Singapore’s Thomson Medical Group has inked an agreement to purchase FV Hospital in Ho Chi Minh City for VND9 trillion (US$381.4 million), making the acquisition the largest-ever healthcare deal in Vietnam.

The deal is expected to not only open a new chapter for FV Hospital, but also help drive Vietnam’s health sector, Tran Van Thuan, Deputy Minister of Health, told a ceremony to announce the hospital as a member of Thomson Medical Group on Wednesday. 

“The acquisition of FV Hospital expands our presence to cover three of the region’s most important geographies in healthcare [sic], giving us access to a flourishing market and a deep bench of talent,” said Kiat Lim, executive vice-chairman of the Singaporean group.

The deal also provides critical inroads into neighboring countries like Cambodia, Laos, and Myanmar, he added.

According to Deputy Minister Thuan, Vietnam is home to over 1,500 healthcare facilities and offers several hi-tech healthcare solutions, such as in vitro fertilization (IVF) and transplantation.

The number of Vietnamese going abroad for medical treatment has dipped significantly over the past few years.

Meanwhile, many foreigners are visiting Vietnam for medical purposes.

Vietnam always encourages the expansion of private healthcare systems and welcomes foreigners to invest in the country’s private hospitals, Thuan said.

Private healthcare facilities currently account for a mere seven percent of Vietnam’s medical treatment and examination system.

Thuan also revealed a strategy to enhance the country's health industry, outlining plans for the construction of two healthcare complexes in Long An Province in southern Vietnam and Bac Ninh Province in the north.

Each complex will feature a hospital, a medical university, and a research institute.

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