Vietnam Pharmacy Retail Market By Market Structure (Unorganized, Organized), By Product Type (Over-the-Counter Products, Prescribed Drugs, Non-Pharmaceutical Products, Medical Equipment), By Therapeutic Area (Cardiovascular, Pain Relief/Analgesics, Vitamins/Minerals/Nutrients, Anti-Infective, Anti-Diabetic, Others), By Drug Type (Generic, Patented), By Pharmacy Location (Street/Mall Based, Hospital Based), By Region, Competition, Forecast & Opportunities, 2020-2030F

Market Overview

The pharmacy retail market in Vietnam was valued at USD 9.87 billion in 2024 and is expected to reach USD 14.19 billion by 2030 with a CAGR of 6.30% during the forecast period.

According to the Vietnam Population Forecast by the General Statistics Office (GSO), the population aged over 65 currently totals 7.6 million and is projected to account for 17.5 percent of the total population by 2049. This demographic shift is expected to drive increased demand for medications and healthcare products in Vietnam. Additionally, rising incomes and urbanization are expected to further drive growth in the country's pharmacy market.

According to the latest data from the Ministry of Industry and Trade, total retail sales of goods and consumer services in December 2023 are estimated at USD22.51 million, up 2.6 percent from November 2023 and a notable 9.3 percent rise from December 2022. For the whole year of 2023, total retail sales of consumer goods and services at current prices are projected to reach USD247.84 millionaat USD192.4 million, making up 78 percent of the total and showing an 8.6 percent rise from the previous year. Inflation has decreased from its peak of 4.9 percent to a current range of 3.4-3.6 percent. KBSV anticipates that these positive trends will bolster economic demand.

Key Market Drivers

Increasing Healthcare Awareness

Vietnam pharmacy retail market is significantly driven by the rising awareness about healthcare and wellness among its population. As the Vietnamese people become more informed about health issues, the demand for pharmaceutical products and services has grown. This heightened awareness is fueled by increased access to health information through various media channels, including the internet, social media, and educational campaigns.

Health consciousness has shifted from merely addressing illnesses to preventing them through proactive measures and maintaining overall wellness. Improved healthcare education has led to a greater understanding of chronic diseases, preventive care, and the importance of early intervention. Consequently, consumers are seeking out pharmacies for not only medications but also for health supplements, vitamins, and other wellness products.

This trend is further supported by the government's efforts to promote health literacy and preventive care through public health campaigns and educational programs. At the 2024 annual general meeting of shareholders, Nguyen Bach Diep, Chairwoman of FPT Retail, unveiled plans to expand the Long Chau pharmacy chain by adding 400 new stores, increasing the total number to 1,900. Each new pharmacy will require an average investment of approximately USD31,500 and is projected to break even within three months. This expansion is part of a broader strategy to develop the medical ecosystem. Diep aims to roll out the Long Chau Healthcare Platform strategy, which will focus on preventive medicine, diagnostics, testing, treatment, pharmacies, and home monitoring. 

The growing awareness also influences consumer behavior, as people are more inclined to purchase high-quality, branded medications and health products. This shift has increased both the frequency and volume of purchases at retail pharmacies. Additionally, the rise of health-conscious lifestyle choices, such as dietary supplements and fitness products, contributes to the expanding market for pharmacy retail.

Expansion of Middle Class

The expansion of Vietnam’s middle class is a crucial driver of the pharmacy retail market because rising household income is making consumers more willing to spend on prescription medicines, over the counter treatments, vitamins, supplements, preventive care, and trusted branded healthcare products rather than relying only on small traditional drug outlets or purely price led purchases.

World Bank based data show that Vietnam’s GDP per capita reached 4,717.29 US dollars in 2024, up from 4,323.35 US dollars in 2023, which reflects improving purchasing power and supports the broader shift toward more formal, service oriented pharmacy retail formats that can offer wider assortments, counseling, and better product credibility. This income progression matters because as consumers move closer to upper middle income consumption patterns, they tend to place more value on convenience, authentic medicines, preventive healthcare, and organized retail experiences, all of which favor modern pharmacy chains with stronger inventory systems and broader wellness portfolios.

