Vietnam’s ambassador, visiting the company that provides a quarter of the exports to this country
On the occasion of his visit to Iasi County, His Excellency Dang Tran Phong, the ambassador of the Socialist Republic of Vietnam in Romania, was the guest of the Antibiotic company on Monday, October 7th.
On this occasion, a series of discussions were held highlighting the good commercial collaboration between Antibiotics and the business environment in the Republic of Vietnam, as well as the desire to strengthen Antibiotic relations with this country.
Also, a number of opportunities for developing Antibiotic business in Vietnam were highlighted through cooperation with local distributors, as the Vietnamese drug market has many similarities with the Romanian pharmaceutical market.
His Excellency had the opportunity to visit the Capsule Section, where approximately 50 million pharmaceutical units are manufactured annually for the Vietnam market and encouraged the company to double its exports to Vietnam during its mandate.
In the context of the internationalization strategy of the business, Antibiotice accessed the Vietnam market for the first time in 2001 with the active substance Nistatin, for which the company is a world leader. In 2004 the registrations for the first sterile injectable, penicillin-injectable products were started, and in 2016 Antibiotice opened its own office in Hanoi.
Currently, the market in Vietnam represents for Antibiotice a business of 10 million USD, increasing year by year, both in volumes traded, number of registered products and business opportunities.
The free trade agreement recently concluded between the European Union and Vietnam aims to eliminate about 65% of customs duties. Given that currently customs duties for drugs exported by Antibiotics to Vietnam are between 5% and 15%, this measure will positively impact both parties. Thus, an increasing percentage of the population of the Republic of Vietnam will benefit from affordable treatment schemes, with quality drugs to European standards, Antibiotic brand.
Also, the agreements regarding the liberalization of investments and the protection of intellectual property will encourage the future projects of Antibiotice company, by establishing partnerships with local producers in Vietnam at various stages of manufacture or technology transfer.
Antibiotics has developed in Vietnam a successful business model, based on a thorough knowledge of the market and business partners. The new free trade agreement between the European Union and the Republic of Vietnam will strengthen this business and create starting points for new projects, both in Vietnam and in other ASEAN (Association of Southeast Asian) member states.