Vietnam Pharmaceuticals Market Size, Share | Growth [2032] (2025)

Vietnam's Pharmaceutical Boom: A $16 Billion Opportunity by 2032 – But Can It Overcome Access Hurdles?

Vietnam's pharmaceutical market is poised for explosive growth, projected to surge from USD 7.94 billion in 2024 to a staggering USD 16.03 billion by 2032, growing at a remarkable CAGR of 9.33%. But here's where it gets controversial: while the market is booming, limited public access to new drugs threatens to leave patients behind.

A Perfect Storm of Growth Drivers

Several factors are fueling this growth:

• Rising Chronic Diseases & Aging Population: Vietnam's growing elderly population and increasing prevalence of chronic illnesses like diabetes and cancer are driving demand for pharmaceuticals, particularly generic drugs.

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• Strategic Industry Moves: Pharmaceutical giants are expanding their footprint in Vietnam through collaborations, clinical trials, and technology transfers. For instance, Sanofi's partnership with Vietnam Vaccine Company (VNVC) in 2025 aimed to localize vaccine production, boosting self-sufficiency.

• Government Support: Active government programs promoting drug and vaccine adoption, like the National Expanded Programme on Immunization (NEPI), are playing a crucial role. Vietnam boasts impressive childhood immunization rates, with 99% coverage for the first dose of DTP vaccine in 2025, according to the World Health Organization.

Specialty Medicines Take Center Stage

And this is the part most people miss: the focus is shifting towards specialty medicines targeting genetic disorders, rare diseases, and cancers. Innovations like Vinmec Research Institute's successful T-cell immunotherapy for leukemia in 2025 highlight the potential of these advanced treatments.

Segmentation Insights: Where the Action Is

• Vaccines on the Rise: The vaccines segment is expected to grow at the highest CAGR, driven by strategic collaborations to expand local production capacities.

• Respiratory Diseases in Focus: The respiratory segment is poised for significant growth due to rising disease prevalence and the development of new treatments like LiveSpo NAVAX, a nasal-spray probiotic for children.

• Biosimilars Gain Traction: The biologics & biosimilars segment is expected to grow substantially, fueled by increasing regulatory approvals for commercialization.

The Access Conundrum: A Thorny Issue

Despite the promising outlook, lengthy drug registration processes delay market entry of new drugs, discouraging investment and limiting patient access. In 2024, only 9% of new medicines were introduced in Vietnam over the past decade, far below other Asian Pacific countries. This raises a crucial question: How can Vietnam balance regulatory rigor with the need for timely access to life-saving treatments?

Looking Ahead: Opportunities and Challenges

Vietnam's pharmaceutical market presents a compelling opportunity for investors and healthcare providers alike. However, addressing the access challenge will be crucial for realizing its full potential.

What do you think? Is Vietnam on the right track to become a pharmaceutical powerhouse? How can it overcome the hurdles of drug access? Share your thoughts in the comments below!