But it was a notable year for mergers and acquisitions. According to analysts at SSI Securities, the total value of M&A was VND1.68 trillion ($73 million) last year and involved a number of foreign investors.

SSI analysts estimated the pharmaceutical industry to grow by 15 percent in 2021.

In May, South Korean conglomerate SK Group, which makes anti-cancer and cardiovascular drugs and mental health medications, paid VND920 billion to acquire a 25 percent stake in Imexpharm Pharmaceutical Joint Stock Company.

In August, Japan’s Aska Pharmaceutical acquired a 24.9 percent stake in Ha Tay Pharmaceutical Joint Stock Company (Hataphar).

In December, German generic drugmaker Stada paid VND400 billion to increase its stake in Pymepharco by 6 percent to nearly 76 percent.

SSI analysts estimated the pharmaceutical industry to grow by 15 percent in 2021 mainly due to a rapidly aging population and rising incomes.

Vietnam eyes 500 hi-tech manufacturers

Vietnam eyes to have 500 manufacturers of hi-tech products and 200 agriculture companies using hi-tech applications as of 2030.

FDI down by 62 pct

Foreign direct investment pledges fell by 62.2 percent in January to $2.02 billion, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Source: VnExpress