Factors affecting the performance of listed pharmaceutical and healthcare firms in Vietnam

Vũ Lệ Hường; Trần Thế Nữ

Issue: Số 6 - Tháng 3 - 2026 Quản trị - Quản lý

Factors affecting the performance of listed pharmaceutical and healthcare firms in Vietnam

Published: August 3, 2026

Abstract

Amid rising demand in the pharmaceutical industry, evaluating firm performance is essential for managers, investors, and policymakers. This study employs panel data from 25 pharmaceutical companies listed on the Vietnamese stock market over the period 2017–2025 to examine the financial determinants of business performance. The regression results indicate that interest expenses and financial leverage exert a statistically significant negative impact on performance. Firm size is also negatively associated with return on equity (ROE), suggesting that expansion may lead to higher management and operating costs, thereby diminishing capital efficiency. In contrast, revenue demonstrates a positive effect, underscoring the critical role of revenue growth in enhancing profitability. These findings contribute empirical evidence on the financial drivers of performance in Vietnam’s listed pharmaceutical sector and offer insights into improving corporate financial outcomes.

Keywords

pharmaceutical and medical businesses operational efficiency financial leverage interest expense revenue Vietnam

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