Mekong Enterprise Fund IV invests in TNH Hospital

Mekong Enterprise Fund IV invests in TNH Hospital

With 700 hospital beds and over 800 staff, TNH aims to expand to 10 hospitals nationwide by 2030, providing 1.6 million patient visits annually.

Established in 2012, TNH operates a growing network of three facilities with 700 hospital beds and over 800 staff. — Photo courtesy of Mekong Capital

Mekong Capital has announced that its Việt Nam-based Mekong Enterprise Fund IV (MEF IV) has officially become a shareholder in TNH Hospital Group Joint Stock Company (stock code: TNH), marking its first investment in the hospital sector.

Established in 2012, TNH operates a growing network of hospitals, including Thái Nguyên International Hospital, Yên Bình Thái Nguyên General Hospital and TNH Việt Yên Hospital in Bắc Giang. With 700 hospital beds and over 800 staff, TNH aims to expand to 10 hospitals nationwide by 2030, providing 1.6 million patient visits annually.

“We have spent more than 10 years looking at potential hospital investments and couldn’t find the right one – until now,” said Chris Freund, Founder and Partner at Mekong Capital.

“We look forward to working with them for TNH to become a nationwide chain, increasing people’s access to affordable yet high-quality health care throughout Việt Nam.”

Mekong Capital did not disclose the deal’s value, but TNH reported that Blooming Earth Pte. Ltd. acquired over 6.72 million TNH shares worth VNĐ121.4 billion (about US$4.8 million), raising its stake from 9.08 per cent to 13.74 per cent on March 5. Blooming Earth is a Mekong Capital-managed entity.

Mekong Capital's fifth fund, MEF IV, is a $246 million private equity fund investing in high-growth Vietnamese consumer businesses. It focuses on retail, education, restaurants, FMCG, healthcare and consumer services, with investments in firms like Entobel, LiveSpo and Gene Solutions.

In 2024, TNH Hospital recorded revenue of VNĐ443 billion and post-tax profit of VNĐ49 billion, down 16 per cent and 64 per cent year-on-year, respectively, falling short of its targets of VNĐ540 billion and VNĐ155 billion, respectively. 

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