Pharmaceutical market grows rapidly, new cancer drugs enter Vietnam

South Korean pharmaceutical company Celltrion has expanded its presence in Vietnam by launching two new oncology drugs: Truxima, a treatment for blood cancer, and Vegzelma, used for metastatic colorectal cancer and breast cancer. Both medications received regulatory approval in Vietnam in March. With these additions, Celltrion now offers four types of treatments in Vietnam, covering various cancers and autoimmune diseases. Vietnam is increasingly attracting attention from South Korean pharmaceutical firms, who view it as a key emerging market in Asia and Latin America. This region is characterized by rapid pharmaceutical consumption growth and significant development potential, though it often relies on foreign companies due to domestic production limitations. The Vietnamese pharmaceutical market is substantial, estimated at $8 billion annually, with a compound annual growth rate of 8%, placing it second only to India in the region. In 2025, Vietnam spent approximately $3.5 billion on imported medicines from Europe, the US, South Korea, and India. Experts attribute the rising demand for pharmaceuticals in Vietnam to improving incomes, a rapidly aging population, and an increase in lifestyle-related non-communicable diseases, all contributing to higher healthcare spending. Amidst this growth, numerous South Korean biotech and pharmaceutical companies are strengthening their foothold in Vietnam through subsidiaries, clinical trial expansions, and product registrations. The market has also seen significant investment, such as the acquisition of a 67.87% stake in Imexpharm by China's Livzon Pharmaceutical Group for about $6 trillion Vietnamese dong, following earlier investment from South Korea's SK Group.