200 Vietnamese, Indian medical firms join annual networking event
About 200 Vietnamese and Indian enterprises in the pharmaceutical and medical field participated in a networking event in Ho Chi Minh City on July 5 to explore their cooperation and investment opportunities in the post-pandemic period.
The annual conference was co-organised by the Vietnam Chamber of Commerce and Industry's Branch in Ho Chi Minh City (VCCI-HCM) and the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
As heard at the function, businesses of the sides are looking for joint pharmaceutical partnerships, particularly in COVID-19 vaccine production.
In the medical area, outstanding Indian projects in Vietnam include a US$500 million pharmaceutical industrial park in Thanh Hoa province and an international pharmaceutical park worth US$10-12 billion in Hai Duong province.
Recently, Vietnam revised regulations and Indian businesses meeting the quality requirements are free to participate in bidding packages to supply drugs and pharmaceuticals to public health facilities.
Pranay Verma, Indian Ambassador to Vietnam, highlighted the importance and potential of the countries’ pharmaceutical and medical trade and investment. India has been a drug factory of the world, while Vietnam is an attractive market for both the global and India pharmaceutical industries for its large population and increasing people's average income, he noted.
India will back enterprises regarding administrative procedures to help beef up collaboration in the sphere, the diplomat said, stating that Vietnam is a key nation in India’s Look East policy reflected through the sides’ multifaceted cooperation in recent years.
Director of the VCCI-HCM Tran Ngoc Liem said pharmaceutical and medical partnership, among joint works in many other fields of the nations’ strength and advantages, will help the two soon realise their target of US$15 billion in bilateral trade.