Vietnam's vaccine market to expand – who will benefit?
• We estimate that revenue of the vaccine market grew at an annual average rate of 3.1% between 2014 and 2023, reaching VND 20,010 billion (USD 794 million) by 2023. The market's growth has been supported by rising disposable income and population growth.• During the 2024-2030 period, we project the vaccine market will continue to grow at an average annual rate of 6.9%, reaching VND 31,964 billion (USD 1,268 million) by 2030. This growth will be driven by continued increase in disposable income and sustained public interest in health and disease prevention.
• Over the past 5-7 years, Vietnam's vaccination market has seen strong participation from private sector players, including three major private chains: VNVC, Long Châu, and Nhidong 315. These private entities have addressed the limitations of public healthcare facilities, such as overcrowding, long waiting times, poor service, and vaccine shortages. Additionally, private providers meet the demand for supplementary vaccinations for diseases not covered under the Expanded Program on Immunization (EPI) and for vaccines targeting adult populations.
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