Việt Nam boosts pharmaceutical chemical exports

By 2030, Việt Nam aims to produce 20 per cent of the raw materials needed for pharmaceutical production, meeting 50 per cent of the demand for functional food and cosmeceutical ingredients domestically.

Deputy Prime Minister Lê Thành Long has signed a decision approving a programme to develop the domestic pharmaceutical chemical industry over the next five years.

The initiative aims to increase domestic production and use of pharmaceutical raw materials, while expanding exports of pharmaceutical chemical products.

The 'Pharmaceutical Chemical Industry Development Programme to 2030' was approved in Decision 270/QĐ-TTg on February 13.

By 2030, Việt Nam aims to produce 20 per cent of the raw materials needed for pharmaceutical production, meeting 50 per cent of the demand for functional food and cosmeceutical ingredients domestically.

Additionally, the annual export growth rate of selected natural pharmaceutical chemicals - such as active ingredients, quantified extracts and high-potency essential oils - is expected to exceed 10 per cent.

By 2045, Việt Nam aspires to develop a high-tech, modern and competitive pharmaceutical chemical industry that integrates into the global pharmaceutical supply chain. The annual growth rate of pharmaceutical chemical production is projected to reach 8 to 11 per cent.

The programme outlines several key strategies to advance the sector, including enhancing investment incentives through tax breaks, land use benefits and financial support to encourage research, production and technology transfer, especially in core and emerging technologies.

It also aims to attract both domestic enterprises and multinational pharmaceutical corporations to invest in chemical synthesis and biotechnological production while supporting Vietnamese businesses in developing value chains based on natural medicinal resources.

Source: Việt Nam News