Leading Swedish pharmaceutical firm AstraZeneca will invest $220 million to expand its presence in the country.
The investment was announced in Stockholm Monday during Prime Minister Nguyen Xuan Phuc’s official visit to Sweden.
The firm, in Vietnam for 25 years, will invest in expanding and improving its services and products, creating more local jobs, including 500 in biomedical sciences and medical affairs.
It targets becoming a top pharmaceutical firm in Vietnam in reducing the ratio of people with non-communicable diseases (NCD).
NCDs like cancer and heart-related diseases, kill 318,000 people each year in Vietnam, or 72 percent of total deaths by diseases, according to the World Health Organization.
The firm plans to use part of its investment to enhance the health of young Vietnamese. It plans to educate 46,000 students in 27 schools and universities on NCDs like diabetes and cancer.
AstraZeneca will continue to drive the development of biomedical science and innovation in Vietnam through clinical research, and data from these research programs will enable future medicines to better address the needs of Vietnamese patients, said Leif Johansson, chairman of AstraZeneca.
The firm has previously worked with the Vietnamese government on various projects. It has invested $20 million in establishing 132 research sites nationwide.