Korea Pharmaceutical and Bio-Pharma Manufacturers Association Holds Meeting with the Drug Administration of Vietnam and Business Delegation

[Financial News] Following cooperation between pharmaceutical regulatory authorities, South Korea and Vietnam are moving to expand exchanges between pharmaceutical and biotech companies.
The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 11th that it held a 'Korea-Vietnam Pharmaceutical Industry Cooperation Meeting' on the 10th, inviting the Drug Administration of Vietnam (DAV) and a delegation of pharmaceutical companies.
This meeting was organized to expand pharmaceutical industry cooperation, which has been discussed by the regulatory authorities of both countries, to the industry. Previously, the Ministry of Food and Drug Safety and the Drug Administration of Vietnam held a director-level bilateral meeting on the 9th and agreed to cooperate on promoting Korea's designation as a reference country, resolving corporate difficulties, and expanding public-private exchanges in the pharmaceutical and bio sectors.
The Pharmaceutical Export Regulation Support Office under the association organized this event to explore business and investment possibilities between companies of both countries based on cooperation between regulatory authorities.
At the meeting, Vietnam's latest pharmaceutical regulations and major institutional changes were introduced. This was followed by an explanation of the plans for the development of the Hung Yen High-tech Pharmaceutical Industrial Park and its investment environment. Subsequently, pharmaceutical and biotech companies from both countries discussed strategies for entering the Vietnamese market, local investment, and business cooperation.
The meeting was attended by officials from the Ministry of Food and Drug Safety, including Director General of the Drug Safety Bureau Shin Jun-su, officials from regulatory authorities of both countries such as Director General of the Drug Administration of Vietnam Vu Tuan Cuong, a delegation of Vietnamese pharmaceutical, biotech, and drug distribution companies, and officials from domestic pharmaceutical and biotech companies.
Noh Yun-Hong, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, held a separate meeting with Director Vu Tuan Cuong to discuss expanding exchanges between the two countries' pharmaceutical and bio industries and measures to support domestic companies' entry into the Vietnamese market.
"Chairman Noh stated, 'Based on close cooperation over the years, Korea and Vietnam have steadily expanded the foundation for exchanges in the pharmaceutical industry.' He added, 'We will actively support domestic companies' entry into the Vietnamese market and the expansion of cooperation opportunities so that substantive collaboration between companies in both countries can become even more robust, moving beyond regulatory cooperation.'"
A delegation composed of the Drug Administration of Vietnam and companies is scheduled to visit domestic pharmaceutical and bio-industry sites, including the Osong Advanced Medical Complex. Taking this meeting as an opportunity, the Association plans to expand exchanges between regulatory authorities and the industry of both countries and broaden opportunities for domestic companies to enter Vietnam and engage in business cooperation.

[email protected] Jeong Sang-hee Reporter