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Top 8 largest pharmaceutical companies in Vietnam (2022 update)

Top 8 largest pharmaceutical companies in Vietnam (2022 update)

Saturday 19, 03 2022
The list of 7 largest pharmaceutical companies in Vietnam (2022 update) made by VietnamCredit is based on both financial and non-financial indicators. This year's ranking order has changed slightly compared to the previous years'. Coming out top is DHG Pharmaceutical JSC, followed by Traphaco, Binh Dinh and Ha Tay Pharma.


Formerly known as 2/9 Pharmaceutical Factory established in 1974, DHG Pharma has been operating under the model of a joint stock company since 2004. Its head office is located in Ninh Kieu District (Can Tho City).

The company has more than 270 products registered for trade across the country, including prominent products such as children's packs, pain relievers and fever reducers branded Hapacol.

Taisho Pharmaceutical Manufacturing Joint Stock Company is the largest shareholder, owning 51.01% of the capital of Hau Giang Pharmaceutical and the State-owned Investment and Business Corporation holds 43.31%.

According to Phu Hung Fund Management Joint Stock Company, in the past 5 years, Taisho has supported DHG Pharma to successfully deploy 2 production lines for tablets and film-coated tablets with nearly 100 products meeting Japan-GMP standards. .

Strategic cooperation with Taisho is expected to be the driving force for growth in revenue and export turnover in the future, contributing to long-term growth expansion of this company.

In 2021, DHG's net revenue reached 4,003 billion VND, up 7% compared to 2020. Profit before tax reached 864 billion VND, while profit after tax was about 776.3 billion VND, up 5%.

For 2021, the company planned to achieve 3,970 billion VND in revenue and 821 billion VND in pre-tax profit. With the above results, DHG Pharma completed the revenue target and exceeded 5.2% of the annual profit target.

By the end of the year, total assets of the enterprise increased by 4% compared to the beginning of the year, reaching 4,618 billion VND. In particular, inventory increased by 30% to 1,073 billion VND while liabilities decreased by 6.2% to 757.7 billion VND.

In 2022, DHG sets a target of net revenue of 4,220 billion VND, up 5.4% compared to revenue achieved in 2021. Meanwhile, profit before tax is expected to reach 853 billion VND, down 1.2% compared to 2021. In addition, the company is expected to pay a dividend of 30% in cash to shareholders.

DHG Pharma


Traphaco Joint Stock Company, formerly the Drug Production Team of the Railway Medical Company, was established on November 28, 1972. After many changes, on January 1, 2000, the company officially started operating in the form of a joint stock company with 45% state capital. On July 5, 2001, the company changed its name to Traphaco Joint Stock Company. On November 26, 2008, it was officially listed on the Ho Chi Minh Stock Exchange.

Traphaco's business results in 2021 are very positive. It is estimated that by the end of 2021, its revenue may reach 2,170 billion VND, exceeding 4% of the year plan and growing 14% compared to 2020. Profit after tax is expected to reach 265 billion VND, exceeding 10% of the plan and growing by 25%.

In 2021, Traphaco implemented a corporate restructuring project, through which the restructuring was carried out based on functional arrays according to the Traphaco value chain. Restructuring is inevitable, in line with the new and changing situation for development.

In addition, in the 2021-2025 term, the company aims to increase total revenue at a compound rate of 13.3% and growth rate in profit before tax of 15%, and enhance technology transfer with Korean partner Daewoong with about 70 products.

Traphaco Joint Stock Company


Binh Dinh Pharmaceutical and Medical Equipment Joint Stock Company, formerly known as Nghia Binh Pharmaceutical Enterprise II under Nghia Binh Medical Company, was established in 1980. In 2006, the company started to operate under the model of parent - subsidiary company. In 2014, the equitization was completed and the company officially became a joint stock company with the name Binh Dinh Pharmaceutical and Medical Equipment Joint Stock Company (Bidiphar).

With more than 40 years of experience in the field of manufacturing pharmaceutical products, Bidiphar has been one of the leading pharmaceutical companies in Vietnam. Bidiphar owns many pharmaceutical production lines that meet international standards. Currently, Bidiphar is manufacturing and trading in nearly 400 products, divided into 19 treatment groups.

In 2020, the Covid-19 pandemic was extremely complicated, causing difficulties to Bidiphar's production and business activities. However, the company still achieved encouraging results. Specifically, its total revenue in 2020 reached 1,329.77 billion VND (reaching 95% of the plan), net revenue was 1,256 billion VND (reaching 93% of the plan), and profit before tax was 193 billion VND (reaching 102% of the plan).

Currently, Bidiphar's corporate structure includes 1 associate company (Bidiphar Rubber Joint Stock Company), 1 subsidiary company (Bidiphar Trading One Member Limited Liability Company) and 18 branches.

Binh Dinh Pharmaceutical


Ha Tay Pharmaceutical Joint Stock Company (HATAPHAR), formerly known as Ha Tay Pharmaceutical Enterprise, was established in 1965. In 1985, Ha Tay Pharmaceutical Enterprise merged with Ha Tay Pharmaceutical Company and Hoa Binh Pharmaceutical Company to form Ha Son Binh Pharmaceutical Complex.

In 1991, Ha Son Binh Pharmaceutical Complex was divided into Ha Tay Pharmaceutical Company and Hoa Binh Pharmaceutical Company.

In 2000, Ha Tay Pharmaceutical Company was transformed into Ha Tay Pharmaceutical Joint Stock Company according to the decision No. 1911/QD-UB dated December 21, 2000 of the People's Committee of Ha Tay province, with charter capital 8,410,800,000 VND.

