Viet Nam could become a major export market for Indian medical device makers and also act as a springboard to other ASEAN countries, according to the Engineering Export Promotion Council of India.
Viet Nam imported around 90 per cent of its medical devices, with Japan, Germany, the US, China, and Singapore accounting for around 55 per cent, its chairman, Mahesh Desai, told an online India-Viet Nam Business Meet on medical devices held last week.
The local industry comprising around 50 manufacturers accounted for less than 10 per cent of the market share.
Indian companies could look to tap the burgeoning medical devices market, he said.
With its demand for medical equipment growing, Viet Nam had emerged as one of the most promising sectors for foreign investors, and its government offered tax incentives to promote the industry, he added.
“Many Indian manufacturers of medical devices and pharmaceuticals have already entered and invested in the Viet Nam market, which is a very positive sign.”
Dr Madan Mohan Sethi, the Indian consul general in HCM City, said the medical device sector was one of Viet Nam's most promising for foreign investment due to its rapid economic development and rising demand for medical care.
“There is a lot of untapped potential in this area. The COVID-19 crisis provides an opportunity for both sides to join hands and set up alternative global supply chains for various products that have been disrupted by the pandemic."
Doan Quang Minh of the Ministry of Health's department of medical equipment and infrastructure said that the Government had been providing a conducive policy environment for manufacturing and trading of medical devices.
The Indian medical devices industry has been scaling up production rapidly and could become a global powerhouse in the next few years, growing from its current market size of US$11 billion to $50 billion by 2025.
T S Bhasin, a former chairman of EEPC India and current chairman of the Committee on Trade with ASEAN countries, said COVID had motivated the industry to explore and adopt alternative ways of collaboration.
Given the rise in demand for medical equipment globally ranging from consumables and disposables to high-value engineering healthcare products and devices due to the pandemic, there was huge export potential for Indian suppliers, he said.
Medical device exports from India are projected to grow at a CAGR of 30 per cent to $10 billion by 2025 from $2.1 billion in 2020.
Viet Nam and other ASEAN nations could be major export markets.
Hua Phu Doan, vice chairman of the HCM City Medical Equipment Association, said: “It is predicted that the size of the Indian medical equipment market will reach $11 billion by 2022. There is potential breakthrough for economic and trade relations between Viet Nam and India." — VNS
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