Vietnam’s medical devices market set to grow despite tariff risks

Thanks to continuous public and private investment.

Vietnam’s medical devices market is projected to expand steadily until 2029, withstanding moderate risks associated with potential US tariffs, according to a BMI report.

Whilst the current 10% US tariff level is not expected to significantly affect the market, a proposed reciprocal tariff rate of 46% could impact overall GDP and limit public spending capacity on healthcare.

Vietnam’s medical devices market remains heavily reliant on imports, with a limited export base largely consisting of consumables and patient aids such as medical-grade cotton and hearing aids.

The market is expected to grow at a compound annual growth rate of 8.2% in US dollar terms, reaching a total value of $2.8b during the forecast period.

The sector’s growth will be driven by the country’s broader economic outlook and continued investment in healthcare by public and private stakeholders.