Medical Equipment

The medical device market in Vietnam is growing at a rapid pace, reflecting increased investment in the country’s healthcare sector. It is expected that by 2025, total spending on the health sector could reach 23.3 billion USD, with an average spending per capita of 244 USD. In particular, the cost of medical equipment is estimated to account for about 10% of total spending, equivalent to 2.3 billion USD. This shows the great development potential of the medical equipment market in Vietnam.

Medical Device Market Structure

The medical device market in Vietnam has a diverse structure with many different product groups. The most popular product groups include imaging equipment (accounting for 30%), living support equipment (accounting for 25%) and consumable equipment (accounting for 20%). Although this market has the participation of many suppliers, foreign suppliers still dominate with 90% of the market share, while domestic suppliers only account for 10%.

Challenges and Opportunities in the Industry

Challenge:

• Local and international competition makes it necessary for businesses to improve their competitiveness and enhance quality standards.
• Quality management and compliance with health regulations is a significant challenge, especially with the rigor of inspection and supervision.
• There is a shortage of high-quality human resources, especially in the field of medical technology and engineering. The cost issue remains a major challenge for both businesses and consumers.

Opportunity:

• Increased focus on personal health and family health care, especially in a context where society is increasingly concerned about quality of life. Large-scale investments in the healthcare sector can create opportunities for the growth of the medical devices market.
• Cooperation and expansion of international markets is an opportunity for domestic and foreign businesses to take advantage and expand the scope of their business activities.

Overview of the Medical Device Market in Vietnam

Vietnam’s economy is showing signs of positive growth, with GDP growth forecast for 2021 being 8.6%. Although the economy is growing, healthcare needs are still not fully met, creating opportunities for investment and development in the healthcare sector. The medical device market in Vietnam is the eighth largest market in the Asia Pacific region with rapid growth.

Notes when importing Medical Equipment

The process of importing medical equipment needs to comply with customs regulations and procedures, while ensuring the labeling of goods and determining the correct HS code to avoid penalties and reduce risks. Preparing import documents and declaring medical device classification is extremely important to ensure convenience in the process of importing and circulating goods.

Instructions and Procedures for Importing Medical Equipment

The process of importing medical equipment requires careful preparation and compliance with regulations of customs and health authorities. Here are the basic steps to perform this process:

Import Medical Device

Step 1: Prepare import documents

– Customs declaration: Detailed information about goods and related information.

– Commercial contract: Certificate of sales transaction between importer and exporter.

– Commercial invoice: Confirmation of goods value and detailed information about the transaction.

– Packing list: Information about packaging and quantity of goods.

– Bill of Lading: Document confirming the transportation of goods from origin to destination.

– Certificate of origin (if any): Proof of the place of manufacture of the goods.

– Records announcing the classification of medical devices: Documents related to the declaration of standards applicable to medical devices.

Step 2: Carry out customs procedures

– Submit documents and customs declaration via the customs authority’s electronic information portal.

– Check and confirm import documents by customs authorities.

– Pay taxes, customs fees and other costs related to importing goods.

Step 3: Announce medical device classification

– Submit applications and documents related to medical device classification announcement via the electronic system of the Ministry of Health.

– Wait for confirmation and notification of the announcement of medical device classification from the medical management agency.

Benefits and Potential of the Medical Device Market in Vietnam

Vietnam is one of the fastest growing markets in the region with the medical device market scale increasingly expanding. Here are some benefits and potential of this market:

Benefit:

• Strengthening health care for people: Developing the medical equipment market helps improve the quality of health care for people through the provision of modern and high-quality medical equipment.
• Creating business opportunities: The medical equipment market opens up many business opportunities for domestic and foreign businesses, from production to distribution and service provision.
• Support economic development: Developing the medical equipment market also means creating job opportunities and contributing to the country’s economic development.

Potential:

• Increase investment in the health system: Strong investment in the health system, including the purchase of medical equipment, will help improve the quality of health services and improve community health.
• Expand export markets: With the development of the medical industry, Vietnam can expand the export market of medical equipment and medical services to other countries, enhancing revenue and opportunities. international cooperation.
• Encourage foreign investment: The development potential of the medical equipment market in Vietnam has attracted the attention of foreign investors, helping to promote development and improve product and service quality. medical service.

The medical equipment market in Vietnam is in a period of strong development, with great potential to meet the health care needs of the people and open up many business opportunities. Increased investment and international cooperation will help promote the sustainable development of this market, while bringing great benefits to both communities and businesses.

Shipping Medical Device Solutions with KFLV

King Freight Logistics Vietnam (KFLV) provides comprehensive shipping services with:

• Flexible transport options: Air and sea freight services.
• Customs clearance support: Minimizing delays and risks.
• Cost-optimized solutions: Catering to both small and large shipment volumes.
• Expert consulting team: Assisting businesses throughout the entire export process.

With years of experience and an extensive logistics network, KFLV is a trusted partner for businesses looking to transport goods by railway quickly, safely, and cost-effectively.

Contact us today at +84 (0) 938 188 796 for expert consultation and a detailed quotation!