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Friday, June 14, 2024

Vingroup establishes drug firm

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HCMC – Vingroup and two other stakeholders have established Vinbiocare Biotechnology Joint Stock Company, specializing in producing medicines with a charter capital of VND200 billion.

According to the National Business Registration Portal, Vinbiocare was registered for establishment on June 3 and headquartered in the Techno Park office building of the Vinhomes Ocean Park in Hanoi’s Gia Lam District, the local media reported.

Vingroup is the largest shareholder of Vinbiocare, contributing VND138 billion to own 69%. Meanwhile, Phan Quoc Viet and Phan Thu Huong own 30% and 1%, respectively.

Vinbiocare’s legal representative is Mai Huong Noi, board chairwoman of the company. Noi is also deputy general director of Vingroup.

Vinbiocare registered to operate in 12 business areas but focus on medicine production and pharmaceutical chemistry.

Vinbiocare was established in the context that Vietnam is striving to accelerate the domestic production of Covid-19 vaccines. A bottleneck in the vaccine development process is in the conversion from the research stage to the commercial production stage due to the lack of resources and difficulties in accessing technologies and necessary materials.

In late February, the Vingroup Innovation Foundation under Vingroup’s Vingroup Big Data Institute committed to funding three projects to develop a Covid-19 vaccine and a national warning system and to study the epidemiological characteristics of the coronavirus.

Vinbiocare is not the first company of Vingroup in the pharmaceutical sector. In 2018, Vingroup officially entered the domestic medicine market by establishing Vinfa JSC and building the Vinfa Drug Research and Production Center in Gia Binh District, Bac Ninh Province.

However, the VinFa chain was gradually narrowed since late 2019.

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