The Vietnamese pharmaceutical market was valued at VND80,679 billion in 2014 and is expected to grow at a compound annual growth rate of 15.1% to reach VND139,832 billion by 2018. Currently over 50% of domestic demand is met through imports as domestic firms face competition from foreign companies with more advanced technology. However, Vietnam's growing and increasingly health-conscious population represents opportunities for future growth in the pharmaceutical industry. The top 10 listed pharmaceutical companies in Vietnam by market share are led by Vimedimex Medi-Pharma with a 14.6% share.

1. 5. KEY FEATURES
2. MARKET SIZE
3. MARKET SHARE
Source: StoxPlus from BMI
1. MARKET SEGMENTATION
Vietnam's pharmaceutical market was valued at VND80,679bn (USS3.90bn) at YE2014, an increasing of 16.0% compared to
the previous year. Up to 2018, pharmaceutical consumption is expected to reach VND139,832bn (USS7.06bn), equivalent to
a compound annual growth rate (CAGR) of 15.1%. In the period of 2019- 2023, the CAGR may be slightly lower, but will
remain in double-digit figures.
Vietnamese pharmaceuticals firms face with a high competitions from foreign competitors. Currently, because of outdated
technology infrastructure and the domestic population have strong preference for foreign drugs, medicine imports account
for more than 50% of the domestic demand. Domestic production meets 50% of total domestic demand, however the of
which was 38% of total demand only. For domestic production, 90% raw materials are imported. Vietnam has to import at
least 300 APIs each year from the international market.
Pharmaceuticals landscape is teeming with potentials for future growth. Vietnam’s expanding population in combination
with consumers become better educated and heightened health awareness.
47%53%
Domestic Foreign
Source: StoxPlus
39316
50082
59214
69298
80680
93549
25%
27%
18%
17% 16% 16%
0%
5%
10%
15%
20%
25%
30%
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
100000
2010 2011 2012 2013 2014 2015f
Value (VND bn) Growth rate
Market sizing by total sales, 2010 – 2015F
Source: StoxPlus
4. KEY FINANCIALS OF TOP 10 PLAYERS
(listed companies only)
Company
Total assets
(VNDbn)
Net Revenue
(VND bn)
EBITDA
(VND bn)
ROA ROE
Market
share
Vimedimex Medi - Pharma 5815 11746 120 0.55% 16.57% 14.60%
PHYTOPHARMA 9120 6098 37 0.32% 19.61% 7.60%
DHG Pharmaceutical JSC 3483 3959 806 16.25% 25.05% 4.90%
Danang Pharmaceutical
Medical Equipment
880 1984 35 1.84% 18.36% 2.50%
Traphaco 1132 1660 241 13.14% 19.80% 2.10%
DOMESCO Medical 932 1658 209 13.56% 19.60% 2.10%
Binh Dinh Pharmaceutical 796 1242 73 5.73% 15.72% 1.50%
Pymepharco 1160 1172 226 13.22% 18.47% 1.50%
Mekophar Pharmaceutical 764 1146 233 22.89% 30.75% 1.40%
Imexpharm Pharmaceutical 1030 907 148 9.03% 11.27% 1.10%
Ha Tay Pharmaceutical 368 823 62 7.59% 18.67% 1.00%
If you want to have further information, please contact person below:
Research
Ms. Lan Nguyen
Senior Manager
lan.nguyen@stoxplus.com
+84(4) 35626962 (ext.109)
Business Information
Ms. Hue Vuong
Managing Director
hue.vuong@stoxplus.com
+84(8) 38233485 (ext.802)
Financial Information
Ms.Trang Truong
Managing Director
trang.truong@stoxplus.com
+84(4) 35626962 (ext.114)
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Pharmaceutical
FACT SHEET
Dated September 25th 2015