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Expected expansion into the pharmaceutical market if recognized as a reference country
The Ministry of Food and Drug Safety (MFDS) announced on the 23rd that it signed a Memorandum of Understanding (MOU) with the Vietnamese Ministry of Health regarding cooperation on the safety of food, pharmaceuticals, cosmetics, and medical devices.
This MOU was signed with the heads of both countries present, on the occasion of the summit between President Lee Jae-myung and Vietnamese Party Secretary General and State President To Lam.
The purpose is to strengthen cooperation and trust between the two countries in safety regulation fields such as food and pharmaceuticals, thereby revitalizing trade in related products and contributing to enhancing the safety of life in both nations.
Key contents of the MOU include information exchange on laws, permits, technology, supply chains, etc., cooperation in new technology fields such as artificial intelligence (AI), digital, and bio-health, promotion of medical product accessibility and regulatory trust, and cooperation measures for practical implementation, such as holding high-level meetings.
The MFDS expects this cooperation to serve as an opportunity to promote the easing of non-tariff barriers for K-pharmaceuticals, K-food, etc.
In particular, if Korea is recognized as a reference country for pharmaceuticals in the future, it is expected to expand entry into Vietnam's imported pharmaceutical market, valued at approximately 4.3 billion dollars (about 6.4 trillion won), and increase K-pharmaceutical exports by approximately 100 billion won annually.
Vietnam designates some countries with excellent regulatory standards as reference countries, and for pharmaceuticals approved by these reference countries, it simplifies domestic approval and registration procedures and conducts rapid reviews.
In addition, Oh Yu-kyung, head of MFDS, taking the opportunity of signing the MOU, met with Dao Hong Lan, Vietnam's Minister of Health, shared an understanding of the importance of safety cooperation in food, pharmaceuticals, etc., and discussed concrete cooperation measures.
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