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한국어 In Q1 2025, the pharmaceutical retail market in Vietnam witnessed many fluctuations, especially the decline of the An Khang pharmacy chain.
05Jun2025
Latest News & Report / Vietnam Briefing
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In the first quarter of 2025, the pharmaceutical retail market in Vietnam witnessed many fluctuations, especially the decline of the An Khang pharmacy chain, owned by Mobile World Investment Group (MWG). Although the Vietnamese pharmaceutical industry still maintains its growth momentum, An Khang faces major challenges in terms of finance and business strategy.
Pharmaceutical retail market context in Vietnam
Over the past decade, Vietnam’s pharmacy chain industry has experienced significant growth, both in the number of stores and revenue. In 2015, there were about 4,200 pharmacies nationwide, with only a small fraction belonging to modern chains. By 2022, the number of pharmacy chain stores had expanded rapidly to over 11,000 outlets, accounting for approximately 16% of the market share. Major chains like FPT Long Châu, Pharmacity, and An Khang have driven this expansion, reaching a total of more than 3,200 chain stores by 2024.
Revenue growth has followed a similar trajectory. The pharmaceutical retail market in Vietnam was valued at approximately 2.7 billion USD in 2015 and grew to about 8.9 billion USD in 2024. The market is projected to reach 16.8 billion USD by 2033, with a compound annual growth rate (CAGR) of around 6.7% from 2025 to 2033[1]. This development is mainly driven by the growing awareness of consumers about health, the increase in disposable income, as well as the rapid development of e-commerce platforms, making it easier for consumers to access and purchase medical products. In particular, the transformation of the pharmaceutical industry is driven by the application of digital technology and modern business methods such as pharmacy chains and e-commerce. The revised Law on Pharmacy, effective from July 1, 2025, has created a favorable legal corridor for these business models[2].
Business situation of major pharmacy chains
The Vietnamese pharmacy chain market is currently dominated by a few key players, both domestic and foreign, each with distinct strengths in the store network and market share. Among them, domestic chains such as FPT Retail’s Long Châu and Pharmacity hold the largest number of outlets, with Long Châu operating over 2,000 stores nationwide and Pharmacity following closely behind[3]. These domestic chains have rapidly expanded over recent years, leveraging local market knowledge and strategic investments to solidify their positions.
While Long Châu and Pharmacity continue to grow their store networks and revenue, other chains have shown signs of stagnation or decline. An Khang, operated by Mobile World Group, reported a loss of $13.88 million in 2024, with the number of stores dropping to 326, down from over 500 the previous year[4]. Similarly, Pharmacity, which once led the market with over 1,100 stores, has faced challenges and had to close nearly 200 stores since mid-2022[5]. These developments indicate a shift in market dynamics, with leading chains consolidating their positions while others face increasing competitive pressures
1. Long Chau Pharmacy
Long Chau Pharmacy Chain, part of FPT Retail, continues to maintain its leading position in the Vietnamese pharmaceutical market. As of the first quarter of 2025:
– Long Chau is present in all 63 provinces and cities with about 2,022 pharmacies nationwide[6]
– Long Chau’s revenue reached about 11,670 billion VND, an increase of 29% over the same period last year, contributing 69% to FPT Retail’s total revenue
– FPT Retail plans to continue opening about 500 more Long Chau pharmacies nationwide in 2025[7]
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