The Vietnamese government intends to meet 80% of its domestic pharmaceutical demand through local drug manufacturers.

EVFTA provides a means of market diversification for EU and Vietnamese businesses.

The EVFTA is an opportunity for Hanoi to boost cooperation in trade and investment with EU member countries, said Hanoi’s mayor Nguyen Duc Chung.

The financing will support the company’s working capital needs to ensure ample supply of active pharmaceutical ingredients for essential generic medicine production.

Although foreign medicines are likely to dominate in the near future, domestic companies have begun investing in research & development (R&D) activities to build up infrastructures that meet international standards.