Biotech industry expected to develop rapidly in 5-10 years
Vietnam targeting to become one of the top 10 regional biotech hubs.
The biotech industry of Vietnam is expected to grow rapidly in the next 5-10 years thanks to the development of technology and growth drivers of the market.
The country has set a goal of becoming one of the top 10 leading countries in Asia in advanced biotechnology by 2030 under a Government Resolution on the development and application of biotechnology to serve the country's sustainable development in the new situation.
Under the resolution, biotech firms will increase by 50% in investment scale and growth and contribute 7% to the GDP by 2030.
Looking ahead to 2045, the biotech industry will contribute 10-15% to the GDP.
Mr. Chad Ovel, General Director of Mekong Capital, said the biotech industry of Vietnam had potential to develop strongly in the next 5-10 years thanks to the Government support, increasing demand from the market and investment from both domestic and foreign investment funds.
Vietnam is likely to become a biotech research and development center of Southeast Asia, with an increase in the quantity and quality of biotech firms and products and services, he said.
According to Precedence Research, one of the global leading providers of strategic market insights, the Asia-Pacific region will record the fastest biotech growth during the current period with an average growth rate of over 12.7% by 2030. The expansion of the regional market is mainly attributed to improvement of healthcare systems, favourable government policies and infrastructure development.
The Asia-Pacific is expected to become a center of breakthrough biotech advancements, drawing more attention from investors in the coming years, according to Precedence Research.
