Russia’s pharmaceutical companies should consider setting up ventures in Vietnam instead of only focusing on exports, heard a recent virtual meeting on potential for the Vietnam-Russia trade and economic cooperation after the COVID-19 pandemic.

A pharmaceutical factory in Yaroslavl, Russia (Photo: VNA)

At the event, Executive Director of Russia’s Union of Professional Pharmaceutical Organisations (SPFO) Liliya Titova stressed a bright prospect for Russia’s pharmaceutical products in the Asian market, especially Vietnam.

The total imports of pharmaceutical products to the Southeast Asian nation is estimated at US$7 billion each year. Of the figure, products of Russia account for about US$9 million, Chief Representative of the Russian Trade Office in Vietnam Vyacheslav Kharinov noted.

He added that the two countries have devised a plan to approve an intergovernmental agreement on recognising each other’s pharmaceutical products, creating favourable conditions for Russia's pharmaceutical products to access the Vietnamese market. 

Echoing Titova’s views, he urged Russian businesses in the field to pay heed to forming ventures in Vietnam and pointed out that most of the raw materials are from abroad, offering cooperation chances for the Russian firms.

Statistics from Russia showed that the country’s exports to Vietnam doubled to US$150 million in the first four months of 2020 compared to the same period last year. Of the number, pharmaceutical products to Vietnam made up for 15% of Russia's exports in the chemical industry.