S.Korean medical device maker launches manufacturing plant in Ho Chi Minh City

Built on a site of about 1,000 square meters, the plant will produce semi-finished gastrointestinal medical devices, including gastrointestinal stents, for distribution to more than 100 markets worldwide, according to South Korea’s Maeil Business newspaper.

Full-scale operations are expected in the second half of this year, with plans to reach maximum production capacity by 2028.

Founded in 1991, M.I.Tech supplies gastrointestinal stents and other products to over 100 countries and regions.

The new Vietnam facility represents a key component of its long-term growth strategy to diversify its global supply chain.

The company plans to strengthen its position in the global medical device market by stabilizing production lines, training local workers, and improving operational efficiency.

Maeil Business cited M.I.Tech CEO Kwak Jae Oh as saying that Mitech Plant Vina is an important production base that helps the company respond steadily to growing needs worldwide.

Aside from serving global exports, Vietnam itself is seen as a promising market for medical technology and healthcare equipment.

Vietnam’s large population, rising healthcare spending, hospital investment, and demand for advanced medical devices are driving growth.

According to BMI, a research company under Fitch Solutions, Vietnam’s medical device market is projected to grow at a compound annual rate of 8.4 percent between 2024 and 2029, reaching US$2.84 billion by 2029.