Vietnam’s Healthcare Boom: Asia’s Next Big Investment Bet, said Tran Quoc Bao

By Fortune

Vietnam is rapidly emerging as a healthcare investment hotspot in Asia, fueled by strong economic growth, rising demand for high-quality medical services, and government-backed reforms. According to Tran Quoc Bao, a leading expert with over 15 years in healthcare management and investment, Vietnam is entering a transformative phase—drawing global investors with billion-dollar ambitions.

In a recent interview with Fortune, Mr. Tran Quoc Bao, who has overseen over $2 billion in healthcare transactions, pointed to three core drivers: a growing middle class, demographic shifts, and increasingly open investment policies.

A Market on the Rise

Post-pandemic, Vietnamese consumers are prioritizing their health—and they’re willing to pay for quality care. Healthcare spending is projected to nearly double by 2030, reaching $33.8 billion with an average annual growth rate of 7.6%. Meanwhile, Vietnam’s transition to an upper-middle-income country, with per capita income surpassing $4,300 in 2023, is accelerating the expansion of the middle class, set to hit 26% by 2028.

Aging demographics are also reshaping demand. By 2050, one in four Vietnamese citizens will be over 60—creating urgent need for both chronic and long-term care infrastructure.

Policy Tailwinds and Private Sector Momentum

Vietnam’s government is actively fostering public-private partnerships (PPPs) and streamlining regulations to attract foreign capital. In Ho Chi Minh City alone, over $1.29 billion has been mobilized to upgrade healthcare infrastructure through PPPs and foreign direct investment (FDI).

The private sector is poised to grow significantly, with plans to increase private hospital beds from 8% today to 15% by 2030 and 25% by 2050.

Global Capital Floods In

Since 2022, a wave of international players has entered Vietnam’s healthcare scene. Singapore’s Thomson Medical acquired FV Hospital, while CVC Capital snapped up Phuong Chau International Hospital. Raffles Medical Group and Warburg Pincus are investing heavily, along with KKR, which now holds a stake in Saigon’s eye care network.

Beyond hospitals, investors are targeting primary care systems and pharmaceuticals. GIC (Singapore) invested $135 million in pediatric network Nhi Dong 315. Creador (Malaysia) acquired 13% of pharmacy chain Long Chau, and Quadria Capital took over T&#226;m Tri from VinaCapital.

Opportunities—and Obstacles

Despite the influx of capital, primary care remains underdeveloped. Many patients bypass local clinics, overwhelming central hospitals. This inefficiency opens the door for scalable community-based models and Centers of Excellence (CoE) focused on specialties like cardiology, IVF, and oncology.

Mr. Tran Quoc Bao notes that long-term capital—such as pension and sovereign wealth funds—is best suited for this sector, as the return on investment often unfolds over decades.

Medical Tourism’s Untapped Potential

Vietnam hosts 300,000 medical tourists annually, generating $2 billion—still a fraction of its potential. With low treatment costs and improving care quality, the country is positioned to attract millions more, especially among the 3 million overseas Vietnamese returning each year.

As global investors search for the next big healthcare frontier, Vietnam stands ready—with rising demand, supportive policies, and a clear vision for sustainable, world-class care.

Vietnam’s Healthcare Boom: Asia’s Next Big Investment Bet, said Tran Quoc Bao

By Fortune

Vietnam is rapidly emerging as a healthcare investment hotspot in Asia, fueled by strong economic growth, rising demand for high-quality medical services, and government-backed reforms. According to Tran Quoc Bao, a leading expert with over 15 years in healthcare management and investment, Vietnam is entering a transformative phase—drawing global investors with billion-dollar ambitions.

In a recent interview with Fortune, Mr. Tran Quoc Bao, who has overseen over $2 billion in healthcare transactions, pointed to three core drivers: a growing middle class, demographic shifts, and increasingly open investment policies.

A Market on the Rise

Post-pandemic, Vietnamese consumers are prioritizing their health—and they’re willing to pay for quality care. Healthcare spending is projected to nearly double by 2030, reaching $33.8 billion with an average annual growth rate of 7.6%. Meanwhile, Vietnam’s transition to an upper-middle-income country, with per capita income surpassing $4,300 in 2023, is accelerating the expansion of the middle class, set to hit 26% by 2028.

Aging demographics are also reshaping demand. By 2050, one in four Vietnamese citizens will be over 60—creating urgent need for both chronic and long-term care infrastructure.

Policy Tailwinds and Private Sector Momentum

Vietnam’s government is actively fostering public-private partnerships (PPPs) and streamlining regulations to attract foreign capital. In Ho Chi Minh City alone, over $1.29 billion has been mobilized to upgrade healthcare infrastructure through PPPs and foreign direct investment (FDI).

The private sector is poised to grow significantly, with plans to increase private hospital beds from 8% today to 15% by 2030 and 25% by 2050.

Global Capital Floods In

Since 2022, a wave of international players has entered Vietnam’s healthcare scene. Singapore’s Thomson Medical acquired FV Hospital, while CVC Capital snapped up Phuong Chau International Hospital. Raffles Medical Group and Warburg Pincus are investing heavily, along with KKR, which now holds a stake in Saigon’s eye care network.

Beyond hospitals, investors are targeting primary care systems and pharmaceuticals. GIC (Singapore) invested $135 million in pediatric network Nhi Dong 315. Creador (Malaysia) acquired 13% of pharmacy chain Long Chau, and Quadria Capital took over Tâm Tri from VinaCapital.

Opportunities—and Obstacles

Despite the influx of capital, primary care remains underdeveloped. Many patients bypass local clinics, overwhelming central hospitals. This inefficiency opens the door for scalable community-based models and Centers of Excellence (CoE) focused on specialties like cardiology, IVF, and oncology.

Mr. Tran Quoc Bao notes that long-term capital—such as pension and sovereign wealth funds—is best suited for this sector, as the return on investment often unfolds over decades.

Medical Tourism’s Untapped Potential

Vietnam hosts 300,000 medical tourists annually, generating $2 billion—still a fraction of its potential. With low treatment costs and improving care quality, the country is positioned to attract millions more, especially among the 3 million overseas Vietnamese returning each year.

As global investors search for the next big healthcare frontier, Vietnam stands ready—with rising demand, supportive policies, and a clear vision for sustainable, world-class care.