Healthcare Spending in Vietnam to Grow 10% Annually by 2024

Vietnam’s healthcare is expected to grow 10% a year by 2024 and it still remains an attractive market, according to a market research specialist of Kantar Worldpanel Vietnam, state media reported. Healthcare spending is expected to more than double in the country by 2024. Kantar estimates that it is expected to grow at 10% a year in both US dollar and local currency terms, from VND234.9 trillion ($11 billion) last year to VND619.3 trillion by 2024. Healthcare in Vietnam is still facing difficulties, including the huge gap between supply and demand in public service sector. In particular, public hospitals have come under consistently high pressure as it copes with high numbers of patients while dealing with a lack of available beds. The opportunities for the private sector are clear. A recent report by Ang Wei Zheng, pharmaceuticals & healthcare analyst for BMI Research in Singapore, mentioned that although private hospitals account for 15% of the total number of medical facilities in the country, they took in only 4% of the total number of inpatient admissions in Vietnam last year. Kantar Worldpanel is the world leading market research company in consumer knowledge and insights based on continuous consumer panels. Kantar Worldpanel is among 13 specialist operating companies of the Kantar group – which is a wholly-owned subsidiary of WPP Group plc. (Thoi Bao Ngan Hang – Banking Times Dec 21 p8, itpc.gov.vn Dec 3)