Pharmaceutical and biotechnology companies from the Republic of Korea (RoK) are increasingly eyeing Vietnam as a strategic “pharmerging market” in Southeast Asia. Rising incomes, an ageing population, and a surge in lifestyle-related diseases are boosting healthcare demand, while Vietnam’s growing per capita GDP is driving higher medical spending. The country’s open approach to foreign partnerships and technology transfer further enhances its appeal to global investors.
Vietnam’s pharmaceutical market was valued at around USD 7 billion in 2023, growing at an average annual rate of more than 7.3% over the past decade. Seizing these opportunities, Korean firms are pursuing multiple entry strategies including establishing local subsidiaries, securing clinical approvals, and expanding distribution through local partnerships.
Celltrion established its Vietnamese subsidiary in 2024 and has since gained regulatory approval for two biologics: “Remsima” for autoimmune diseases and “Herzuma” for breast and gastric cancer. The company has already signed supply contracts with major hospitals and plans to expand further this year. GC Biopharma received approval for its chickenpox vaccine “Barycela” and is advancing Phase 3 trials of a two-dose version, targeting broader regional approvals.
Daewon Pharmaceutical made history as the first Korean firm to conduct a Phase 1 trial in Vietnam with its pain reliever “DW1021.” Meanwhile, Dongwha Pharm entered the market through its acquisition of Trung Son Pharma in 2023, growing its retail network from 140 to 239 outlets, with an ambitious plan to reach 460 by 2026.
This wave of investments reflects Vietnam’s growing strategic importance in Asia’s healthcare landscape, as Korean companies position themselves to meet rising local demand and build long-term market presence.
(Source: Vietnam Plus)
