Vietnam potential export mkt for medical devices: EEPC

Kolkata: Indian companies could look to tap Vietnam’s burgeoning medical devices market, which meets nearly 90% of the demand through imports, feels EEPC India chairman Mahesh Desai.

Japan, Germany, the US, China, and Singapore account for nearly 55% of the total medical devices imported by Vietnam. The domestic market comprising about 50 manufacturers contributes less than 10% to the market share.

“Vietnam appears among the top markets in India’s exports of medical devices and also acts as a springboard to the ASEAN countries,” said Desai in his introductory remarks at India-Vietnam Business Meet in the medical devices sector.

With demand for medical equipment growing, Vietnam’s medical device industry has emerged as one of the most promising sectors for foreign investors. The local government has offered tax incentives to promote the industry.

“Many Indian manufacturers of medical devices and pharmaceuticals have already entered and invested in the Vietnam market which is a very positive sign,” said Desai.

Madan Mohan Sethi, Consul General of India in Vietnam, said that the South-East Asian country’s medical device industry is one of the most promising sectors for foreign investment due to the country’s economic development and rising demand for adequate medical care and equipment.

“There is a lot of untapped potential in this area (medical devices sector). The Covid-19 crisis has given an opportunity to both sides to join hands and set up alternative global supply chains in different products that have been disrupted by the pandemic,” said Sethi in his special address.