Under Prime Ministerial Decision No.270/QD-TTg, signed by Deputy Prime Minister Le Thanh Long on February, a chemical pharmaceutical industry development program towards 2030, with a vision to 2045, has been approved.

According to the Government News, the program aims to develop the chemical pharmaceutical industry, gradually increase the production and use of domestically sourced pharmaceutical materials while promoting the export of chemical pharmaceutical products.

Specifically, by 2030, Vietnam targets to meet 20 per cent of the demand for raw materials used in pharmaceutical production and fulfill 50 per cent of the demand for raw materials in the domestic production of supplementary foods and cosmeceuticals.

The export growth rate of certain natural chemical pharmaceutical products including active pharmaceutical ingredients, standardized extracts, and high-content essential oils, is expected to exceed 10 per cent per year.

By 2045, Vietnam's chemical pharmaceutical industry will become a high-tech, modern, and competitive sector, actively participating in the global pharmaceutical value chain. The industry's production growth is expected to reach 8–11 per cent per year.

Vietnam is now among the countries with the highest pharmaceutical market value and growth rate globally. The market value surged from $2.7 billion in 2015 to $5.1 billion in 2018, and reached $7 billion in 2022. The sector is forecast to attain more than $10 billion by 2026.

According to the World Health Organization, Vietnam's pharmaceutical industry is at level 3, signifying the capability to produce generic drugs and export some pharmaceutical products.