Medochemie, a Cyprus-based pharmaceutical company is investing US$16 million in a new pharmaceutical product manufacturing plant in Vietnam. The investment is the highest ever made by the Cypriot company in Vietnam. The ground breaking ceremony for the facility was held recently at the plant located in the southern side of Vietnam. According to sources close to the development, the plant meets WHO standards.
A report that appeared in Newswire Vietnamplus this week stated that Medochemie, which is based in Limassol in the Republic of Cyprus, will begin production at the facility in 2016. This will be the second manufacturing site of the company in Vietnam, and will be located in the Binh Duong Province. Construction of the plant took off on March 17, and will be complete in a year. According to media reports, this project marks yet another major player choosing the Vietnam-Singapore Industrial Park 2 A for its manufacturing facility. The Industrial Park is located about 30 kilometers from Ho Chi Minh City.
Spread across a sizeable 44,700 sq meters, the facility will feature a number of workshops and work floors that will a variety of medicines that adhere to EU-GMP and WHO-GMP standards. These standards imply that the pharmaceutical products do not pose any significant risk to consumers and meet world-class quality parameters. The pharmaceutical products that are produced at this plant will be sold in the domestic market and will also be exported to other countries worldwide.
The previous plant built by the company is already operational at the same Industrial Park and is located on 18,400 square meters of land, and cost US$14 million.