The Vietnamese pharmaceutical landscape is experiencing a significant influx of international capital, with nearly all top-tier firms by market capitalization now under foreign control or strategic partnership. The recent acquisition of Imexpharm by China’s Livzon Group in early May 2026 further solidifies this trend of international dominance.
Ownership structure of industry giants Market data reveals that foreign investors hold pivotal roles in leading domestic enterprises:
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DHG Pharma (DHG): Taisho Group (Japan) has maintained a controlling stake of over 51% since 2019.
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Imexpharm (IMP): Livzon Group (China) recently finalized a 67.87% stake in a deal valued at approximately 6 trillion VND.
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Hatay Pharmaceutical (DHT): ASKA Pharmaceutical (Japan) has steadily increased its ownership to nearly 40%.
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Domesco (DMC): Abbott Laboratories (USA) holds a 51.7% stake.
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Pymepharco (PME): Fully acquired (99.5%) and delisted by STADA (Germany) in 2021.
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Traphaco (TRA): A South Korean investment alliance (Daewoong and Mirae Asset) holds 40.12% of the capital.
Drivers from a projected $16 billion market The primary motivation for global corporations engaging in M&A is to gain immediate access to high-standard manufacturing facilities (such as EU-GMP) and established local distribution networks. This allows them to effectively compete in the hospital tender channel (ETC).
The Vietnamese pharmaceutical market is projected to double in size, growing from the current $8-9 billion to $16 billion by 2032. To safeguard domestic competition, regulatory bodies like the National Competition Commission have imposed specific conditions on acquisitions, including mandatory technology transfer and non-discriminatory supply of raw materials.