Cuu Long Pharmaceutical

What Cuu Long Pharmaceutical does

Cuu Long Pharmaceutical Joint Stock Company (DCL, ticker DCL on the Ho Chi Minh Stock Exchange) is a Vietnamese manufacturer and distributor of generic pharmaceuticals, disposable medical devices, and empty gelatin capsule shells, headquartered in Vinh Long Province. Founded in 1975 and operating as a member of F.I.T Group since 2015, the company runs three synergistic business segments: (1) a generic pharmaceutical portfolio covering 160+ registered products across antibiotics, analgesics, respiratory, cardiovascular/diabetic, gastrointestinal, musculoskeletal, dermatology, antihistamine, and neurological categories; (2) medical devices under the Benovas and Vikimco brands, producing disposable syringes, injection and butterfly needles, infusion sets, and blood collection tubes; and (3) empty gelatin capsule shells manufactured by subsidiary Benovas Capsule, the first and only US-FDA certified empty capsule plant in Vietnam with over 80% domestic market share. Capsule production technology was originally licensed from a Canadian partner via the 2000 Vicancap joint venture, and the medical device business traces to a 1997 Korean joint venture (Vikimco). The pharma business spans Vinh Long (legacy facility being upgraded to EU-GMP) and Tay Ninh (new EU-GMP oncology plant under construction), with medical device manufacturing in Vinh Long (Benovas Phase 1 operational since March 2025). Certifications include US-FDA (capsule), ISO 13485:2016, ISO 9001:2015, and CE (medical devices), with EU-GMP and FDA 510(k) in progress.

Revenue is generated through (a) direct sales of proprietary pharmaceuticals and medical devices, (b) B2B capsule shell supply to other Vietnamese pharmaceutical manufacturers, and (c) distribution via 9 regional branches covering all 63 Vietnamese provinces, supplemented by 55+ distributor/agent partners and reaching 10,000+ retail pharmacies and 800+ hospitals and medical facilities across both OTC and ETC (prescription) channels. Customer concentration in the capsule segment is notable, with named strategic partners including Duoc Hau Giang, Domesco, Stella, Pharbaco, Mediplantex, Aikya Group, and Bepharco Group. The company crossed the VND 1 trillion revenue threshold in 2022; Benovas Capsule generated VND 320 billion in 2024 (12% YoY growth); and the medical device segment has a stated 2026 revenue target of VND 188 billion (including VND 26 billion from exports). Total assets exceed VND 2,427 billion and equity exceeds VND 1,521 billion.

Forward strategy is built around four pillars: (1) EU-GMP pharmaceutical manufacturing upgrades (Tay Ninh and Vinh Long) to enable higher-value generics and oncology; (2) export-oriented growth for the Benovas Medical Device segment (target VND 26 billion 2026 exports, FDA 510(k) and CE certification); (3) functional food manufacturing partnerships with foreign collaborators; and (4) corporate governance modernization via the Base.vn platform implemented from December 2025. The Benovas Capsule plant was transitioned to independent operation as a one-member LLC in 2026 to enhance autonomy and specialization.

Name

Cuu Long Pharmaceutical

Legal name

Công ty Cổ Phần Dược Phẩm Cửu Long

Website

https://dcl.com.vn

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Cuu Long Pharmaceutical (DCL) is a Vietnamese publicly-listed manufacturer of generic pharmaceuticals, disposable medical devices (Benovas, Vikimco), and empty gelatin capsules (Benovas Capsule). It serves 10,000+ pharmacies and 800+ hospitals nationwide and holds 80%+ of Vietnam's empty capsule market.

Ownership category

akta.pro rank

Product category

Pharmaceutical Manufacturing

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834), Surgical & Medical Instruments & Apparatus (3841), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Generic Hospital & Institutional Products (HLAIABAL)

akta.pro secondary industries

Primary Care & General Medicine Pharmaceuticals (HLAIAAAA), Specialty Care Pharmaceuticals (HLAIAAAB)

Keywords

• Generic pharmaceuticals
• Empty capsule shells
• Medical devices manufacturing
• EU-GMP manufacturing
• Disposable syringes

