Vietnam eyes pharmaceutical cooperation with Pakistan

Statistics show Vietnam spent US$3.5 billion on importing pharmaceuticals and materials in 2012. Its major pharmaceutical retailers include France, India, the Republic of Korea (RoK), and Thailand, and it sources most of its pharmaceutical materials from China, Spain, Austria, the RoK, and France.

The Vietnamese pharmaceutical industry’s leap from an average of 13.5% growth over 2008–2011 to 2012’s 25% growth creates lucrative opportunities for cooperation with foreign suppliers, including Pakistan.

Pakistani Embassy in Vietnam Representative Aizaz Khan summarised recent successes in reinforcing the two countries’ trade relationship.

Vietnam and Pakistan operate direct flight routes and are home to each other’s bank representative offices in an attempt to reduce transport costs and increase trade efficiency.

Two-way trade has increased considerably over the years, reaching US$96.2 million in the first four months of 2013 alone.

Vietnamese commodities such as tea, cashew nuts, pepper, steel, and rubber are already favourites with Pakistani consumers, and emerging products like automobiles and spare parts, handicrafts, and seafood are also becoming more popular.

The Vietnamese and Pakistani business communities have stepped up their international market surveys, export diversification, and cooperation in investment, industry, and farm product processing.

During the exchange, a Pharmacy Council of Pakistan representative briefed participants on the development of the South Asian country’s pharmaceutical sector and incentives for foreign investors.

The exchange was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Trade Development Authority of Pakistan (TDAP).