Nhi Dong 315, one of Vietnam’s largest private vaccination service providers, has received an additional $135 million investment from Singapore’s sovereign wealth fund, GIC Pte, DealStreetAsia reported.
Founded in June 2019, Nhi Dong 315—operated by Chan Van Medical JSC—focuses on pediatric and maternity healthcare. The parent company, established in March 2019, specializes in multi-specialty and pediatric clinics, obstetrics, dermatology, and internal medicine, excluding inpatient services.
This latest investment adds to previous funding rounds from GIC. In April 2024, filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) revealed that Ardolis Investment, a GIC-affiliated entity, had injected $28.7 million into Nhi Dong 315—split between two tranches: $14.5 million in December 2023 and $14.2 million in April 2024.
Earlier in 2022, GIC invested $30 million in a Singapore-registered Nhi Dong 315 entity as part of its Series B equity financing round.
At the time, Nhi Dong 315 founder Nguyen Huynh Van Vy told DealStreetAsia: “This continued investment affirms GIC’s commitment to expanding our network of clinics and hospitals across the country. We currently operate over 120 clinics and aim to grow to 250. Additionally, by 2025, we plan to establish five new hospitals focused on healthcare for women, mothers, and children throughout Vietnam.”
Beyond direct investment, GIC has also acquired shares from other stakeholders. As of April 2024, GIC became the largest shareholder in Nhi Dong 315, holding a 38.5% stake. Founder Nguyễn Huỳnh Vân Vy remains the second-largest shareholder with a 33.7% stake.
Prior to GIC’s involvement, Nhi Dong 315 had attracted capital from multiple sources. In 2020, the company secured pre-Series A funding from family offices Nisaetus and Squadd Holdings, Tremont Capital Ventures International, an undisclosed Japanese healthcare group, and several angel investors.
In 2021, the company successfully raised Series A capital from BDA Capital Partners, Thien Viet Securities, and Qatalyst Ventures—a venture capital firm led by Mariano Luis Que of the Philippines—as well as other private investors. According to filings with ACRA, Nhi Dong 315 received $1.38 million in equity during this round.
Today, Nhi Dong 315 stands out in Vietnam’s increasingly competitive vaccination center market. Although it predates Long Châu, the company is lagging behind in scale. It currently operates 57 centers in Ho Chi Minh City and 3 in Bình Dương—compared to VNVC’s 210 and Long Châu’s 110.
Like VNVC and Long Chau, Nhi Dong 315 benefits from a broader healthcare ecosystem. However, analysts at VDSC note that the company is slower to scale due to limited retail experience and weaker brand recognition relative to its rivals.
According to VDSC, Vietnam’s vaccine market grew at a compound annual rate of 3.1% from 2014 to 2023, reaching VND 20.01 trillion ($786 million) in 2023. The market is projected to expand at 6.9% annually from 2024 to 2030, potentially reaching VND 31.96 trillion ($1.26 billion) by 2030. This growth is driven by rising disposable incomes and a sustained public focus on preventive healthcare.
Nhi Dong 315 is not GIC’s only bet on Vietnam’s healthcare sector. In 2020, GIC invested over $200 million in Vinmec, the healthcare arm of Vingroup. Other GIC investments in Vietnam include VNLIFE (parent of VNPAY), Masan Group, and Vietcombank.
Source: vietnambiz
