Growing dental hygiene, coupled with a surge in foreign dental tourists, is expected to drive the growth of Vietnam's dental services industry, which will reach a revenue of $435 million by 2023, according to a report by Ken Research.
|Vietnam is forcast to become a hot spot of dental tourism in the next three years |
With a 100 milllion population, the demand for dental healthcare and treatment, especially cosmetic dentistry, is on the rise in Vietnam. In parallel, there is an explosion of dental services, especially in big cities. The number of patients visiting for cosmetic dentistry is high as people are growing more concerned about their dental health and smile.
In addition, Vietnam’s dental tourism market is quite attractive as dentistry costs are 3-10 times lower than in other countries. Around 100,000 foreign tourists travel to Vietnam each year for dental procedures, generating over $150 million in revenue, according to the Vietnam National Administration of Tourism (VNAT).
Market Research Future forecasts that the Asia-Pacific region would account for around 40 per cent of the global dentist tourism market in 2023 and the rising destinations in this regard are Southeast Asian countries like Thailand, Malaysia, the Philippines, and Vietnam.
With Vietnam's dental tourism industry expected to grow by 250 per cent in the next five years, a number of companies have made heavy investments to capitalise on the lucrative market.
Kim Dental Co., Ltd. is currently operating a dental clinic chain across Vietnam. The company has recently mobilised VND500 billion ($21.52 million) from many international funds to secure firmer footprint in Vietnam.
The representative of Kim Dental said that Vietnam’s dental industry is fragmented with independent and family-owned businesses. Thus, the company plans to pursue merger and acquisition strategy to quickly expand its dental clinic chain to more provinces in Vietnam. The company also plans to be listed on Vietnam’s stock market to attract more investment capital.
Meanwhile, Saigon Odonto-Stomatology Hospital (Benh Vien Rang Ham Mat Sai Gon) is the first private dental hospital in Ho Chi Minh City. The hospital is catering to the surging demand for dental services in Vietnam, targeting the high-end segment with international-compliant standards for local and foreign customers.
Dr Nguyen Quang Tien, director of the hospital, said that dentistry costs in some markets like Thailand are expected to increase in the next three years. For instance, a dental implant normally priced at $1,200 in Thailand, which is projected to reach $1,500 in the next three years. Meanwhile, Vietnam has much lower dentistry costs at a forecasted price of $1,000-1,200 for dental implantd in the next three years. Thus, Vietnam is expected to become a regional hot spot for dental tourism.
“Despite the opportunities, the number of dental clinics remains limited. Meanwhile, the quality of dental services need to be improved to satisfy the evolving needs. Thus, Vietnam’s dental industry should step up their game to catch up with the trends in the coming time,” he added.