India-Vietnam pharmaceutical ties strengthen at Hanoi business meet

March 26, 2026 | 13:58

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India’s growing prominence as a global pharmaceutical hub is creating fresh momentum for deeper cooperation with Vietnam, as both countries seek to strengthen healthcare systems and expand bilateral trade.

The burgeoning relationship between the two countries was highlighted at the India-Vietnam Pharmaceutical & Medical Equipment Business Meet held in Hanoi on March 25, co-organised by the Embassy of India and the Indian Business Chamber in Vietnam (INCHAM), with support from Vietnam’s Ministry of Health and several industry associations.

India-Vietnam pharmaceutical ties strengthen at Hanoi business meet

The event brought together around 180 Vietnamese and 40 Indian pharmaceutical representatives, alongside policymakers and healthcare stakeholders, to explore new opportunities for cooperation.

Over the past decade, India has emerged as the world’s third-largest pharmaceutical producer by volume and ranks 10th globally in export value, with annual exports reaching around $17 billion, according to INCHAM. Indian medicines are widely distributed across global markets, particularly in the Americas, Europe, Asia, and Africa.

This global strength is increasingly reflected in Vietnam, where Indian pharmaceutical firms have established a strong presence and play a key role in the domestic drug market. India currently ranks among the leading exporters of pharmaceuticals to Vietnam and is the largest supplier in terms of volume, underscoring the country’s reputation as the 'pharmacy of the world'.

Navendu Kumar, chairman of INCHAM Hanoi, spoke of the broader context of growing bilateral ties.

“Bilateral trade between our two countries has reached a new milestone, with Vietnam-India trade hitting a record $16.46 billion in 2025. This achievement reflects the growing strength and dynamism of our economic partnership and provides a strong foundation for further sectoral collaboration,” he said.

Discussions at the event also underscored strong interest from Indian businesses in expanding investment in Vietnam’s pharmaceutical sector, particularly in areas such as high-tech manufacturing, innovative drugs, and medical equipment.

Vietnamese authorities, meanwhile, outlined incentives under the national strategy for pharmaceutical industry development to 2030, aimed at attracting high-quality investment and enhancing domestic production capacity.

On the sidelines of the meeting, INCHAM and the Vietnam Pharmaceutical Companies Association signed an MoU to strengthen cooperation, marking a further step towards institutionalising business linkages between the two markets.

On Vietnam’s side, the government has set out long-term targets towards 2030 and 2045 to strengthen the domestic pharmaceutical industry, ensure national medical security, and reduce reliance on imports. These priorities are seen as highly complementary to India’s capabilities in large-scale production, cost efficiency, and technological expertise.

Against this backdrop, stakeholders from both countries are increasingly looking to expand collaboration in pharmaceutical trade along with investment, technology transfer, and supply chain development, paving the way for a more resilient and sustainable healthcare ecosystem in Vietnam and the wider region.