Singapore firms eye healthy market

Hoa Lam-Shangri-La Healthcare Limited Liability Company, a Singapore-Vietnam joint venture, in the second quarter of this year will open a City International Hospital in Ho Chi Minh City. This is the first hospital in its $400 million International Hi-Tech Healthcare Park, and is managed by a Singapore-based leading private healthcare group in Asia, Parkway Pantai.

As the largest international private hospital in Ho Chi Minh City, City International Hospital aims to raise the healthcare bar in Vietnam by offering international standard healthcare services.

The hospital will be an attractive alternative for Vietnamese patients who travel abroad to seek high quality medical treatments.

City International Hospital will also contribute to elevating the country’s healthcare talent pool through public-private hospital partnerships in continuous medical education sharing and training.

“Currently, there is unmet demand for private healthcare services in Vietnam. Coupled with its large population whose income levels and expectations of healthcare have risen over the years, there are tremendous opportunities to expand the scope and depth of healthcare services in the country,” said Tan Seang Teak, chief executive officer of City International Hospital.

With a population of 88 million, the healthcare system in Vietnam, both public and private, has lagged behind the growing demand of healthcare. Many wealthier Vietnamese are willing to pay more for better patient cares abroad, and most of them eye Singapore as a good place for medial services.

The Ministry of Health estimated that each year Vietnamese spent about $2 billion on healthcare services abroad, due to the lack of high-quality hospitals in the country. This brings profitable opportunities for Singapore’s medical firms to expand foothold in Vietnam

Like Parkway, Thomson Medical Centre Limited signed a hospital management agreement with Hanh Phuc International Women and Children Hospital Joint Stock Company to manage Hanh Phuc Hospital in southern Binh Duong province.

Fortis Healthcare International Pte, a Singapore-incorporated firm, last year acquired a 65 per cent stake in Vietnam’s Hoan My Hospital. And International SOS Pte Ltd also invested in three centres in Vietnam.

For Parkway Pantai, City International Hospital is its first venture into Vietnam where the firm eyes as a strategic and significant market.

“We are keen to strengthen our presence beyond Ho Chi Minh City with the right opportunity or strategic partner, leveraging Parkway Pantai’s over 30 years of hospital management expertise in the region,” said Tan Seang Teak.