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VinaCapital Vietnam Opportunity Fund Limited
(the "Company", the “Fund” or "VOF")
LEI No.: 2138007UD8FBBVAX9469
VOF takes significant minority stake in Tam Tri Medical JSC,
a leading private healthcare system in Vietnam
Ho Chi Minh City, 30 August 2018 – VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital, announces that it will invest USD25 million in Tam Tri Medical Joint Stock Company, a growing network of private hospitals throughout Vietnam. The private equity transaction gives VOF a significant minority stake in the company, which operate four hospitals in south and central Vietnam. Tam Tri Medical is expected to use the capital to expand current facilities and acquire new facilities to improve economies of scale. Tam Tri Medical’s CEO is Dr Nguyen Huu Tung, who previously founded the Hoan My Medical Corporation which was sold to an international investor in 2013. VOF invested in Hoan My in 2009, which was the pioneer M&A transaction in Vietnam’s private healthcare sector.
Andy Ho, VinaCapital’s Chief Investment Officer, said, “It is estimated that Vietnamese people annually spend over USD2 billion for medical treatment overseas, clear evidence of the enormous opportunity for quality domestic healthcare services. Tam Tri is well positioned to capitalise on that, with well-regarded hospitals and a reputation for medical quality. Furthermore, having worked with Dr Tung in the past, I know he is someone with a vision, a track record of success, and he delivers on his commitments. Our investment in Hoan My was very successful, and we have been looking for ways to work with Dr Tung since then.”
“Vietnam has done a good job of making healthcare available to its citizens. However, the public health system is overloaded, which can result in long waiting times to see doctors and nurses, while some people have concerns about the quality of care. The private sector is not a replacement for the public sector, but rather complements it, by giving Vietnamese people more options for care. I started Tam Tri Medical to provide standardised high-quality healthcare service that is affordable for the majority of Vietnamese people. Because Tam Tri is better able to manage the standardised delivery of quality healthcare services, it saves money for patients and ultimately, the economy,” said Dr Tung.
“Having worked with VinaCapital at my previous company, I appreciate the value they bring to the table, and I look forward to working with them to grow Tam Tri into Vietnam’s top private healthcare system,” he added.
About Tam Tri Medical JSC
Tam Tri Medical currently operates four general hospitals in Ho Chi Minh City, Dong Thap, Nha Trang and Danang, with approximately 500 beds and more than 700 employees. The company is growing by more than 30 percent per annum, as Vietnamese consumers look for alternatives to the public health system or traveling overseas to receive care.
The company is considering expanding its footprint nationwide, with a focus on Ho Chi Minh City, central and southern regions, particularly in the Mekong Delta.
Dr Tung noted that the critical challenges to the growth of the affordable private healthcare sector are the high capital expenditure investments and the difficulty in finding good doctors.
“Tam Tri has been able to manage these challenges in part due to the importance we place on following standardised operating procedures and effective hospital management protocols. We offer patients with one-step diagnosis and effective treatments with a high level of service. The result is better outcomes, fewer inpatient days and lower costs to patients, both insured and uninsured alike,” he said.
Launched in 2003, VinaCapital Vietnam Opportunity Fund Limited is a Guernsey-domiciled, closed-ended investment company, listed on the Main Market of the London Stock Exchange. VOF’s investment objective is to achieve medium to long-term returns through investment either in Vietnam or in companies with a substantial majority of their assets, operations, revenues or income in, or derived from, Vietnam.
VOF is classified as a registered closed-ended Collective Investment Scheme under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and is subject to The Companies (Guernsey) Law, 2008.
VOF is managed by VinaCapital Fund Management JSC, an entity managed and regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions.
More information about VOF may be found at https://vof.vinacapital.com.
Founded in 2003, VinaCapital is a leading investment management and real estate development firm headquartered in Vietnam, with a diversified portfolio of USD1.8 billion in assets under management. The firm has two closed-ended funds that trade on the London Stock Exchange: the VinaCapital Vietnam Opportunity Fund Limited, which trades on the Main Market, and VinaLand Limited which trades on the AIM. VinaCapital also manages the Forum One - VCG Partners Vietnam Fund, one of Vietnam's largest open-ended UCITS-compliant funds, the Vietnam Equity Special Access Fund, numerous segregated accounts, and two domestic funds. VinaCapital has joint ventures with Draper Fisher Jurvetson in venture capital, and Warburg Pincus in hospitality and lodging. VinaCapital's expertise spans a full range of asset classes including capital markets, private equity, real estate, venture capital, and fixed income.
For more information about VinaCapital, please visit www.vinacapital.com .
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