UKVFTA expected to unlock investment flow into pharmaceutical sector of VN

Figures from the General Statistics Office showed that Việt Nam spent nearly $4 billion importing pharmaceuticals in 2021. The figure indicated that the pharmaceutical industry was largely underfunded, given the size of the Vietnamese economy, Sử said. Specially, under the UKVFTA, Việt Nam would allow foreign pharmaceutical companies to establish foreign–invested enterprises for imports of authorised pharmaceuticals, together with increased access to the public procurement market for pharmaceutical products in Việt Nam. Another commitment was that Việt Nam would withdraw existing clinical trials requirements that were not in line with international standards. The cooperation was expected to promote the comprehensive development of Việt Nam’s pharmaceutical industry and contribute to the implementation of the national strategy on pharmaceutical industry development and the UKVFTA.