Vietnam sees famous medical and pharma M&A deals in 2023
The year 2023 has witnessed many large M&A deals in the medical and pharmaceutical industry, with two international hospitals falling into the hands of foreign owners and a wave of foreign investors’ acquisitions of Vietnamese drug companies.
Two major hospitals acquired by foreign investors
A series of recent large mergers and acquisitions (M&A) involving international corporations has shown the development potential of the Vietnamese medical market. According to statistics, medical tourism in Vietnam is worth about $2 billion with more than 300,000 international visitors coming for examinations and treatment each year.
The largest M&A deal in the medical and pharmaceutical industry in 2023 was the acquisition of Ho Chi Minh City-based FV Hospital by Thomson Medical Group (TMG) from Singapore. It was also the largest healthcare acquisition in Southeast Asia since 2020.
The deal value reached $381.4 million, including $359.6 million up front and $21.8 million to be delivered when FV Hospital achieves certain performance milestones.

FV Hospital in Ho Chi Minh City. Photo courtesy of the hospital.
The purchase will be funded via the group’s internal resources and external borrowing from financial institutions.
The deal highlights the growing significance of Vietnam’s burgeoning healthcare market, the Singaporean firm said in a release.
“FV Hospital provides a strategic foothold for us in Vietnam and a gateway to grow and focus on future investments in this fast-growing market,” said Kiat Lim, TMG’s executive vice chairman.
Under the terms of the sales and purchase agreement, TMG has agreed to acquire all of Far East Medical Vietnam Ltd. (FEMV). FEMV operates a range of healthcare facilities in Vietnam, including the 220-bed multidisciplinary tertiary FV Hospital and a network of primary and specialist clinics.
FEMV, also called FV Group, currently has over 1,600 staffers, including more than 200 Vietnamese and expatriate doctors. FV Hospital has since 2013 operated an outpatient clinic known as FV Saigon Clinic in the heart of District 1, Ho Chi Minh City’s traditional business district.
In October, the HCMC-headquartered American International Hospital (AIH) unveiled a comprehensive strategic partnership agreement with Raffles Medical Group (RMG) of Singaporean billionaire Loo Choon Yong.
The two sides did not disclose the specific value, but in July, Savills Vietnam valued AIH at $45.6 million.
Under the deal, from October, RMG would engage in the governance and operation of AIH and develop a number of specialized services such as oncology and general surgery.
Previously, RMG said it would buy the majority of shares of My My Trading - Services Company Limited, the investor of AIH.
The AIH acquisition will help RMG capture growth opportunities from the boom in demand for private healthcare services in Vietnam. At the same time, it supports RMG's ambition to become a high-quality medical and healthcare service provider chosen by people in the region.
AIH officially came into operation in 2018 with a capacity of 120 inpatient beds and a staff of about 500. This is a project of Tien Phuoc Group, a long-standing real estate developer in Ho Chi Minh City.
"Wave" of pharmaceutical M&As
In August, South Korean pharmaceutical group Dongwha Pharm spent KRW39 billion (about $30 million) to buy a 51% stake in Vietnam’s Trung Son Pharma. This is considered the biggest value deal in the pharmaceutical industry.
For a long time, Dongwha had intended to make deeper inroads into the Vietnamese market with many products distributed by the firm. Witnessing the growing demand for Korean vitamins, red ginseng and beauty care products in Vietnam, Dongwha plans to boost sales of these products.
Trung Son Pharma is a famous name in the Vietnamese pharmaceutical market, with a chain of 140 stores across throughout the southern region.
This brand was founded in 1997 by the couple of doctor Truong Thanh Son and pharmacist Truong Hoang Thanh Truc, offering diverse products from prescription drugs, over-the-counter (OTC) medicine, and supplementary foods, cosmetics and medical equipment, to healthcare and beauty products.
Since 2019, Trung Son Pharma has grown an average of 46% per year, reaching a revenue of VND13.5 trillion ($554.76 million) in 2022.
Another notable deal in the pharmaceutical industry in 2023 was Japan’s ASKA Pharmaceutical Group spending VND180 billion ($7.4 million) to increase its ownership in Ha Tay Pharmaceutical JSC (DHT). When the deal is completed, ASKA will hold 26.8 million DHT shares, or nearly 33% of charter capital.
DHT plans to spend VND78 billion ($3.21 million) building a high-tech pharmaceutical factory and the remaining VND102 billion restructuring bank loans to improve its financial self-sufficiency and reduce financial pressure.
In addition, the DHT board of directors decided to temporarily cap the foreign ownership ratio at 44.31%.
Established in 1920, ASKA specializes in providing products for internal medicine, obstetrics and gynecology and urology. In April 2020, the company established an international business department to promote growth and development through operations in foreign markets.
The Japanese pharmaceutical company said the purpose of this transaction is to establish a base in Southeast Asia as a launch pad for expanding operations in the international market.
In early 2021, ASKA completed a deal to buy 6.6 million DHT shares, becoming the largest shareholder in this pharmaceutical company with a 24.9% stake.
In April, Poland’s Adamed Pharma announced that it had bought a 100% stake in Dat Vi Phu Pharmaceuticals JSC (DaviPharm). This was considered the pharmaceutical industry's first major M&A deal in 2023.
The deal value was not disclosed, but the Polish group's presence at DaviPharm is expected to help the company become one of the largest drug manufacturers and a provider of high-quality drugs at affordable prices in Vietnam, as stated by Dr. Malgorzata Adamkiewicz, head of the company’s supervisory board.
Previously, Adamed Pharma owned 70% of DaviPharm shares.
Founded in 1986 in Poland, Adamed Pharma is a giant in the field of pharmaceuticals and biotechnology. By the end of 2022, the group owned two manufacturing plants in Poland and one in Vietnam, with over 200 patents in many countries around the world.
DaviPharm is a manufacturer of more than 300 medicinal products in Vietnam, Cambodia, Philippines and Myanmar. It owns a factory capable of producing up to 1.2 billion tablets per year in the southern province of Binh Duong.
Vietnam's healthcare market was worth $16.2 billion in 2020, accounting for 6.0% of GDP, said Vietnam Report, a leading local ranking and research company.
Total health spending increased from $16.1 billion in 2017 to over $20 billion in 2021. It is projected to reach $23.3 billion in 2025 and $33.8 billion in 2030. Pharmaceutical spending also rose to over $6.6 billion in 2021.
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