Headquarters

HQ city

Vinh Long

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Pharmaceutical Products: DCL manufactures and sells a broad portfolio of generic pharmaceuticals covering therapeutic categories including antibiotics (Cefixim, Cefuroxim, Griseofulvin), analgesics/antipyretics, respiratory, gastrointestinal, cardiovascular/diabetic, musculoskeletal (Projoint), dermatology (Vinazol), vitamins/minerals (Calfizz), antihistamine, and nervous system drugs (Nootripam, Sertralin). The company also distributes third-party pharmaceutical trading products (OTC and ETC channels).
2. Medical Devices / Equipment: Benovas Medical Device produces and sells disposable medical supplies including syringes (various sizes), injection needles, butterfly needles, infusion sets, and blood collection tubes. Target revenue for 2026 is VND 188 billion, with exports targeted at VND 26 billion.
3. Empty Capsules (Benovas Capsule): Benovas Capsule is the leading empty capsule shell manufacturer in Vietnam, supplying over 80% of the domestic market. Revenue from capsule sales reached VND 320 billion in 2024 with 12% growth. Strategic partners include Dược Hậu Giang, Domesco, Stella, Pharbaco, Mediplantex, Aikya Group, and Bepharco Group.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Cuu Long Pharmaceutical manufactures and sells three categories of healthcare products: (1) generic pharmaceutical drugs across 11 therapeutic categories with 160 registered products including antibiotics (Cefixim, Cefuroxim), antifungals (Griseofulvin), musculoskeletal (Projoint), and nervous system drugs; (2) disposable medical devices including syringes, needles, infusion sets, and blood collection tubes under Benovas and Vikimco brands; and (3) empty capsule shells through Benovas Capsule, which supplies 80%+ of Vietnam's empty capsule market. The company distributes its products through 9 regional branches covering all 63 Vietnamese provinces, serving 10,000+ pharmacies and 800+ hospitals and medical facilities.

Product overview

Cuu Long Pharmaceutical operates as a diversified pharmaceutical and medical device company with three main business segments: (1) Pharmaceuticals - covering antibiotics, musculoskeletal, dermatology, gastrointestinal, cardiovascular, respiratory, and neurological medications; (2) Medical Devices - including Benovas and Vikimco branded syringes, needles, infusion sets, and butterfly needles; and (3) Empty Capsules - manufactured by Benovas Capsule, Vietnam's first and only US-FDA certified empty capsule producer commanding 80% domestic market share. The company is a member of F.I.T Group and maintains EU-GMP compliant manufacturing facilities in Vinh Long and Tay Ninh provinces.

Differentiator

Problem solved

Functional benefit

Brands

• Benovas Medical Device (BMD): Medical equipment brand producing syringes, infusion sets, butterfly needles, blood collection tubes, and other disposable medical consumables. Operated by Công ty Cổ phần Thiết bị Y tế Benovas.
• Benovas Capsule
• Vikimco

Products and services

• CEFIXIM 200 CEFIXIM 200 is an antibiotic (Cefixime 200mg) for treatment of respiratory tract infections, urinary tract infections, otitis media, and typhoid fever. Available in packs of 10 blister strips, distributed to hospitals and pharmacies in Vietnam.
• CEFUROXIM 250 CEFUROXIM 250 is an antibiotic (Cefuroxime 250mg) for treatment of upper and lower respiratory tract infections, genitourinary tract infections, and skin and soft tissue infections. Distributed to hospitals and pharmacies.
• CEFUROXIM 500 CEFUROXIM 500 is a higher-dose antibiotic (Cefuroxime 500mg) for treatment of upper and lower respiratory tract infections, genitourinary tract infections, and skin and soft tissue infections. Available in packs of 1 blister strip.
• GRISEOFULVIN 500 GRISEOFULVIN 500 is an antifungal medication (Griseofulvin 500mg) for treatment of dermatophyte skin infections. Distributed through hospitals and pharmacies.
• PROJOINT 750 PROJOINT 750 is a glucosamine sulfate 750mg medication for reduction of symptoms of mild to moderate knee osteoarthritis. Distributed through hospitals and pharmacies.
• Empty Capsules (Benovas Capsule) Empty capsule shells manufactured by Benovas Capsule, the first and only empty capsule producer in Vietnam with US-FDA certification and official marketing authorization from Ministry of Health. Holds 80% market share in Vietnam's empty capsule market. Supplied to major pharmaceutical manufacturers including Dược Hậu Giang, Domesco, Stella, Pharbaco, Mediplantex, Aikya Group, and Bepharco Group. 2024 revenue: VND 320 billion (12% growth).
• Disposable Sterile Syringes (1ml-50ml) Single-use sterile syringes made from medical-grade PP (Polypropylene) in various sizes (1ml, 3ml, 5ml, 10ml, 20ml, 50ml) with attached or separate needles under Vikimco brand. Compliant with ISO 9001:2015, ISO 13485:2016, and CE standards. Sold to hospitals, clinics, and medical facilities; targeting export markets.
• Disposable Sterile Injection Needles Single-use sterile injection needles made from stainless steel with various gauges (18G-26G), available in different lengths under Vikimco brand. Compliant with ISO 13485:2016, ISO 9001:2015, and CE standards. Sold to hospitals, clinics, and medical facilities.
• Butterfly Needles Sterile single-use butterfly needles (23G, 25G) made from medical-grade PP, DEHP-free, under Vikimco brand. Compliant with ISO 13485:2016, ISO 9001:2015, and CE standards. Sold to hospitals, clinics, and medical facilities for blood collection and IV access.
• Disposable Sterile Infusion Sets Single-use sterile infusion sets with Y-port, featuring adjustable roller clamp, air vent with sterile filter, drip chamber with fluid filter under Vikimco brand. Compliant with ISO 9001:2015, ISO 13485:2016, and CE standards. Sold to hospitals, clinics, and medical facilities.
• Low Dead Space Insulin Syringes Single-use low dead space insulin syringes (1ml capacity) with 27G/30G needles for 100 units insulin, featuring LDSS (Low Dead Space Syringe) technology under Vikimco brand. Compliant with ISO 13485:2016, ISO 9001:2015, and CE standards. Sold to hospitals, clinics, and diabetic patients.

