Vietnam's health sector cuts business conditions

October 08, 2021 | 11:49

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Businesses in the health sector are expected to benefit from a reduction and simplification of business conditions by the government.

Vietnam's health sector cuts business conditions

Vietnam’s health market is attracting a number of domestic and foreign players

Prime Minister Pham Minh Chinh on October 4 issued Decision No.1661/QD-TTg approving the scheme on reduction and simplification of regulations on business conditions managed by the Ministry of Health (MoH),

This reduction and simplification includes 153 regulations on administrative procedures and 14 others on business conditions, making the MoH the first ministry to fulfil the tasks assigned by the government in Resolution No.68/NQ-CP dated May 12, 2020 on the action plan on reduction and simplification of business conditions in 2020-2025 and Resolution No.01/NQ-CP dated January 1, 2021 on the tasks and measures to implement the socioeconomic development plan and state budget estimation in 2021.

To create more favourable conditions for businesses and people to do business in the sector, since May 2020, the MoH has been actively and closely working with ministries and agencies on checking and simplifying regulations on business conditions in the field; and then build a plan to realise this.

With the move, businesses and investors in the sector will enjoy more favourable conditions to make the next steps in their business and investment activities.

Vietnam’s health sector is an attractive destination for multinational corporations thanks to its growth potential, rising medical spending and rising the middle class. Market researchers IBM said the size of Vietnam’s pharmaceutical industry could reach $7.7 billion in 2021 and $16.1 billion in 2026.