Since equitization, the company has increased its charter capital 3 times. Pursuant to the business registration certificate No. 0303000015 registered for the first time on January 10, 2001, and registered for the sixth time on April 8, 2008, the charter capital of the company increased to 41,226,020,000 VND.

The company specializes in manufacturing, trading, importing and exporting curative drugs, chemicals, medicinal materials, pharmaceutical materials and medical equipment.

In 2021, HATAPHAR's net revenue from sales and service provision decreased by nearly 10% compared to 2020, reaching 1,069.3 billion VND. Cost of goods sold decreased by 18.22%, resulting in gross profit from sales and service provision reaching only 165.02 billion VND. The company's profit after tax for the whole year reached 71.39 billion VND, up 2.68% compared to 2020.

As of December 31, 2021, the total assets of HATAPHAR increased by nearly 318 billion VND compared to the beginning of the year, reaching approximately 1,238 billion VND. Its liabilities recorded more than 484 billion VND.

Ha Tay Pharmaceutical


Domesco Medical Import-Export Joint Stock Company was established on May 19, 1989. This is an enterprise specializing in research, development, production, marketing and sales of pharmaceuticals, drugs derived from medicinal herbs, functional foods, purified drinking water and herbal drinks.

In addition, the company also operates in the field of import and export of drugs, medicinal ingredients, food - functional foods, medical supplies, medical equipment for medical examination and treatment.

With more than 30 years of development, the Domesco brand has been and continues to affirm its leading position in the pharmaceutical industry in Vietnam and is continuing to grow to penetrates international market.

Regarding business results, the company's net revenue in the first half of 2021 reached nearly 654 billion VND, down 4% compared to the same period in 2020; net profit reached more than 66 billion VND, down 39% over the same period last year.

Domesco Medical Import-Export


The company was formerly Grade II Pharmaceutical Company, established in 1977. In 2001, it transformed into Imexpharm Pharmaceutical Joint Stock Company with charter capital of 22 billion VND. In 2006, the company officially listed its shares on the Ho Chi Minh City Stock Exchange. In 2013, the enterprise made a new improvement in production with the use of raw materials produced by fermentation technology (Enzymatic) of DSP Spain group for antibiotic product lines. In 2016, Imexpharm became the first pharmaceutical company in Vietnam to simultaneously obtain the EU-GMP Certificate of the Spanish Ministry of Health (belonging to the ICH block) for all 3 lines of the Binh Duong Betalactam High-Tech Factory, namely Cephalosporin (tablet line and injection line) and Penicillin (injection line).

Imexpharm is the leading manufacturer of quality generics in Vietnam, famous for its antibiotic lines trusted by experts. The company has become a franchised partner of many leading multinational pharmaceutical corporations in the world such as Sandoz, Robison Pharma, DP Pharma, Galien, Pharmacience Canada, Sanofi – Aventis.

In the first 9 months of 2021, Imexpharm's net revenue decreased slightly to 870 billion VND and profit after tax reached 122.5 billion VND, down nearly 14% compared to the same period in 2020.

As of September 30, the total assets of the company reached 2,152.6 billion VND, up 2.7% compared to the beginning of the year. Specifically, short-term financial investment increased by 193.8% to 185.1 billion VND; inventories increased by 11.3% to 471.3 billion VND. Liabilities also increased by 16% to 424.8 billion VND; loans and short-term finance lease debt increased by 7.7% to 140.6 billion VND.



In 1980, according to the development requirements of the pharmaceutical industry, the Ministry of Health decided to transform the Inter-Institute of Apothecary No. 7 into the Institute of Pharmaceutical Industry under the Union of Pharmaceutical Enterprises of Vietnam. This is a leading research institute with the task of researching topics for the production of raw materials for domestic pharmaceutical production such as antibiotics, pharmaceutical chemicals and raw materials from medicinal herbs.

In 1993, according to Decree 388 - HDBT dated May 7, 1992 of the Council of Ministers, the Ministry of Health allowed the Institute of Pharmaceutical Industry to be transformed into the Central Pharmaceutical Industry Development Company (VIDIPHA) under Vietnam Pharmaceutical Corporation with the function of manufacturing and trading pharmaceuticals to serve the needs of the people for disease prevention and treatment.

On January 30, 2003, the company was equitized into VIDIPHA Central Pharmaceutical Joint Stock Company with a total capital of 19.9 billion VND, of which the state holds 45% of the charter capital.

Vidipha is one of the first pharmaceutical enterprises in Vietnam to meet GMP standards. In the past time, the company has invested in building a modern factory meeting GMP-WHO standards in Binh Duong province with 10 drug production lines.



On March 8, 2007, F.I.T Group Joint Stock Company was established with initial charter capital of 35 billion VND. In 2015, FIT shares were listed and traded on the Ho Chi Minh City Stock Exchange (HOSE). The company mainly operates in the fields of investment, investment consulting services, capital mobilization and arrangement for projects, business purchase and sale, equitization consulting, corporate governance; producing and trading in pharmaceuticals, medical equipment, food, consumer goods; trading in agricultural products and materials; real estate business and management; renting office.

Through investment activities, the F.I.T system is expanding day by day. In the pharmaceutical sector, this enterprise invests in Cuu Long Pharmaceutical JSC and Benovas Cancer Medicine JSC.

The General Director of Benovas Cancer Medicine Joint Stock Company is Mr. Nguyen Van Sang - Chairman of the Board of Directors of F.I.T Group Joint Stock Company. He is also the Chairman of the Board of Directors of Cuu Long Pharmaceutical. FIT is the parent company owning 71.7% of the charter capital of Cuu Long Pharmaceutical.

According to FIT, this is the first cancer drug project in Vietnam. The project started to be implemented in 2017, with a total investment of 1,000 billion VND for two phases.

F.I.T Group

Henry Tran - VietnamCredit


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