THE IMPORT AND EXPORT OF MEDICINAL HERBS IN VIETNAM 2021-2022
In 2021, Vietnam's export revenue from medicinal herbs reached approximately $328 million, an increase of 9.3% compared to the previous year. The top export markets for Vietnamese medicinal herbs were China, the United States, and South Korea.
The export of medicinal herbs in Vietnam in 2021-2022
- In 2021, Vietnam's export revenue from medicinal herbs reached approximately $328 million, an increase of 9.3% compared to the previous year. The top export markets for Vietnamese medicinal herbs were China, the United States, and South Korea.
- China is one of the largest pharmaceutical markets in the world, but they also need to find the sourcing of raw pharmaceutical and pharmaceutical materials from other countries. Vietnam is one of the countries that produce pharmaceutical products. export and import of pharmaceutical raw materials, including pharmaceutical raw materials such as active pharmaceutical ingredients, fillers and other ingredients. In addition, the COVID-19 pandemic contributed to the increase in demand for medicinal herbs, as people sought alternative ways to boost their immune systems and treat various health conditions.
- In 2022, the trend of increasing export revenue from medicinal herbs continued, with Vietnam earning around $364 million, a 10.9% increase compared to the previous year. China, the United States, and Japan were the top export markets for Vietnamese medicinal herbs. The demand for traditional medicine and natural remedies
The import of medicinal herbs in Vietnam in 2021-2022
- Vietnam's import of medicinal herbs in 2021 decreased by 6.2% compared to the previous year, amounting to around $121 million. China remained the largest supplier of medicinal herbs to Vietnam, followed by India and Indonesia. The decrease in import revenue can be attributed to the disruption in global trade caused by the pandemic, as well as the country's efforts to promote the use of locally sourced medicinal herbs
- However, Vietnam's import of medicinal herbs in 2022 saw a slight increase of 1.8% compared to the previous year, amounting to around $123 million. China remained the largest supplier of medicinal herbs to Vietnam, followed by India and Indonesia. The increase in import revenue can be attributed to the growing demand for rare and exotic herbs that are not readily available in Vietnam.
The import and export of medicinal herbs in Vietnam in 2021-2022
In conclusion, while the import and export of medicinal herbs in Vietnam saw mixed results in 2021 and 2022, the overall trend is one of growth and increasing demand for natural remedies. As the world continues to grapple with the effects of the pandemic, it is likely that the demand for medicinal herbs will remain high, providing opportunities for Vietnam to further develop its herbal medicine industry.
Pharmaceutical industry opportunities and challenges in the coming years
- Increase potential market size:
- Vietnam's young population structure is rapidly aging; environmental pollution and the growing concern of nearly 100 million people about health issues will be driving forces for the pharmaceutical industry to expand.
- According to a recent BMI Research study, the size of Vietnam's pharmaceutical market is expected to reach 16.1 billion USD in 2026, with a compound growth rate of up to 11% in VND.
- Growing trend of mergers and acquisitions (M&A):
- New-generation free trade agreements (FTA) such as CPTPP and EVFTA will make it easier for pharmaceutical companies to expand export markets and attract investment
Improving quality and aiming for international - quality product lines
- Research into high-tech herbal medicinal plant extraction, preparation, and production of drugs and medicinal ingredients from a number of endemic medicinal herbs with high economic value in the country, as well as development of Vietnamese medicinal herb-based products.
- Continue to encourage investment in drug research, testing, and production. To plan and set aside land for the development of industrial parks in order to attract domestic and foreign investors interested in producing patented drugs, specialized drugs, generic drugs with high-tech dosage forms, and vaccines. Medical bio-products to meet domestic and international demand.
Vietnam's pharmaceutical export target by 2030
- International branding of Vietnamese herbal products. The next goal is for Vietnam to become a regional center of high-value pharmaceutical production.
- Promote the export of medicinal materials, with the export value of domestically produced medicinal materials and pharmaceuticals aiming to reach 1 billion USD.
More information about us
- Topmedic Medical Pharmaceutical Joint Stock Company has more than 6 years of experience in the industry. We specialize in providing a wide range of pharmaceutical products, from adult health care products to children's nutritional products
- With the import and export functions, we have expanded our trading market to include other countries and continents such as America, France, China, Korea, Indonesia, Thailand, Malaysia, Bangladesh, Pakistan, Mexico, Panama & other EU countries, with product quality that meets international standards and competitive prices.
- We have a team of customer support specialists with extensive experience in import and export, ensuring that the customer's export process goes as smoothly as possible. We also have full certifications and registrations, as well as meeting safety and quality standards in the markets to which we export.