Pharmaceutical expo expected to trigger greater sectoral cooperation between the two countries.
Fifty Indian companies specializing in formulations, active pharmaceutical ingredients, nutraceuticals, biologicals, herbal products, equipment and pharmaceutical equipment will gather at the India Pharma Expo Buyers and Sellers Meet 2015 at the GEM Center, 8 Nguyen Binh Khiem St., Ho Chi Minh City, on March 19 and 20.
The expo expects to provide a fresh boost to cooperation between India and Vietnam in the pharmaceutical sector.
Indian pharmaceutical companies first began supplying medicine to Vietnam in the early 1990s and have become major players. Indian medications include almost all therapeutic groups, such as vitamins, painkillers, advanced antibiotics, injectable products, infusions, anti-hypertensive products, anti-diabetic products, anti-cancer products, neuropsychiatric products, and vaccines.
According to figures from the Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade, imports of pharmaceutical products from India reached $267 million in 2014, representing a market share of 13.1 per cent. India is the single largest exporting country to Vietnam in the pharmaceutical sector.
“Market reports indicate that Vietnam is presently concentrating on improving the local formulations industry,” Dr. P V Appaji, Director General of the Pharmaceuticals Export Promotion Council of India (PHARMEXCIL) under the country’s Ministry of Commerce and Industry, wrote in an information package sent to participants. “Indian exporters can enhance their stake in this very important market by engaging with local companies through joint ventures.”
Besides the prominent position held by Indian pharmaceutical companies in Vietnam, pharmaceutical products are also included in the free trade agreement between ASEAN and India and are now entitled to a preferential tax rate of 0 to 9 per cent. This will bolster the importation of pharmaceutical products from India to Vietnam.
The event is being jointly organized by PHARMEXCIL and the Indian Chamber of Commerce (INCHAM) in Vietnam, with active support from the Consulate General of India.