HCMC – Indian pharmaceutical giants are looking to invest in a billion-dollar pharmaceutical park in Vietnam.
On July 31, during his state visit to India, Prime Minister Pham Minh Chinh met with P. Ramesh Babu, Chairman and CEO of SMS Pharmaceuticals Group, and Narendra Reddy, CEO of Sri Avantika Company, to discuss potential investments.
Leaders of SMS Pharmaceuticals praised Vietnam’s dynamic development and favorable investment environment, which is increasingly attracting foreign investors.
SMS Pharmaceuticals and Sri Avantika Contractors have already established a joint venture with a Vietnamese company. This partnership proposes developing a pharmaceutical park—a high-tech pharmaceutical industrial zone—in the Nghi Son Economic Zone in Thanh Hoa, with an investment of around US$200 million in phase 1.
Prime Minister Pham Minh Chinh welcomed the initiative to build a pharmaceutical park, emphasizing the importance of the pharmaceutical sector for a country like Vietnam, which has a population of 100 million.
The Prime Minister also met with Dharmesh Shah, founding chairman of BDR Pharmaceuticals, India’s largest manufacturer of cancer treatment products.
BDR Pharmaceuticals established a representative office in Vietnam in 2022 and supplies raw pharmaceutical materials for cancer treatment drugs to various factories in the country.
Shah expressed interest in collaborating with Vietnam on radiation therapy drugs and in establishing a data center related to radiation and chemotherapy for cancer.
For these proposed collaborations, PM Chinh suggested that the corporations continue discussions and work closely with the Ministry of Health and other relevant ministries over the projects.
