Market Overview
According to TechSci Research report, “Vietnam Pharmacy Retail Market – By Region, Competition, Forecast & Opportunities, 2030F”, the market was valued at USD 9.87 billion in 2024 and is expected to reach USD 14.19 billion by 2030, growing at a CAGR of 6.30% during the forecast period.
The Vietnam pharmacy retail market has evolved into one of the most dynamic healthcare-driven retail industries in Southeast Asia. Traditionally dependent on small, family-run outlets, the market is undergoing rapid modernization with the emergence of organized chains, mall-based pharmacies, and online retail platforms. This transformation is being driven by Vietnam’s young and urbanizing population, rising disposable incomes, increasing health awareness, and growing demand for chronic disease management.
The sector now goes beyond prescription medications, offering a broad array of over-the-counter (OTC) products, health supplements, vitamins, personal care, and wellness solutions, reflecting the evolving needs of modern consumers.
Industry Key Highlights
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Market Value (2024): USD 9.87 Billion
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Forecast Market Value (2030): USD 14.19 Billion
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CAGR (2024–2030): 6.30%
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Key Segments: Prescription drugs, OTC products, supplements, and personal care.
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Fastest-Growing Segment (Location): Street/Mall-based pharmacies due to urbanization.
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Fastest-Growing Region: Northern Vietnam, driven by rising incomes and healthcare demand.
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Key Drivers: Urbanization, digital transformation, aging population, and rising health consciousness.
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Market Landscape: Highly fragmented with a mix of traditional outlets, modern chains, and digital-first platforms.
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Market Dynamics
1. Emerging Trends in Vietnam Pharmacy Retail Market
a) Expansion of Organized Retail Chains
Vietnam’s pharmacy retail industry is shifting from small, independent outlets to organized and professional retail chains. Chains like Pharmacity and Matsumoto Kiyoshi are expanding aggressively, bringing standardized pricing, professional staff training, and modern store layouts to the market.
b) Growth of Online & Digital Pharmacies
With Vietnam’s high smartphone penetration and growing e-commerce ecosystem, online pharmacies are rapidly gaining traction. They provide 24/7 accessibility, doorstep delivery, digital consultations, and transparent pricing, which resonate strongly with tech-savvy urban consumers.
c) Preventive Healthcare & Wellness Focus
Consumers are increasingly buying vitamins, dietary supplements, probiotics, and herbal remedies for preventive care. The COVID-19 pandemic has accelerated this trend, creating lasting demand for immunity-boosting and wellness products.
d) Mall & Street-Based Pharmacy Boom
Mall-based pharmacies are becoming popular for premium experiences, offering high-quality skincare, nutraceuticals, and personal care products. Meanwhile, street-based pharmacies, located in busy residential and commercial areas, remain crucial for daily healthcare needs and convenience-driven purchases.
e) Premiumization & International Influence
Global pharmacy chains and international brands are entering the Vietnamese market, raising competition. Premium health and beauty products, coupled with global best practices in retail, are reshaping customer expectations.
2. Market Drivers
a) Rising Disposable Income & Middle-Class Expansion
Vietnam’s expanding middle class, equipped with greater purchasing power, is driving demand for both essential medicines and premium wellness products.
b) Aging Population & Chronic Diseases
As life expectancy rises, the country faces increasing prevalence of chronic conditions such as diabetes, hypertension, and cardiovascular diseases. This is fueling consistent demand for long-term pharmaceutical purchases.
c) Urbanization & Lifestyle Shifts
Vietnam’s cities—particularly Hanoi and Ho Chi Minh City—are at the forefront of retail modernization. Urban consumers prefer convenience-driven shopping through organized chains, malls, and e-commerce platforms.
d) Growing Healthcare Awareness
Government campaigns, private healthcare initiatives, and wider access to health information have made consumers more conscious about wellness, preventive care, and quality pharmaceutical products.
e) Technological Integration
AI-driven customer service chatbots, digital prescriptions, telemedicine consultations, and electronic health records are transforming the pharmacy ecosystem, enhancing consumer trust and efficiency.
Segmental Insights
By Market Structure
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Unorganized Sector: Still dominant, especially in rural and semi-urban areas, but faces challenges of quality assurance and standardization.
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Organized Sector: Rapidly growing, offering regulated pricing, better customer service, and broader product ranges.
By Product Type
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Over-the-Counter Products: Pain relievers, cold/flu remedies, and skincare dominate demand.