For instance, FPT Retail reported that Long Chau generated VND 25,320 billion in revenue in 2024, up 59 percent year on year, and expanded to 1,943 pharmacies nationwide, showing how one of Vietnam’s largest organized pharmacy operators is directly benefiting from a consumer base that is increasingly able and willing to spend more on formal healthcare retail.

Urbanization and Infrastructure Development

Rapid urbanization is a major driver of Vietnam’s pharmacy retail market because a larger urban population creates denser demand for nearby healthcare access, quicker refill cycles, better stocked outlets, and pharmacy formats that can operate efficiently in residential districts, mixed use developments, and commercial corridors.

World Bank data show that Vietnam’s urban population reached 40,592,000 in 2024, equivalent to about 40.2 percent of the total population, which means pharmacy demand is becoming increasingly concentrated in cities and emerging urban clusters where consumers expect easier access to medicines, supplements, and healthcare related services. Urbanization also changes disease patterns and consumer behavior, because city lifestyles are associated with more chronic conditions, higher health awareness, and stronger preference for modern retail environments, encouraging chains to invest in wider networks, improved logistics, and better visibility in high traffic locations.

For instance, FPT Retail said Long Chau added 446 pharmacies in 2024 and also expanded its vaccination network to 126 centers in 54 provinces and cities, demonstrating how large pharmacy retailers are building broader physical healthcare access in step with Vietnam’s urban expansion and infrastructure modernization.

Government Policies and Healthcare Reforms

Government policies and healthcare reforms are pivotal in shaping Vietnam’s pharmacy retail market because regulatory modernization and broader healthcare access are making the market more organized, more transparent, and more supportive of large scale compliant pharmacy chains.

The National Assembly officially passed the revised Law on Pharmacy in November 2024, and the published details show that the amended framework includes provisions for pharmacy chain business and e commerce trading of drugs and pharmaceutical ingredients, which is significant because it gives the sector clearer legal ground for modern retail models, broader distribution, and more standardized operations. At the same time, official government reporting said Vietnam’s health insurance coverage was likely to exceed 94 percent in 2024, indicating that a larger share of the population is now linked to formal healthcare financing and therefore more likely to engage with regulated medicine channels and organized pharmacy networks.

For instance, FPT Retail’s Long Chau chain maintained average monthly sales of around VND 1.2 billion per pharmacy in 2024 even while aggressively expanding, a useful sign that policy support, stronger regulation, and wider healthcare participation are helping modern pharmacy retailers scale without losing customer demand.

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Key Market Challenges

Regulatory and Compliance Issues

The Vietnamese pharmacy retail market faces significant challenges related to regulatory and compliance issues. The pharmaceutical industry in Vietnam is governed by a complex array of regulations, which are constantly evolving. Ensuring compliance with these regulations can be challenging for pharmacy retailers, particularly smaller businesses with limited resources. Regulatory requirements encompass various aspects, including drug registration, quality control, labeling, and advertising. Pharmacy retailers must navigate these regulations to avoid legal issues and ensure that their products meet safety and efficacy standards.

Non-compliance can lead to penalties, including fines and potential suspension of business operations, which can severely impact a company's reputation and financial stability. Additionally, the regulatory environment can be unpredictable, with frequent changes in policies and procedures. Keeping up-to-date with these changes requires constant monitoring and adaptation, which can be resource-intensive. The complexity of the regulatory framework can also create barriers for new entrants to the market, limiting competition and innovation.

Another aspect of regulatory challenges is the need to adhere to international standards, especially for retailers dealing with imported pharmaceutical products. Compliance with both local and international regulations requires rigorous quality control processes and documentation, adding to the operational burden for pharmacy retailers.

Counterfeit Drugs and Quality Control

Counterfeit drugs represent a significant challenge in the Vietnamese pharmacy retail market. The presence of counterfeit and substandard medications poses serious risks to consumer health and undermines trust in the pharmaceutical industry. Counterfeit drugs can lead to ineffective treatment, adverse reactions, and increased health risks, making it a critical issue for the market.

Ensuring quality control and verifying the authenticity of pharmaceutical products are major concerns for pharmacy retailers. Implementing effective measures to prevent the sale of counterfeit drugs involves rigorous checks, proper sourcing from reliable suppliers, and adherence to strict quality standards. However, counterfeiters are increasingly sophisticated, making it challenging to distinguish between genuine and fake products. 

