KOTRA Holds Consultation Meeting in Vietnam to Boost K-Medical Device Exports

84 Domestic Companies Hold 501 Consultations with Local Buyers

The Ministry of Trade, Industry and Energy and KOTRA held the 'K-Med Expo Linked Medical Device Export Consultation' in Ho Chi Minh City, Vietnam, for two days starting on the 13th (local time). Now in its second year, the K-Med Expo was held in collaboration with Kintex and the Korea Medical Devices Industry Association.

On the 13th and 14th (local time) in Ho Chi Minh City, Vietnam, visitors are listening to product explanations from domestic participating companies at the 'K-Med Expo Linked Medical Device Export Consultation'. / Photo by KOTRA

At the export consultation held at the expo, 84 domestic medical device companies conducted 501 business consultations with 306 Vietnamese buyers. The total consultation amount reached 91 million USD. During the event, various advanced products such as digital health, which has become a new growth area for K-medical devices, were demonstrated, and academic conferences were also held.

The Vietnamese medical device market is expected to grow from 1.83 billion USD last year to 2.5 billion USD by 2028. Rapid economic growth, increased life expectancy, and improvements in medical services and accessibility through the Vietnamese government's five-year healthcare plan are cited as market growth factors. South Korea ranks as the 6th largest importer of medical devices in Vietnam.

KOTRA plans to establish K-Bio Desks in seven regions, including Ho Chi Minh City, Vietnam, to support exports of domestic biohealth companies. They also plan to expand specialized export support projects by assisting with local regulatory approvals, customs clearance, logistics, and other export-related difficulties.

Yoo Jung-yeol, president of KOTRA, said, "With the growth of the Vietnamese medical device market, opportunities for healthcare industry cooperation between the two countries will also increase," adding, "We will work with ministries and agencies to expand substantial projects so that medical devices can establish themselves as a new export growth engine for Korea."