Hoan My Hospital owner reports loss of $2.1M

It had reported a profit of VND285 billion in 2021 at the height of the Covid-19 pandemic.

It also has liabilities of VND3.485 trillion, 7% higher than in 2021. It has made two bond issuances, one of which worth VND930 billion matures in October this year.

Hoan My Medical Corporation, operator of the Saigon Hoan My Hospital, the first private medical facility in Vietnam, now has 15 hospitals and six clinics, including Hoan My International Eye Hospital, Hanh Phuc International Hospital, Hoan My Thu Duc International Hospital, Hoan My Binh Duong Hospital, and Hoan My Da Nang Hospital.

Together they have 2,900 beds.

Hoan My Hospital was founded by Dr Nguyen Huu Tung in 1997. Quickly he set up six hospitals completely depending on loans, and not long afterward faced the risk of bankruptcy.

He struck a deal with VinaCapital and Deutsche Bank’s Duxton Asset Management in 2009, and they invested $20 million in exhange for a 44% stake.

Two years later, following some disputes, Hoan My was sold to India’s Fortis Healthcare, which paid $64 million for a 65% stake.

It in turn sold the shares to Singaporean investment firm Richard Chandler two years later for a profit of $16 million.

After being acquired by Richard Chandler, now Clermont Group, Hoan My expanded relentlessly by buying out hospitals in a number of provinces and cities.