Top 10 Pharmaceutical Companies in Vietnam: A Financial and Market Analysis (2023–2024)

It is important to note that while some of the companies listed here are primarily engaged in pharmaceutical production and manufacturing (including medicine and medical equipment), others are more specialized in trading and distribution. These differences reflect variations in business models and operational structures. However, for the purpose of this ranking, our assessment is primarily based on financial data, as reported in the most recent company reports. This allows for a consistent and objective comparison across all companies, regardless of their business focus.

Our evaluation methodology incorporates five core metrics: total revenue, net profit, total assets, owner's equity, and profitability ratio. The ranking is based on weighted scoring across these indicators, reflecting a holistic view of financial sustainability and operational scale.

Ranking Methodology: How We Selected the Top 10

The ranking featured in this article is derived from a proprietary evaluation framework developed by Vanguard Business Information LLC (VBI). Each of the 17 leading pharmaceutical companies in Vietnam was analyzed using a weighted scoring system that considers both scale and efficiency. The following five criteria were used:

• Total Revenue (25%) – Measures the overall market activity and size of the company.
• Net Profit (25%) – Reflects how efficiently a company turns revenue into earnings.
• Total Assets (20%) – Indicates the operational scale and long-term investment capacity.
• Owner's Equity (20%) – Shows financial resilience and capital structure.
• Profitability Ratio (10%) – Profit-to-revenue ratio, which highlights margin strength.

Each metric was normalized on a scale from 0 to 1 and weighted accordingly. Companies with strong revenue but weak profitability, or high assets but poor returns, ranked lower than those demonstrating a balance of growth, profitability, and financial soundness. This methodology provides a transparent and quantifiable basis for ranking.

1. DHG Pharmaceutical Joint-Stock Company (DHG)

Revenue: USD 200.68 million | Profit: USD 32.00 million
Total Assets: USD 193.22 million | Owner's Equity: USD 173.57 million

DHG Pharmaceutical stands at the top of the rankings, not necessarily because of the highest revenue, but due to its impressive profitability and capital efficiency. With over USD 32 million in profit, DHG leads the sector in bottom-line performance. Its equity structure is robust, indicating sound financial health and resilience to market fluctuations. A recognized brand in both prescription and over-the-counter drugs, DHG continues to strengthen its distribution channels and R&D capabilities, which contribute to its high return on equity and sustainable growth outlook.

2. National Phytopharma Joint-Stock Company

Revenue: USD 1.44 billion | Profit: USD 4.49 million
Total Assets: USD 570.46 million | Owner's Equity: USD 22.42 million

National Phytopharma claims the top spot in total revenue, with over USD 1.4 billion in 2023. Despite its large scale, the company operates on thin margins, evident from a modest net profit relative to revenue. Still, Phytopharma plays a central role in Vietnam's national drug supply chain, with extensive product lines and strong ties to public healthcare procurement. Its asset-heavy structure supports long-term investment in logistics and warehousing, making it a key supply chain player.

3. Vietnam Pharmaceutical Corporation (Vinapharm)

Revenue: USD 226.85 million | Profit: USD 19.23 million
Total Assets: USD 265.21 million | Owner's Equity: USD 144.20 million

Vinapharm, one of Vietnam's most influential state-invested enterprises, demonstrates a balanced performance across all indicators. With nearly USD 20 million in profit and a strong asset base, the company maintains a competitive edge through its portfolio diversification and capital allocation strategies. As the parent or major shareholder in several listed subsidiaries, Vinapharm is a strategic consolidator in the sector.

4. Khuong Duy Pharmaceutical Joint Stock Company

Revenue: USD 86.98 million | Profit: USD 14.46 million
Total Assets: USD 23.97 million | Owner's Equity: USD 14.94 million

Khuong Duy Pharmaceutical is a standout performer in terms of profitability ratio. Its profit-to-revenue ratio exceeds 16%, reflecting efficient operations and strong niche market positioning. Despite its smaller scale compared to conglomerates, the company leverages its lean structure and focused strategy to maintain healthy financials. It remains a rising force, especially in wholesale distribution.

5. Imexpharm Corporation

Revenue: USD 81.92 million | Profit: USD 12.31 million
Total Assets: USD 156.74 million | Owner's Equity: USD 126.11 million

Imexpharm continues to build its reputation as a quality-centric manufacturer with GMP-certified facilities. Its consistent profitability and strong equity base suggest prudent financial management. With a growing export portfolio and strategic partnerships in ASEAN markets, Imexpharm is poised to expand beyond domestic boundaries.

6. Traphaco Joint Stock Company

Revenue: USD 96.43 million | Profit: USD 10.57 million
Total Assets: USD 89.11 million | Owner's Equity: USD 62.97 million

Traphaco maintains its long-standing presence in traditional herbal medicines. The company's consistent revenue and profitability, alongside significant equity, demonstrate long-term brand loyalty and disciplined operations. Traphaco is also investing in digital transformation to modernize its marketing and sales approach, targeting younger demographics.

7. B.Braun Vietnam Co., Ltd.

Revenue: USD 128.57 million | Profit: USD 9.09 million
Total Assets: USD 130.60 million | Owner's Equity: USD 102.10 million

B.Braun, a wholly foreign-owned enterprise from Germany, blends global quality standards with strong local execution. Its balanced financial structure and consistent earnings make it a reliable manufacturer of medical and infusion products. The company's reinvestment in local capacity highlights its long-term commitment to the Vietnamese healthcare market.

8. Binh Dinh Pharmaceutical and Medical Equipment JSC (Bidiphar)

Revenue: USD 67.86 million | Profit: USD 11.05 million
Total Assets: USD 122.01 million | Owner's Equity: USD 104.38 million

Bidiphar continues to be a major player in central and southern Vietnam, with a diverse product range and significant export revenue. Its profitability and asset strength allow for aggressive investment in technology upgrades and international certifications, positioning the firm as a reliable global supplier.

9. OPC Pharmaceutical Joint-Stock Company

Revenue: USD 41.28 million | Profit: USD 5.03 million
Total Assets: USD 51.80 million | Owner's Equity: USD 36.32 million

OPC focuses on combining traditional medicine with modern processing technologies. While its revenue size is smaller than others on this list, its profit margins are solid. The company emphasizes product safety and efficacy, aligning with Vietnam's increasing regulatory standards.

10. Sanofi-Aventis Vietnam Co., Ltd.

Revenue: USD 212.44 million | Profit: USD 4.94 million
Total Assets: USD 100.33 million | Owner's Equity: USD 61.44 million

Sanofi-Aventis, the French pharmaceutical giant, maintains a significant presence through its manufacturing base in Vietnam. Despite experiencing a sharp profit decline in 2023, the company remains among the top players in terms of revenue and brand visibility. Its ongoing partnerships with health authorities and strong product pipeline ensure strategic importance in the Vietnamese market.

Conclusion: A Sector Defined by Dual Forces

Vietnam's pharmaceutical industry is characterized by a dual ecosystem: robust local companies with strong domestic foothold, and FDI-backed firms bringing global expertise and scale. While revenue leaders like National Phytopharma and Sanofi-Aventis command market share, it is companies like DHG, Imexpharm, and Khuong Duy that impress with financial discipline and profit optimization.

As Vietnam continues its journey toward universal healthcare and pharmaceutical self-sufficiency, the top players are those balancing growth, compliance, and innovation. With ongoing regulatory reforms, increased demand for high-quality medicine, and potential regional expansion, these top 10 companies are well-positioned to shape the next chapter of Vietnam’s healthcare landscape.