10:49:33 AM | 3/6/2020
In January 2020, GIC/AHK Vietnam in collaboration with reputable German professional associations in the healthcare sector conducted a market development program survey on Vietnam healthcare 2020, with the participation of German companies from different branches: medical technology, pharma and biotechnology, in order to identify the interests and the needs of German firms, their intentions and their expectation as well while researching and approaching the healthcare market in Vietnam.
The survey’s result showed Vietnam is an attractive investment destination for German companies in the healthcare sector, especially when the EU-Vietnam Free Trade Agreement comes into effect in July 2020. German multinational companies and German SMEs confirmed their interests in doing business in Asia (86%) and in setting up their businesses in Vietnam (66%). Currently Germany is the most important trading partner country in the EU and one of the top two import countries regarding imported medical equipment to Vietnam, with total import value of the place US$153 million in 2018.
One of the most effective strategies to approach the Vietnam’s markets are using branch establishment and cooperation with local partners in Vietnam. 54% of German firms found challenges in finding necessary market information, information on registration process, local regulations or import duties for their products. Linguistic and cultural differences should affect their investment intensions in Vietnam (43%). 37% of the survey participants found difficulty in searching for appropriate local partners and workforce in Vietnam.
By Thu Ha, Vietnam Business Forum
Vietnamese
