- Greater demand for healthcare services combined with strained government public resources provide opportunities for a growing healthcare industry in Vietnam.
- The EVFTA and the amended Law on Investment will benefit foreign producers and suppliers wishing to enter the Vietnamese market, which still largely relies on imported medical equipment and medicines.
- COVID-19 has accelerated created greater demand for technology-enabled services, a phenomenon that is likely to continue in the next decades with the arrival of Industry 4.0 innovations.
Vietnam is currently undergoing economic and demographic transformations that provide great potential for its healthcare industry. In 2019, Vietnam’s healthcare expenditure was approximately US$17 billion, equivalent to 6.6 percent of its GDP according to Fitch Solutions. The firm also expects that healthcare spending will reach US$23 billion in 2022 at a compound annual growth rate (CAGR) of 10.7 percent.
The COVID-19 outbreak certainly dampened economic activity in Vietnam, but it is unlikely to reverse ongoing socioeconomic changes. Rather, health stands firmly as the top priority and concern for both the Vietnamese people and the government.
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