Medical devices:

The Vietnamese medical equipment market is the ninth largest market in the Asian Pacific region6. Vietnam is growing as a manufacturing location for medical device companies and exports have been posting consistent growth. According to Ministry of Health (MOH), the country’s medical equipment market is expected to enjoy a growth rate of 18-20% in 2016-2020, but more than 90% of medical equipment is imported from other countries, mainly from Japan, Germany, the United States, China and Singapore. Medical products from these markets make up 55% of Vietnam’s total medical equipment imports. Meanwhile, domestic enterprises, currently comprising of 50 medical equipment manufacturers, which are licensed by the MOH, account for only 10% of the local market share. 7

In 2017, according to the HCMC Medical Equipment Association, Vietnam spent USD1.1 billion on medical equipment imports, which is mainly diagnostic imaging equipment such as X-ray, ultrasound, magnetic resonance imaging and computed tomography scanners, as well as equipment used for surgery, endoscopy, sterilization, testing and medical waste treatment.

Figure 3: Medical Device Market (2011-2021)

Source: National Statistics, Fitch Solution.

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4 Ministry of Planing and Investment, Healthcare and medical services, Foreign Investment Agency, Last accessed Feb 24,2019.

5 EY Life science report: Asia (Pacific Asia, India, Japan), EY, March 2017.

6 Vietnam Medical devices report– Q2 2018. BMI, Business Monitor International, 2018.

7     Vietnam         imports         large          volume    of     medical                 equipment,   The      Saigon       Times,     Jul 26, 2018, https://english.thesaigontimes.vn/61530/vietnam-imports-large-volume-of-medical-equipment.html.

Source : BBGV2019

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