The proliferation of counterfeit drugs not only affects consumer health but also impacts the financial performance of legitimate businesses. Retailers may face legal liabilities and reputational damage if they inadvertently sell counterfeit products. Additionally, the cost of implementing anti-counterfeiting measures, such as advanced tracking systems and security features, can be substantial, especially for smaller retailers. Addressing the issue of counterfeit drugs requires coordinated efforts between government authorities, pharmaceutical companies, and retailers. Strengthening regulatory enforcement, enhancing supply chain transparency, and promoting public awareness are crucial steps in combating this challenge.

Intense Competition and Market Saturation

The pharmacy retail market in Vietnam is characterized by intense competition and market saturation, particularly in urban areas. The rapid growth of the market has attracted numerous players, including both local and international pharmacy chains, leading to a highly competitive environment. The high level of competition puts pressure on pharmacy retailers to differentiate themselves and offer unique value propositions. This can involve investing in advanced technology, providing superior customer service, or expanding product ranges. However, the cost of these investments can be significant, and smaller retailers may struggle to compete with larger, well-established chains. 

Market saturation is also a concern, as the proliferation of pharmacy outlets can lead to diminishing returns and reduced profitability. In densely populated urban areas, the concentration of pharmacies can result in lower sales per store and increased operating costs. Retailers must continually adapt their strategies to stay competitive, such as by focusing on niche markets or offering specialized services. The competitive landscape also affects pricing strategies, with retailers often engaged in price wars to attract customers. This can erode profit margins and make it challenging for pharmacies to maintain financial stability. Developing effective marketing strategies and exploring new business models are essential for navigating this competitive environment.

Key Market Trends

Digital Transformation and E-Commerce Growth

The digital transformation trend is reshaping Vietnam pharmacy retail market. With increasing internet penetration and smartphone use, consumers are turning to online platforms to purchase pharmaceutical products and health services. E-commerce has become a significant channel for pharmacies, offering convenience and a wider range of products than traditional brick-and-mortar stores. This trend is driven by the growing preference for online shopping, particularly among younger, tech-savvy consumers who value the convenience of ordering medications and health products from home. Digital platforms allow pharmacies to reach a broader audience and provide services such as online consultations, home delivery, and digital prescriptions.

The integration of technology into pharmacy operations includes the use of mobile apps and websites for order placement, payment processing, and customer engagement. Many pharmacies are also adopting digital tools for inventory management, customer relationship management, and data analytics, which enhance operational efficiency and customer experience. 

The rise of e-commerce in pharmacy retail is supported by a growing trend towards telemedicine and remote healthcare services. The COVID-19 pandemic accelerated this shift, as consumers sought safe alternatives to in-person visits. E-commerce platforms and digital health solutions are expected to continue evolving, offering innovative services such as virtual health consultations, personalized medicine, and health tracking apps. As digital infrastructure improves and consumer trust in online shopping grows, the role of e-commerce in the pharmacy sector is likely to expand further.

Increased Focus on Health and Wellness

There is a growing focus on health and wellness in Vietnam, which is significantly influencing the pharmacy retail market. Consumers are increasingly seeking products that support overall well-being, including dietary supplements, vitamins, and natural health products. This trend reflects a broader shift from reactive healthcare treating illnesses after they occur to proactive wellness, where individuals take preventive measures to maintain health and prevent disease. Pharmacies are responding to this trend by expanding their product ranges to include a variety of health and wellness items. This includes not only traditional medications but also a wide selection of health supplements, organic products, and alternative medicine options.

Retailers are also offering educational resources and health consultations to help consumers make informed choices about their wellness. The emphasis on health and wellness is driven by increased health awareness and lifestyle changes among Vietnamese consumers. Factors such as rising disposable incomes, urbanization, and greater access to health information contribute to this trend. As consumers become more health-conscious, there is a growing demand for products that promote better living, leading pharmacies to adapt their offerings and marketing strategies to cater to these needs. This trend also influences the way pharmacies approach customer service, with a greater emphasis on personalized health advice and tailored product recommendations. Pharmacies are increasingly positioning themselves as holistic wellness centers, providing comprehensive solutions that address both medical and lifestyle needs.

