Vietnam Newsletter - March 2025

Market Summary

In March 2025, the Vietnamese market witnessed transactions totaling around c.USD187m. Notably, the healthcare sector was prominently involved:

• Private equity firm Mekong Capital has picked a 13.74% stake in listed healthcare company TNH Hospital. The investment was made through Mekong Enterprise Fund IV, a $246-million fund that was closed in 2021. 

• Vietnam's primary care clinic chain FDCare raised funding led by Cercano and Golden Gate Ventures.

Aggregate Deals Value = c.USD187m

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This month's top deals

Healthcare

Vietnam's Mekong Capital makes first hospital investment in TNH Group

Mekong Capital’s $246-million Mekong Enterprise Fund IV has bought a 13.74% stake in Vietnam’s TNH Hospital, marking the fund’s first hospital investment. TNH operates one hospital in Thai Nguyen, is building two more, and plans to expand to 10 facilities nationwide by 2030. Mekong Capital’s healthcare portfolio also includes Entobel, LiveSpo, Gene Solutions, and Pharmacity. As it gears for exits and launches a $200-million climate fund, Vietnam’s healthcare sector remains attractive to private equity, with recent investments from Warburg Pincus, KKR, and GIC.

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Vietnam's Mekong Capital makes first hospital investment in TNH Group

Vietnam's FDCare raises funding led by Cercano, Golden Gate Ventures

Vietnam-based primary care clinic chain FDcare has raised $2.5 million in Series A funding led by US-based Cercano Management and Singapore’s Golden Gate Ventures, with existing investors including Bert Kwan and AiViet Venture participating. The funding will support the expansion of FDcare’s clinic network beyond District 7 and Thu Duc City and help extend its services into corporate healthcare. FDcare focuses on preventive care, integrating services from screening to chronic disease management amid growing investor interest in Vietnam’s healthcare market.

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Vietnam's FDCare raises funding led by Cercano, Golden Gate Ventures

Technology

SmartSolar raises seed funding

SmartSolar, an energytech startup based in Ho Chi Minh City, has raised $1.85 million in seed funding from investors including Picus Capital, 2degrees, and Iterative. Founded by Kevin Junker, the company is focused on decarbonizing Southeast Asia’s power grid by promoting rooftop solar installations for SMEs and already has nearly 1MWp of installed capacity in Vietnam.

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Vietnam Digest: SmartSolar raises funds; HSBC provides loan to 315 Medical

VinVentures, Nextrans, TheVentures back Vietnam-based Filum AI

Filum AI, an AI-driven CXM platform founded in 2020, raised $1M in a seed round led by South Korean VCs (Nextrans, TheVentures) and Vietnam’s VinVentures, alongside key individual investors. Funds will be allocated as follows: 65% to product development, 20% to sales, and 15% to marketing. With significant traction among major enterprises (e.g., Audi, TheFaceshop) and a leadership team led by CEO Tran Van Vien (co-founder of Base.vn), Filum AI is well-positioned to disrupt the CXM market both in Vietnam and globally.

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VinVentures, Nextrans, TheVentures back Vietnam-based Filum AI

Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.