Pharmaceutical company Farmak (Kyiv) will set up a representative office in Vietnam.
As the company said in the information disclosure system of the National Securities and Stock Market Commission, such a decision was made by its supervisory board on August 19 in order to carry out economic activities in Vietnam.
Farmak is the leader of the Ukrainian pharmaceutical market. The company’s product portfolio includes about 200 brands. Among the main directions are endocrinological, gastroenterological, cardiological, neurological, anti-cold and other drugs.
The company annually reinvests up to 90% of its profits in development. In total, more than $310 million have been invested in the modernization of production since 1995. Annual investments in research and development are approximately $15 million.
Over 2020, Farmak increased its net profit by 7.8% compared to 2019, to UAH 1.138 billion, and sales income reached UAH 7.5 billion.
The export share increased to 29.6% in total sales. Export deliveries increased by 40% over the year. The company exports its products to more than 25 countries around the world.
Ukraine and Vietnam will resume work on a free trade area agreement (FTA), Deputy Minister of Development of Economy, Trade and Agriculture, Trade Representative of Ukraine Taras Kachka has said.
“We have agreed to resume work on the FTA agreement with Vietnam. Under the best case scenario, this year we will enter a formal negotiation process,” he wrote on Facebook on Monday following the first meeting of the joint intergovernmental commission with Vietnam in 2021.
He also said that Ukraine and Vietnam are completing the conclusion of interdepartmental agreements on veterinary medicine and plant quarantine.
“These contracts are at the final stage,” Kachka said.
He said that by the end of 2020, the trade turnover between Ukraine and Vietnam grew by 22.5%, to $644.65 million, and Ukraine’s export to this country over the past year rose by 92%, to $184.5 million.
“A large share of imports from Vietnam are electronics and mechanical equipment… The lion’s share of Ukrainian exports to Vietnam are grains,” the trade representative said.
Kachka also said that business surveys show the interest of business in the FTA with this country. As for Vietnam itself, it is interested in industrial and scientific cooperation: from technologies in leather processing, fertilizer production and titanium mining to cooperation in the field of space and aviation. In addition, this is about industrial cooperation and projects for the supply of railway equipment, trucks, compressor equipment, aircraft and aircraft equipment, he said.