Trang chủNewsnewsIndian companies eye Việt Nam medical devices market

Date: 26/05/2021

 

Indian companies eye Việt Nam medical devices market

 

At the India-Việt Nam Business Meet in the medical devices sector held online last Thursday. — Photo courtesy of the Consulate General of India in HCM City

HCM CITY — Việt Nam could become a major export market for Indian medical device makers and also act as a springboard to other ASEAN countries, according to the Engineering Export Promotion Council of India.

Việt Nam imported around 90 per cent of its medical devices, with Japan, Germany, the US, China, and Singapore accounting for around 55 per cent, its chairman, Mahesh Desai, told an online India-Việt Nam Business Meet on medical devices held last week.

The local industry comprising around 50 manufacturers accounted for less than 10 per cent of the market share.

Indian companies could look to tap the burgeoning medical devices market, he said.

With its demand for medical equipment growing, Việt Nam had emerged as one of the most promising sectors for foreign investors, and its government offered tax incentives to promote the industry, he added.

"Many Indian manufacturers of medical devices and pharmaceuticals have already entered and invested in the Việt Nam market, which is a very positive sign."

Dr Madan Mohan Sethi, the Indian consul general in HCM City, said the medical device sector was one of Việt Nam’s most promising for foreign investment due to its rapid economic development and rising demand for medical care.

"There is a lot of untapped potential in this area. The COVID-19 crisis provides an opportunity for both sides to join hands and set up alternative global supply chains for various products that have been disrupted by the pandemic.”

Đoàn Quang Minh of the Ministry of Health’s department of medical equipment and infrastructure said that the Government had been providing a conducive policy environment for manufacturing and trading of medical devices.

The Indian medical devices industry has been scaling up production rapidly and could become a global powerhouse in the next few years, growing from its current market size of US$11 billion to $50 billion by 2025.

T S Bhasin, a former chairman of EEPC India and current chairman of the Committee on Trade with ASEAN countries, said COVID had motivated the industry to explore and adopt alternative ways of collaboration.

Given the rise in demand for medical equipment globally ranging from consumables and disposables to high-value engineering healthcare products and devices due to the pandemic, there was huge export potential for Indian suppliers, he said.

Medical device exports from India are projected to grow at a CAGR of 30 per cent to $10 billion by 2025 from $2.1 billion in 2020.

Việt Nam and other ASEAN nations could be major export markets.

Hứa Phú Doãn, vice chairman of the HCM City Medical Equipment Association, said: "It is predicted that the size of the Indian medical equipment market will reach $11 billion by 2022. There is potential breakthrough for economic and trade relations between Việt Nam and India.” — VNS


news orther

Việt Nam calls for international co-operation in drug crime prevention

Date: 27/03/2024

Điện Biên set to become regional tourism and service centre

Date: 18/03/2024

Ministries make greater efforts to bring laws, resolutions to life

Date: 08/03/2024

Laws must remove bottlenecks for development, fight corruption: PM

Date: 28/02/2024

Voters speak highly of drink driving crackdown

Date: 23/02/2024

Việt Nam attends Singapore Airshow 2024

Date: 21/02/2024

Party leader's book on socialism introduced in Cuba

Date: 19/02/2024

Việt Nam, Singapore step up population database connection

Date: 02/02/2024

Philippines' President to visit Việt Nam next week

Date: 26/01/2024

Prime Minister wraps up tour of Europe

Date: 24/01/2024

Hungarian PM says Việt Nam 'critically important' in its Look East policy in talks with PM Chính

Date: 19/01/2024

Former health minister gets 18 years in prison for accepting bribes in COVID-19 kit test scandal

Date: 15/01/2024

Top legislator pays working visit to Tây Ninh Province

Date: 04/01/2024

Việt Nam, Laos, Cambodia pledge to boost solidarity in ensuring security

Date: 19/12/2023

PM receives President of US Semiconductor Industry Association

Date: 08/12/2023

President visits Military Region 5

Date: 06/12/2023

Việt Nam wishes Cambodia to continue to pay attention to Vietnamese-origin people

Date: 04/12/2023

Vietnamese President proposes six new 'enhancements' to bolster ties with Japan in parliament speech

Date: 01/12/2023

Việt Nam affirms peace the prerequisite for development

Date: 22/11/2023

15th NA’s 6th session to concentrate on law building, supervision work next week

Date: 20/11/2023

2006 - 2021 http://dilawfirm.vn - all copyright reserved. Email: info@dilawfirm.vn

Design by Nhật Thành.NET
https://www.facebook.com/quocte.danang