Growth of Specialized Pharmacies and Drugstores

The growth of specialized pharmacies and drugstores is another prominent trend in Vietnam pharmacy retail market. Specialized pharmacies focus on niche areas such as chronic disease management, dermatology, or pediatric care, offering tailored products and services to meet specific health needs. This trend reflects a shift towards more personalized and targeted healthcare solutions.

Specialized pharmacies provide a range of services beyond traditional medication dispensing, including expert consultations, personalized treatment plans, and specialized health products. For instance, pharmacies that focus on chronic disease management may offer specialized medications, health monitoring tools, and lifestyle support for conditions such as diabetes or hypertension. 

The rise of specialized pharmacies is driven by increasing consumer demand for expert advice and targeted healthcare solutions. As the population becomes more aware of specific health conditions and treatment options, there is a growing preference for pharmacies that offer specialized knowledge and products. This trend also supports the broader move towards personalized healthcare, where treatment and health management are tailored to individual needs.

The expansion of specialized pharmacies is also supported by advancements in pharmaceutical research and the development of new treatments. As more specialized products and therapies become available, pharmacies are able to cater to a wider range of health needs, contributing to their growth and market presence.

Segmental Insights

Product Type Insights

In the Vietnam pharmacy retail market, prescribed drugs dominated as the leading segment. This dominance is driven by several factors. Regulatory requirements require a doctor's prescription for these medications, ensuring they are used under professional supervision and dispensed through licensed pharmacies. This regulatory framework creates a structured market where prescribed drugs have a significant presence. The growing prevalence of chronic diseases such as diabetes and hypertension drives consistent demand for prescription medications.

These conditions require ongoing treatment, making prescribed drugs a staple in pharmacy sales. Additionally, advances in healthcare infrastructure and medical research lead to the introduction of new, specialized prescription drugs, further solidifying their market position. Consumer behavior also plays a role, as patients tend to trust medical professionals and adhere to prescribed treatments over over-the-counter alternatives. This reliance on medical expertise reinforces the importance of prescribed drugs in the market. Collectively, these factors make prescribed drugs the dominant segment in Vietnam pharmacy retail sector, reflecting their critical role in managing health conditions and adhering to regulatory standards.

Pharmacy Location Insights

In the Vietnam pharmacy retail market, the hospital-based segment was the dominant Pharmacy Location segment. This dominance is largely due to the integral role hospitals play in providing comprehensive healthcare services. Hospitals, as primary centers for patient care, generate significant demand for pharmaceutical products, including prescribed medications and specialized drugs.

Hospital pharmacies serve as crucial points of distribution for medications prescribed by healthcare professionals. They are responsible for supplying a wide range of pharmaceuticals to manage various medical conditions, from acute illnesses to chronic diseases. The proximity of hospital pharmacies to patient care ensures a steady flow of prescriptions and a high volume of medication sales.

Moreover, hospital-based pharmacies benefit from strong collaborations with medical staff, enhancing their ability to offer specialized and often high-cost medications that are not readily available in retail outlets. This close integration with healthcare services fosters trust and reliability in the medications provided, further cementing the dominance of the hospital-based segment. Overall, the critical role of hospitals in healthcare delivery and the continuous need for medications in these settings establish hospital-based pharmacies as a leading segment in Vietnam pharmacy retail market.

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Regional Insights

In the Vietnam pharmacy retail market, the Southern region was the dominant region. This dominance is driven by several key factors. As the country’s economic and commercial hub, the Southern region has high population density and significant economic activity. Ho Chi Minh City, as the largest city and a major business center, attracts many residents and expatriates, creating a high demand for pharmaceutical products and services. The region benefits from advanced infrastructure and a well-developed retail network. Southern Vietnam has a robust distribution system and a high concentration of modern pharmacies, including both local and international chains.

This extensive network ensures that pharmaceutical products are readily available to a large population. Additionally, the Southern region's economic growth has increased disposable income, allowing consumers to spend more on healthcare and wellness products. The region's dynamic business environment also fosters innovation and competition in the pharmacy sector, further strengthening its market presence. Overall, the combination of economic prosperity, high population density, and advanced infrastructure makes the Southern region a dominant force in Vietnam pharmacy retail market.

