Opportunity rank #60 (cash-flow board) · Vietnam

Vietnam private hospitals, taken apart: the books are unusually visible — and they are ugly (the listed leader lost 18.3% audited, and guides to keep losing)

Our take: Below the bar
-18.3% TNH Hospital Group net margin (FY2025, Deloitte-audited) · Verified · Data as of: 2026-04-23

Composite-board score: 4.4 · Where it is strong: Evidence strength, Hands-off degree · methodology

Data updated: 2026-11-08

Vietnamese healthcare is one of the rare entries on this site where data is not the problem — the data is the answer. The listed route is real: TNH is Vietnam's first listed hospital group (HOSE; three hospitals, about 700 beds). The books are also real — FY2025 audited consolidated statements (Deloitte): revenue of VND 509.5bn (+16%), gross profit down 77% to VND 27.95bn, and a net loss of VND −93.2bn (against a VND 45.1bn profit the year before), a net margin of about −18.3%; its flagship Thai Nguyen International Hospital's net profit fell 89%; the company's own 2026 plan still projects a net loss above VND 51bn, and H1 2026 has already lost about VND 70bn more. The loss's shape is expansionary (new-hospital ramps plus cost control failure), but guidance to keep losing means it is not a one-year accident. Institutional endorsement does not rescue a ledger: Mekong Enterprise Fund IV took a 13.74% stake for VND 121.4bn in March 2025 — an institution's price is its own judgment, not the statements' result. The other route paid more quietly: Singapore-listed Thomson Medical bought FV Hospital for up to US$381.4M (about 16.8x FY2022 EBITDA), after which the group's FY2025 net loss of S$47M was driven mainly by that acquisition's goodwill impairment — a foreign buyer paid a full multiple for "Vietnam healthcare growth", and the un-delivered part of the growth was recognised as impairment. Rated below the bar as an explainer: it teaches one of this site's most important lessons — audited numbers do not equal opportunity; sometimes their function is to make you walk away.

In short: four lines first

What it costs to get in

Listed channels exist (HOSE / SGX); this site's conclusion is to stay out for now

Roughly what it earns

-18.3%(TNH Hospital Group net margin (FY2025, Deloitte-audited))

How much work for you

Very hands-off (listed route); conclusion is to wait

The biggest catch

This entry is itself the risk statement: the listed leader's audited net loss of 18.3%, the company's own guidance to keep losing, and the foreign buyer's high-multiple acquisition already impaired — all three are events that have happened, not forecasts.

The numbers that matter

TNH Hospital Group net margin (FY2025, Deloitte-audited)
-18.3%

Why we think it makes money

It is this site's sample of warning-grade primary data: the loss is not a broker claim or this site's derivation but a Deloitte-audited consolidated statement — the harder the evidence, the more decisive the walk-away should be.

Both routes (the local listed leader and the foreign strategic buyer) delivered the same answer in the same year: one lost in its statements, the other recognised it in impairment — the gap between Vietnam private healthcare's pricing (16.8x) and its delivery (a double-digit negative margin) deserves reading before anyone buys "emerging-market healthcare growth".

It gives the Vietnam page its healthcare lesson: consumer upgrading is real, but hospital profits are squeezed from three sides — public-insurance payment, price regulation and expansion pacing — and between demand growth and shareholder returns stands the payer, a structure common to emerging-market healthcare everywhere.

How to actually get in

  1. This page offers no buying route: listed channels exist (TNH via HOSE, Thomson via SGX), but this site's conclusion is that the books do not support entering now; the verification points for waiting are in the risk column (TNH returning to audited profit, or valuations returning to computable multiples).

What it costs, what it earns

Entry amount: Listed channels exist (HOSE / SGX); this site's conclusion is to stay out for now
How much work for you: Very hands-off (listed route); conclusion is to wait

Costs & taxes, item by item:

Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。

Identity & tax

Status (residency / citizenship)

越南 DT 投资签证

This asset does not count toward the channel This asset leads to no status

Threshold: 企业实缴出资 ≥ 30 亿越南盾才起步(DT3)

买公寓单位是买房,不计入 DT 出资,附带不了任何签证;外国人买房另有整栋 30% 配额与 50 年产权期限。想拿居留只能另走企业出资结构。

Source: 越南 Law 47/2014;Housing Law 2023

Tax (investor level)

按毛收入 10% 计税(5% VAT + 5% PIT、无费用扣除)直接惩罚低毛利长租/服务式模型——这是本页净回报测算的关键扣减项。

  • 个人出租:5% VAT + 5% PIT 按毛收入计;年收入 ≤ 1 亿越南盾免税(2026 年上调门槛的说法未核实)。
  • 转让:按全额售价 2% 计 PIT。
  • 持有期:无像样的年度房产税,税负集中在现金流与退出两端。

Double-tax treaties: 越南有 80 多个税收协定,中国、新加坡、印度均在列并生效;协定减免须凭税务居住证明申请。

Source: 越南财政部 Circular 40/2021/TT-BTC;PIT Law 04/2007;Law 47/2014(DT 投资签证)

This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.

Risks: what could go wrong

This entry is itself the risk statement: the listed leader's audited net loss of 18.3%, the company's own guidance to keep losing, and the foreign buyer's high-multiple acquisition already impaired — all three are events that have happened, not forecasts. If these happen, our take changes: If TNH returns to a full-year audited profit (net margin positive) with guidance no longer loss-making, this entry is re-based as conditional.
Expansion losses can self-extend: hospital ramps run in years, and when new-hospital utilisation ramps slower than planned, losses prolong themselves (the flagship's 89% profit fall shows the old hospitals being dragged too). If these happen, our take changes: If the flagship hospital's margin repairs first (statement basis), this judgment is partially revised.
The payer structure: public-insurance payment standards and service-price regulation cap hospital revenue, and private-pay growth does not fill the pricing gap — a structural problem, not a management problem, which new management cannot fix either. If these happen, our take changes: If Vietnam's insurance-payment reform substantively loosens private pricing (formal regulation), the sector judgment is re-based.

What we have not verified yet

The following key figures have not yet been verified; the reason is noted for each item.

FAQ

A Mekong fund bought in — why does this site say no?
An institutional purchase is that institution's portfolio decision (its price, terms, board seat and exit arrangements all differ from a retail holder's), made before the losses widened. Substituting "an institution bought it" for reading the statements outsources diligence to someone whose position is nothing like yours — when the statements are on the table, read the statements first.
The losses are expansionary — is that not exactly the buying moment?
Expansionary losses require two pieces of evidence: new hospitals' ramp data improving, and the old hospitals' margins holding. TNH's statements give the opposite: the flagship old hospital's profit fell 89%. "Expansionary" is an interpretive frame, not an exemption stamp — frames must be verified by segment data, and the verification currently fails.
Is FV Hospital not operating well?
At the operating layer (revenue and EBITDA) it is passable; the problem is the price: a 16.8x EBITDA entry multiple required growth to keep delivering, and the impairment records the group marking that expectation down. A good asset and a good purchase are different things — this site's verdict on FV is "good asset, expensive price", and on TNH "visible books, poor results"; neither is a purchase today.

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Data dates are marked per metric; page updated 2026-11-08. This site publishes information and is not investment advice; the corrections channel is in the Disclaimer。