Pharmed Vietnam is one of the largest medical equipment and supplies exhibitions in Vietnam and is held every year in Ho Chi Minh City, Vietnam. The exhibition covers medical equipment, medical supplies, medical technology, medical information systems, hospital facilities and other fields. Pharmed Vietnam provides a platform to showcase the latest products and technologies, exchange industry information and experiences. Exhibitors and visitors can learn about the latest industry trends and market dynamics through the exhibition, find new business opportunities, establish business contacts and partnerships, and promote the development and innovation of the medical industry in Vietnam and the world. In addition to the exhibition, Pharmed Vietnam also organizes a series of seminars, forums and training courses to provide exhibitors and visitors with an opportunity to learn and network. The goal of the exhibition is to promote the development of Vietnam’s medical industry, improve the industry’s technology and service levels, and promote Vietnam’s economic development.
Review of previous issues: Through Pharmadi Vietnam 2023, exhibitors can promote and expand their business in Vietnam and connect with potential partners and customers from 16 countries and regions among 569 exhibitors, showcasing the latest innovations in medical technology equipment and services and progress; including 103 Vietnamese exhibitors and 271 Chinese exhibitors. The exhibition attracted more than 8,000 visitors.
Exhibitor advantages:
(1) Government policy support
As a member of ASEAN and with the presence of foreign businessmen and a large population, Vietnam has considerable potential for growth in the medical market. The Vietnamese government lists the medical industry as a priority investment incentive project, rewards foreign investment and provides a number of preferential conditions. Therefore, the Vietnamese market provides good incentives for investing in the medical industry. The Vietnamese government attaches great importance to medical care, and health expenditures are increasing year by year. The government encourages private capital to invest in the construction of hospitals.
(2) Rapid economic growth
Vietnam’s economy is growing rapidly, with GDP growth increasing year by year and now reaching 6.7%, taking the lead in ASEAN. Vietnam’s per capita GDP reaches US$4,284, which is now at the mid-range level of a middle-income country. Vietnam’s annual per capita medical expenditure reaches US$142 and is growing rapidly.
(3) Favorable market background
The Socialist Republic of Vietnam, located at the southeastern tip of the Indochina Peninsula in Southeast Asia, is a multi-ethnic country dominated by the Kinh ethnic group with a population of 103 million. The country is divided into 58 provinces and 5 municipalities. Economic growth and demographic changes are driving demand for health services in Vietnam, and government-funded provincial public hospitals are undergoing upgrades. Healthcare spending in Vietnam was approximately US$17 billion in 2018 (6.6% of GDP), growing to US$23 billion in 2022 – a compound annual growth rate (CAGR) of approximately 11%. Private healthcare spending is expected to grow at a CAGR of 7.5%, mainly due to increased insurance coverage for citizens.
Vietnam’s lack of low-cost generic drugs, coupled with its inability to meet local production and innovation needs, has allowed foreign companies to dominate Vietnam’s medical device and pharmaceutical markets. In addition, increasing health care coverage and government initiatives to improve health care networks have also actively promoted the development of Vietnam’s medical industry. Vietnam’s medical equipment market is currently worth nearly US$1.8 billion, and more than 90% of Vietnam’s medical equipment is imported. Among them, more than half are from the United States, Japan, Singapore, Germany and China.