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Prescribed Drugs: Key for chronic disease management.
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Non-Pharmaceutical Products: Vitamins, minerals, supplements, and personal care items are rapidly expanding.
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Medical Equipment: Demand for home healthcare devices such as glucose meters and blood pressure monitors is rising.
By Pharmacy Location
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Street/Mall Based Pharmacies: Fastest-growing due to urban convenience.
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Hospital-Based Pharmacies: Continue to serve patients with immediate post-consultation needs.
By Region
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Northern Vietnam: Fastest growth due to rising incomes, healthcare infrastructure expansion, and urbanization in Hanoi.
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Southern Vietnam: Ho Chi Minh City remains the largest and most developed retail hub.
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Central Vietnam: Growing steadily but at a slower pace compared to the North and South.
Competitive Analysis
The Vietnam pharmacy retail market is fragmented, with both local players and international chains competing for market share.
Major Companies Operating in the Market
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FPT Digital Retail Joint Stock Company – Leveraging technology-driven pharmacy solutions.
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Eco Pharmaceutical Joint Stock Company – Strong in regional distribution networks.
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Pharmacity Pharmaceutical Joint Stock Company – One of the largest organized retail chains, rapidly expanding store count.
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ABC Pharmacy – Known for local presence and affordability.
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DHG Pharmaceutical Joint-Stock Company – Strong in domestic pharmaceutical manufacturing and retail.
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Matsumoto Kiyoshi Vietnam Joint Stock Company – International chain offering premium health and beauty products.
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Sanofi-Aventis Vietnam Company Limited – Multinational presence with broad pharmaceutical offerings.
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OPC Pharmaceutical Joint Stock Company – Known for herbal and traditional medicine.
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Imexpharm Pharmaceutical Joint Stock Company – Key domestic producer with retail presence.
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B. Braun Vietnam Company Limited – Focused on medical equipment and hospital-linked pharmacies.
Competition is intensifying as international entrants, online startups, and local giants invest in brand loyalty, technology integration, and product diversification.
Future Outlook
The Vietnam pharmacy retail market is expected to continue its strong growth trajectory through 2030. The key themes shaping its future include:
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Digital Transformation: Online pharmacies and telemedicine will integrate more deeply into consumer healthcare journeys.
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Consolidation & Expansion: Organized chains will consolidate market share, with aggressive expansions into tier-2 and tier-3 cities.
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Wellness Integration: Pharmacies will increasingly evolve into health and wellness destinations, not just medicine providers.
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Rural Penetration: While urban areas drive innovation, rural markets represent untapped opportunities, particularly through mobile health solutions.
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Sustainability & Transparency: Demand for eco-friendly packaging, herbal products, and transparent sourcing will rise.
10 Benefits of the Research Report
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Comprehensive Market Sizing – Provides precise estimates for market valuation and growth potential.
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Forecast Analysis – Offers CAGR trends and future projections to support planning.
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Segmental Breakdown – In-depth insights by product type, structure, location, and region.
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Consumer Behavior Insights – Explores evolving health and wellness purchasing patterns.
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Competitive Benchmarking – Profiles leading companies and their strategies.
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Emerging Trends Identification – Highlights opportunities in digitalization, wellness, and organized retail.
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Risk & Challenge Analysis – Prepares stakeholders for regulatory and operational hurdles.
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Regional Opportunities – Identifies high-growth markets across North, Central, and South Vietnam.
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Investment Guidance – Helps investors identify profitable entry points and strategies.
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Customization Potential – Enables tailored insights to address specific business needs.
Conclusion
Vietnam’s pharmacy retail market is entering a transformative phase, shaped by a combination of economic growth, healthcare modernization, urbanization, and digital innovation. Consumers are no longer viewing pharmacies solely as medicine providers—they are becoming trusted partners in preventive healthcare, wellness, and lifestyle management.
With rising disposable incomes, an aging population, and a digitally empowered youth, the industry is poised for sustained expansion. Organized players, backed by technology and customer-centric strategies, are likely to dominate in the long run, while unorganized outlets will continue to serve rural and semi-urban needs.
The coming years will see Vietnam’s pharmacy retail sector evolve into a balanced ecosystem of traditional, modern, and digital formats, offering opportunities for both domestic firms and international entrants. By 2030, the country is expected to emerge as one of the most attractive pharmacy retail markets in Asia, blending affordability, accessibility, and innovation.
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