BlueMTec, a pharmaceutical e-commerce platform company, said it would enter Vietnam's drug distribution market for hospitals.

BlueMTec said Monday that it signed a memorandum of understanding (MOU) with BuyMed, a Vietnamese pharmaceutical e-commerce company, in Ho Chi Minh City, last Saturday to cooperate in digitalizing the Vietnamese hospital drug distribution market.

The MOU aims to digitize Vietnam's hospital drug distribution market based on BlueMTec's experience in hospital e-commerce and BuyMed's recognition of the Vietnamese market. In addition, it includes the export of Korean pharmaceuticals to Vietnam and the transfer of BlueMTec's cold chain system.

According to BlueMTec, BuyMed has been attracting attention for digitizing the distribution of pharmacy drugs in Vietnam and has received a cumulative investment of $63.5 million (82.4 billion won) from Singaporean investment banks UOB and Smilegate.

Peter Nguyen, chairman of BuyMed's board of directors and one of the three co-founders, said, "We are very pleased that BlueMTec, which has proven the feasibility of the drug e-commerce business in Korea, is successfully pursuing its listing. We believe that two companies with similar challenges will benefit from working together."

Meanwhile, BlueMTec aims to debut on Kosdaq on Dec. 13 after a demand forecast from Nov. 22 to 28. The number of shares to be offered is 1.4 million, representing 13.1 percent of the total number of shares to be listed (about 10.65 million). Hana Securities and Kiwoom Securities are the managers.

BlueMTec operates Blue Pharm Korea, a specialty drug platform for hospitals. It has partnered with various companies, such as Bayer, SK bioscience, Handok, Hanmi Pharm, Boryung, HK inno.N, LG Chem, and Hugel. It is preparing to be listed on Kosdaq through the  regulator's "special growth exception case" system.