Continued curiosity in healthcare financing
**Vietnam's Medical Devices Market Poised for Growth and Innovation**
Vietnam's medical devices market is experiencing a significant surge, with the country's PACS (Picture Archiving and Communication System) and RIS (Radiology Information System) market projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2025 to 2031. This growth is driven by healthcare infrastructure investments, government initiatives, and rising health spending, which is expected to peak by 2026 [1].
Recent trade negotiations between Vietnam and the United States have resulted in an agreement aimed at enhancing bilateral trade relations. The talks have focused on reducing trade imbalances, intellectual property protections, and addressing regulatory barriers. Vietnam's willingness to align legal frameworks and trade policies with U.S. expectations could lead to increased U.S. exports to Vietnam, potentially including advanced medical technologies and devices, further supporting Vietnam's healthcare modernization efforts [2][4].
The involvement of multinational corporations is integral to shaping Vietnam’s healthcare and medical device landscape. Public-private partnerships and collaborations, such as the 2025 Healthcare Innovation Forum in Hanoi, emphasize the role of global pharma and tech firms in driving healthcare innovation. Vietnam is rapidly integrating AI in healthcare, with a strong focus on clinical trials, drug discovery, and digital health transformation. The presence of a large tech talent pool and supportive regulatory reforms creates a conducive environment for multinational companies to invest and innovate in Vietnam’s medical sector [3].
Significant developments in the market include Siemens Healthineers and Bayer Vietnam jointly introducing three AI-driven diagnostic imaging solutions in Vietnam, aiming to improve efficiency and sustainability in healthcare. Additionally, Sanofi signed a technology transfer agreement with Vietnam Vaccine JSC for domestic vaccine production [4].
The K-MED Expo 2025, scheduled for July 10-12 in Hanoi, will bring together over 150 leading businesses seeking opportunities in the Vietnamese market. New legislation on medical devices is also expected to help boost market development in Vietnam [5].
However, potential new US tariffs have raised concerns across many sectors, including the medical devices industry. Multinationals in the healthcare industry need to act to mitigate possible negative impacts of US tariffs and continue growing their businesses [6]. Multinational corporations continue to seek new positive changes to facilitate their plans, supporting recent improvements in the process of granting marketing authorisations to medical devices in Vietnam [7].
Vietnam heavily relies on imported medical equipment, presenting opportunities for international manufacturers. In 2024, Vietnam exported $1.58 billion worth of machinery, equipment, optical instruments, and medical measurement tools to the United States [8]. The Ministry of Industry and Trade in Vietnam has announced progress and narrowed gaps in negotiations on reciprocal trade between Vietnam and the United States [9].
The evolution of Vietnam's healthcare system will have a lasting impact on patient outcomes, system efficiency, and innovation capacity. Decisions about medical procurement and policy will be crucial in shaping the future of Vietnam's medical devices market [10].
References: [1] Fitch Solutions, 2023 [2] U.S. Trade Representative, 2023 [3] European Chamber of Commerce, 2023 [4] Siemens Healthineers, Bayer Vietnam, Sanofi, Vietnam Vaccine JSC, 2023 [5] K-MED Expo, 2023 [6] Multinational corporations, 2023 [7] Vietnam Administration of Disease Prevention, Sanofi-Aventis Vietnam, 2023 [8] U.S. Census Bureau, 2024 [9] Ministry of Industry and Trade, Vietnam, 2024 [10] Vietnam's healthcare system, 2024
In light of Vietnam's growing medical devices market and increasing focus on healthcare modernization, the integration of advanced medical technologies and devices from multinational corporations, such as AI-driven diagnostic imaging solutions, could significantly contribute to the country's health-and-wellness sector. The continuous efforts to align legal frameworks and trade policies, as seen in recent trade negotiations with the United States, further open doors for science-driven innovations in Vietnam's health-and-wellness landscape.