Quantifiable outcome

• 80%+ market share in Vietnam's empty capsule industry
• +3 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• Dược Hậu GiangcoreStrategic or Co-development PartnerDược Hậu Giang is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• DomescocoreStrategic or Co-development PartnerDomesco is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• StellacoreStrategic or Co-development PartnerStella is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• PharbacocoreStrategic or Co-development PartnerPharbaco is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• MediplantexcoreStrategic or Co-development PartnerMediplantex is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• Aikya GroupcoreStrategic or Co-development PartnerAikya Group is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.
• Bepharco GroupcoreStrategic or Co-development PartnerBepharco Group is a key strategic customer of Benovas Capsule, sourcing empty capsule shells for their pharmaceutical manufacturing operations.

Scale indicators11 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Capsugel (Lonza): Global leader in hard capsule shells serving major pharma manufacturers worldwide. Direct comparable to Benovas Capsule on technology, customer profile, and product, but operating at much larger scale across multiple geographies.
• Sandoz (Novartis): Global generics and biosimilars leader with a broad portfolio of off-patent pharmaceuticals. Compares to DCL on therapeutic breadth, EU-GMP production, and pursuit of regulated export markets — only at vastly larger scale.
• Teva Pharmaceutical Industries: World's largest generic pharmaceutical manufacturer with extensive generic antibiotic and primary care portfolio, broad regulatory clearances, and global distribution. Provides a benchmark for the scaled global comparator in categories where DCL operates.
• ACG (Associated Capsules Group): Large global empty capsule manufacturer competing with Benovas Capsule in supplying pharmaceutical companies worldwide. Relevant emerging peer as Asian and ASEAN pharma manufacturers increasingly source capsules regionally.

Direct peers

• Dược Hậu Giang (DHG Pharma): One of Vietnam's largest generic pharmaceutical manufacturers and a direct competitor of Cuu Long Pharmaceutical across antibiotics, primary care, and OTC categories. Notable also as a key strategic capsule customer of DCL's Benovas Capsule subsidiary, illustrating direct peer overlap in both pharma and capsule segments.
• Traphaco: Leading Vietnamese pharmaceutical manufacturer combining branded generics with TCM and OTC products. Direct competitor for nationwide pharmacy distribution and primary-care therapeutics that overlap heavily with DCL's portfolio.
• Bidiphar (Bình Định Pharmaceutical): State-owned-origin Vietnamese pharma manufacturer producing generics, antibiotics, and IV fluids. Comparable to DCL on portfolio breadth and nationwide hospital reach, and competes in similar procurement tenders for hospital-channel products.
• Domesco: Vietnamese generic pharmaceutical manufacturer operating in similar therapeutic categories (cardiovascular, antibiotics, OTC) as Cuu Long. Also a strategic customer of DCL's Benovas Capsule, making it a clear comparable on both the demand and supply side of Vietnamese generics.
• Imexpharm: Vietnamese generic pharmaceutical manufacturer with broad antibiotic, cardiovascular, and OTC portfolio. Listed on HOSE/HNX and operates at a similar scale to Cuu Long, competing head-to-head across generic therapeutic categories and through hospital distribution.
• Pymepharco: Vietnamese generic pharmaceutical company producing antibiotics, cardiovascular, and consumer health products. Directly competes with DCL's therapeutic portfolio and pursues EU-GMP production, making it a parallel generic-pharma strategy peer in the Vietnamese market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/duoccuulong

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cuu Long Pharmaceutical