Korean medical device companies are moving to expand into Vietnam's market, where healthcare spending is on the rise.
KOTRA said Thursday it had held the "Korea-Vietnam Meditech Export Consultation" in conjunction with the "2026 K-Med Expo" in Ho Chi Minh City, Vietnam's largest commercial city.
The consultation is part of the "2026 Promising Regional Trade Mission," an export market diversification project promoted by the Ministry of Trade, Industry and Energy.
The K-Med Expo, held since 2023 by KINTEX and the Korea Medical Devices Industry Association, draws about 300 domestic medical device companies each year. KOTRA invited about 100 buyers, including Vietnamese hospitals and medical device distributors, to the consultation for the 71 companies that participated in the expo.
Korean participants ranged from digital healthcare companies offering artificial intelligence (AI)-based cancer diagnosis solutions and surgical assistance robots to cosmetic medical device companies producing skin regeneration lasers.
Vietnam, with a population of more than 100 million, has recorded high economic growth rates of 5 to 8 percent over the past three years, and its medical device market is also growing rapidly alongside rising private incomes. According to local market research firm FIIN Group, Vietnam's private healthcare spending is projected to grow at an average annual rate of 7.5 percent from last year through 2030.
Korea holds the top market share (16.3%) in Vietnam's medical device import market, which reaches 320 million dollars (about 489.152 billion won). In addition, joint research in the AI and bio fields and cooperation in health and medical care between the two countries were emphasized during the visit to Korea by Vietnamese Communist Party General Secretary To Lam last August and President Lee Jae-myung's visit to Vietnam this April.
An official from JPI Healthcare, a maker of AI-based imaging diagnostic devices that participated in the event, said, "We can feel that Vietnamese buyers' interest in Korean digital healthcare products has risen, as the Vietnamese government's policy to upgrade medical infrastructure converges with the trend of expanding economic cooperation between Korea and Vietnam."
After the consultation, KOTRA also held a Korea-Vietnam medical device seminar and a product presentation for domestic companies inviting local hospitals, and provided consultations on Vietnam's medical device approval and registration systems through the K-Bio Desk.
Phan The Vinh, CEO of Vietnamese medical equipment supplier ANVY, said, "Korean products are highly preferred among Vietnamese hospitals and consumers thanks to their excellent technology and refined design," adding, "As the leaders of both countries emphasized cooperation in the health and medical care field, demand for Korean medical devices and digital healthcare solutions will grow."
Kim Myung-hee, executive vice president of KOTRA, stressed, "Last year, as many as 48.3% of the companies that participated in this project succeeded in exporting to Vietnam," adding, "We will expand integrated support for marketing and certification to boost export performance."
Meanwhile, KOTRA plans to operate a Korean pavilion at international medical device exhibitions held in Vietnam and Singapore in September, and to participate in an Indonesian medical device exhibition in October.