Recent Developments

• In December 2025, French pharmaceutical group Biocodex signed a strategic partnership with Pharmacity in Ho Chi Minh City to expand distribution of its health products through Pharmacity’s nationwide retail network. The agreement was framed as a way to strengthen the supply of Biocodex’s portfolio in Vietnam at a time when consumers were paying more attention to prevention, maintenance, and overall quality of life, not just treatment. For pharmacy retail, the importance of the deal lay in how it connected an international healthcare brand with a scaled domestic chain to deepen product availability through organized modern trade.
• In November 2025, Pharmacity was recognized by the Asian Innovation Excellence Awards for introducing what the publication described as Vietnam’s first pharmacy subscription model. The program used customer data to shape recurring health and wellness purchases across Pharmacity’s store network and digital platform, while a partnership with Techcombank helped widen adoption through discounted subscription packages. The article said the model improved repeat purchases, raised basket size, and reduced medication non-adherence, making it a notable service innovation in Vietnam’s pharmacy retail market rather than a routine loyalty program.
• In July 2025, Pharmacity signed a memorandum of understanding with STADA-Pymepharco on a comprehensive cooperation program aimed at supporting Vietnamese family healthcare. The agreement was designed to expand Pharmacity’s portfolio of high-quality products while also improving pharmacist capabilities, showing that the collaboration was not limited to supply but also included professional development and service quality. That made the deal significant for pharmacy retail because it linked product assortment, staff capability, and broader consumer healthcare positioning inside one of Vietnam’s largest modern pharmacy chains.
• In April 2025, Circa, a retail pharmacy chain powered by Buymed, signed an investment agreement with Pharma Vita to launch 20 franchised pharmacies in Ho Chi Minh City and Hanoi under the FOCO model, meaning franchise-owned and company-operated. The partnership was presented as a step toward building a standardized national pharmacy network by combining Pharma Vita’s investment capacity with Circa’s operating model and retail execution. In practical terms, the deal mattered for Vietnam pharmacy retail because it showed a more structured franchise-expansion approach rather than simple store-count growth.
• In March 2025, GS25 Vietnam and Dongwha Pharm’s Vietnamese pharmacy subsidiary opened Vietnam’s first convenience store-pharmacy shop-in-shop in Tien Giang Province after signing a strategic MOU in January for joint development and business cooperation. The format combines convenience retail with pharmacy services, adds pharmacist-led health consultations, and was positioned by the partners as a way to make medicines, health supplements, and daily necessities easier to access in one location. The two companies also said they planned to open more than 10 such stores in major Vietnamese cities during 2025, making it one of the clearest retail-format innovations in the market.

Key Market Players

• FPT Digital Retail Joint Stock Company
• Eco Pharmaceutical Joint Stock Company
• Pharmacity Pharmaceutical Joint Stock Company
• ABC Pharmacy
• DHG Pharmaceutical Joint-Stock Company
• Matsumoto Kiyoshi Vietnam Joint Stock Company
• Sanofi-Aventis Vietnam Company Limited
• OPC Pharmaceutical Joint Stock Company
• Imexpharm Pharmaceutical Joint Stock Company
• B.Braun Vietnam Company Limited

Report Scope:

In this report, the Vietnam Pharmacy Retail Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Vietnam Pharmacy Retail Market, By Market Structure:

o   Unorganized

o   Organized

• Vietnam Pharmacy Retail Market, By Product Type:

o   Over-the-Counter Products

o   Prescribed Drugs

o   Non-Pharmaceutical Products

o   Medical Equipment

• Vietnam Pharmacy Retail Market, By Therapeutic Area:

o   Cardiovascular

o   Pain Relief/Analgesics

o   Vitamins/Minerals/Nutrients

o   Anti-Infective

o   Anti-Diabetic

o   Others

• Vietnam Pharmacy Retail Market, By Drug Type:

o   Generic

o   Patented

• Vietnam Pharmacy Retail Market, By Pharmacy Location:

o   Street/Mall Based

o   Hospital Based

• Vietnam Pharmacy Retail Market, By Region:

o   Southern

o   Northern

o   Central

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Vietnam Pharmacy Retail Market.

Available Customizations:

Vietnam Pharmacy Retail Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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