Press Release

Vietnam Pharmacy Retail Market to Grow with a CAGR of 6.2% through 2029F

The Vietnam pharmacy retail market is growing due to increasing healthcare awareness, expanding urbanization, and government support for health initiatives, driving demand for pharmaceuticals and healthcare products.

 

According to TechSci Research report, “Vietnam Pharmacy Retail Market – By Region, Competition, Forecast & Opportunities, 2019-2029F”, the Vietnam Pharmacy Retail Market was valued at USD 9.17 billion in 2023 and is expected to reach USD 13.20 billion by 2029 with a CAGR of 6.2% during the forecast period. The Vietnam pharmacy retail market is a vibrant and rapidly evolving sector, reflecting the country’s broader economic growth and demographic changes. The market encompasses a diverse range of products, including prescription and over-the-counter medications, health supplements, cosmetics, and medical devices. With a robust expansion trajectory, driven by both domestic and international players, the pharmacy retail market in Vietnam presents significant opportunities and challenges. This summary provides a comprehensive overview of the market, highlighting its current state, key drivers, emerging trends, challenges, and future prospects.

The Vietnam pharmacy retail market is on a remarkable growth trajectory, driven by a convergence of economic expansion, demographic shifts, and technological advancements. As of 2023, the total retail sales of consumer goods and services reached approximately USD247.91 million, reflecting a notable increase from the previous year. This growth is further exemplified by the expansion of major pharmacy chains, such as FPT Retail, which added 560 new Long Chau pharmacies in 2023, bringing its total to 1,497 outlets. The market’s expansion is largely driven by rising healthcare demands due to an aging population, increasing urbanization, and higher disposable incomes. As Vietnam's population continues to age, with projections indicating that those over 65 will comprise 17.5 percent of the total population by 2049, there is a growing need for medications and healthcare products. Additionally, improving economic conditions and increasing urbanization have led to greater consumer spending on healthcare and wellness products, further fueling market growth.

Several key drivers are propelling the pharmacy retail market forward. The rise in healthcare demand, driven by chronic disease prevalence and an aging population, is a significant factor contributing to the market's expansion. Economic growth has increased disposable incomes, allowing consumers to invest more in health and wellness products. Urbanization has enhanced accessibility to pharmacy services, with new shopping centers and improved infrastructure supporting the proliferation of pharmacy outlets. Technological advancements also play a crucial role, as digital transformation in the form of e-commerce, mobile health applications, and advanced pharmacy technologies streamline operations and enhance customer experience. These factors combined are creating a robust growth environment for the pharmacy retail sector, offering significant opportunities for both local and international players.

Despite its growth potential, the Vietnam pharmacy retail market faces several challenges. Regulatory and compliance issues present obstacles, as navigating complex and frequently changing regulations requires significant resources and expertise. The prevalence of counterfeit drugs poses serious risks to consumer health and market integrity, necessitating rigorous quality control and enforcement measures. Intense competition among numerous market players adds pressure to differentiate offerings and maintain profitability. Additionally, supply chain and distribution inefficiencies can disrupt product availability and impact operational stability. Addressing these challenges is crucial for sustaining market growth and ensuring consumer trust. Overall, while the market is set for continued expansion, overcoming these hurdles will be key to achieving long-term success and maintaining the sector's positive trajectory. 


Browse over xx market data Figures spread through xx Pages and an in-depth TOC on " Vietnam Pharmacy Retail Market 


The Vietnam Pharmacy Retail Market is segmented into market structure, product type, Therapeutic Area, Drug Type, Pharmacy Location and region.

In the Vietnam pharmacy retail market, the street/mall-based segment is emerging as the fastest-growing location segment. This growth is largely driven by urbanization and the expansion of retail infrastructure across major cities and towns. Street and mall-based pharmacies offer high visibility and accessibility, attracting a broad customer base that frequents shopping areas for both convenience and diverse product offerings.

Urban areas, particularly in cities like Ho Chi Minh City and Hanoi, are witnessing rapid development of shopping malls and commercial centers, which increasingly feature pharmacy outlets. These locations benefit from high foot traffic and are strategically positioned to cater to the needs of busy urban consumers who seek immediate access to medications and health products.

Moreover, the mall-based format allows pharmacies to leverage footfall from other retail and service sectors, enhancing customer acquisition and sales opportunities. The integration of pharmacies within malls and commercial streets aligns with changing consumer behaviors, where convenience and accessibility are prioritized. As a result, the street/mall-based pharmacy segment is growing rapidly, driven by increasing urbanization, enhanced retail infrastructure, and shifting consumer preferences for accessible healthcare solutions.


Major companies operating in Vietnam Pharmacy Retail Market are:

  • FPT Digital Retail Joint Stock Company
  • Eco Pharmaceutical Joint Stock Company
  • Pharmacity Pharmaceutical Joint Stock Company
  • ABC Pharmacy
  • DHG Pharmaceutical Joint-Stock Company
  • Matsumoto Kiyoshi Vietnam Joint Stock Company
  • Sanofi-Aventis Vietnam Company Limited
  • OPC Pharmaceutical Joint Stock Company
  • Imexpharm Pharmaceutical Joint Stock Company
  • B.Braun Vietnam Company Limited

 

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“The Vietnam pharmacy retail market is growing due to several key factors. The aging population is driving increased demand for medications and healthcare products. As the proportion of elderly people rises, there is a greater need for chronic disease management and related pharmaceuticals. Economic growth and rising disposable incomes allow consumers to spend more on health and wellness products. Urbanization also plays a significant role, with expanding cities and new shopping centers enhancing access to pharmacy services. Technological advancements are transforming the sector, with digital platforms enabling convenient online purchases and efficient pharmacy operations. Additionally, heightened health awareness and preventive care are leading to increased consumption of health supplements and wellness products. Together, these factors are fueling robust growth in the pharmacy retail market, making it a dynamic and rapidly evolving sector.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Pharmacy Retail Market, By Market Structure (Unorganized, Organized), By Product Type (Over-the-Counter Products, Prescribed Drugs, Non-Pharmaceutical Products, Medical Equipment), By Therapeutic Area (Cardiovascular, Pain Relief/Analgesics, Vitamins/Minerals/Nutrients, Anti-Infective, Anti-Diabetic, Others), By Drug Type (Generic, Patented), By Pharmacy Location (Street/Mall Based, Hospital Based), By Region, Competition, Forecast & Opportunities, 2020-2029F”, has evaluated the future growth potential of Vietnam Pharmacy Retail Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam Pharmacy Retail Market.

 

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