of Ministry of Finance, Drug Administration of Vietnam, Ministry of Health. Various representatives from Indian pharmaceutical companies based in Vietnam as well as Vietnamese companies also took part.
Touching upon the importance of the pharmaceutical sector in trade and healthcare partnership between India and Vietnam, Ambassador Pranay Verma urged businesses and all other stakeholders on both sides to explore new opportunities for promoting engagement in pharmaceutical sector in accordance with the “Joint Vision for Peace, Prosperity and People” adopted by the Prime Ministers of India and Vietnam on 21 December 2020.
Ambassador underlined India’s globally acknowledged capabilities as a producer of high-quality, low-cost medicines and vaccines, which was fully demonstrated during the COVID-19 pandemic as India became a major provider of pharmaceuticals to more than 150 countries. He also highlighted India’s launch of the largest ever vaccination drive in the human history on 16th January 2021 to fight the COVID-19 pandemic with two “Made in India” vaccines.
In their remarks, Prof Nguyen Mai from VAFIE as well as Dr. Doan Duy Khuong from VCCI emphasized the need to enhance the presence of Indian pharmaceutical companies in Vietnam, particularly through investment.
Known as the Pharmacy of the World, India is the largest manufacturer of generic drugs and supplies over 60% of global demand for various vaccines. Over 80% of the antiretroviral drugs used globally to combat HIV-AIDS are manufactured by Indian pharmaceutical firms. India has the advantage of a large raw material base, skilled workforce and increasing investment in Research and Development, that has enabled India to become a manufacturer of world-class medicines for its domestic consumption as well as overseas market.
The pharmaceutical market of Vietnam has grown rapidly, with an estimated value of US$7 billion in 2019. The annual growth is expected to be 8% till 2024. While Vietnamese drug manufacturers are able to meet half of their domestic demand, they depend on imports for approximately 60% of pharmaceutical end products, 90% of active pharmaceutical ingredients and most of the raw materials for the production of pharmaceuticals.
The seminar was organized to explore the emerging opportunities and exchange views and ideas on ways to promote bilateral engagement in the pharma sector by taking advantage of policies and incentives offered in India and Vietnam. The two panel discussions on the themes namely “Opportunities for Indian Investment in pharma sector in Vietnam” and “Trade facilitation for Indian pharma products in Vietnam” were held during the Seminar.
Views were expressed by the participants on the need for greater Indian investment in pharma sector in Vietnam as well as the need to enhance awareness in Vietnam about India’s strength as the leading manufacturer of pharmaceuticals. Representatives from Ministry of Finance as well as Ministry of Health provided details of incentives for investment in health sector, particularly high-tech projects, offered by Vietnam and upcoming new circulars that would further facilitate trade in pharmaceutical products for Vietnam.