The amendments specify incentives intended to turn Vietnam’s pharmaceutical industry into a spearhead industry, said Nguyen Tam Hung, a NA deputy for Ba Ria-Vung Tau province.

He underscored the need to clearly stipulate preferential tax and loan policies to encourage businesses to invest in research and development of new drugs that can compete in the international market.

Under free trade agreements, Vietnam hasn’t committed to opening up pharmaceutical distribution but doesn’t maintain market access for foreign investors in the logistics sector.

Tran Khanh Thu, who represents Thai Binh province, said, “Most countries with a developed pharmaceutical industry, like India, South Korea, and Singapore, have open-door policies in pharmaceutical distribution and logistics. These policies have positively influenced the mobilization and attraction of foreign investment to improve the capacity of domestic enterprises.”

“Vietnam should learn from the experience of other countries to develop its pharmaceutical industry,” Thu concluded.

In the morning, legislators heard a report on implementation of the 2024 state budget, the state budget estimate and allocation plan for 2025, and the state budget plan until 2027.

In the afternoon, they heard a report on and debated the draft revised Law on Human Trafficking Prevention and Control.