VinaCapital Vietnam Opportunity Fund (VOF) has successfully bought stakes in Thu Cuc Healthcare System. The indirect subsidiary of the fund management company, Singapore-based Aldrin One Pte. Ltd, bought the stake, turning TCI into a foreign-invested business.
The expansion plan
In the meantime, the medical enterprise is planning a national expansion project. We carry the mission to serve better healthcare needs and to deliver more access to high-quality medical services to people. This is one step closer for TCI to being one of the leading institutions in the Vietnamese private healthcare industry.
In 2014, Thu Cuc teamed with leading oncologists from Singapore to establish the Singapore Cancer Center. The project brought the most up-to-date medical advances in cancer treatment from Singapore to Vietnam. Singaporean oncologists also came to Vietnam to visit patients at the request of TCI patients.
This collaboration was a turning point for TCI to enhance the hospital’s identity in the medical services market. The founder of the hospital – Ms. Cuc Nguyen has used this business acumen to expand and deepen the initial course over the years.
To meet the overall strategic objectives, Thu Cuc offers two primary areas as two independent units: healthcare treatment and cosmetology. The health care sector – Thu Cuc Medical Joint Stock Company includes general hospitals and polyclinics (TCI). The cosmetology sector -Thu Cuc Cosmetology Joint Stock Company includes plastic surgery hospitals and clinics (Thucuc mega beauty Center) and high-tech dermatology clinics (Thucuc Clinics). This division aims to encourage business growth and offer services to the diverse needs of patients.
In 2018, Thu Cuc made a capital call to attain the goal of expanding its hospital and clinical chain. Among many investment funds and investors, Thu Cuc chose VOF as a partner because of its long-term experience in funding the healthcare sector.
The promising investment
During the evaluation phase for VOF to consider making investment decisions, Thu Cuc has continually implemented its strategic goals. We have developed medical facilities and professionals to meet the increasing needs of our patients. The expansion project includes expanding the TCI General Hospital at 286 Thuy Khue, Tay Ho, Hanoi three times bigger. Moreover, there is the launch of Thu Cuc International General Clinic at 216 Tran Duy Hung, Cau Giay, Hanoi in 2019. This expansion quickly gained a good impression and reputable credit in the hospital industry.
By August 2020, after two years of analyzing the potential and transparency, VOF officially invested in the healthcare sector TCI. This investment does not include the cosmetology sector.
With the capital contribution equivalent to 30% of the shares, VOF joined TCI’s Board of Directors. Ms. Cuc Nguyen continues to hold the Chairman position. Ms. Cuc Nguyen said, “This investment reinforces Thu Cuc’s expansion journey to make one of the leading private hospitals. It also creates jobs for 10,000 people, contributing to a greater good for the community. Therefore, many aspects of the private healthcare system are improved when associated with the public healthcare system. We aspire to offer excellent and professional medical services to serve the needs of patients. Also, we hope to prevent possible brain drain and “bleeding” money situations in the industry.”
Soon, Thu Cuc Healthcare System will implement adjustments to rebrand its identity to match the development strategies as well as its vision and mission statement.
About Thu Cuc
- Thu Cuc brand was founded in 1996, focusing on plastic surgery and dermatology services. Later in 2011, the enterprise started its first development by getting deeper into the medical services field, more particularly in the treatment and examination aspect. Thu Cuc International General Hospital was officially established in 2011, creating a premise for Thu Cuc International General Clinic to be launched in 2019.
- Thu Cuc Healthcare System is in the top 3 private hospitals with the highest quality scores in Hanoi and the top 5 hospitals of the city assessed by the Hanoi Department of Health in 2019.
- Thu Cuc is also well known for applying the newest equipment in specialized medical treatment and pioneering health screening with state-of-the-art technology. The hospital also offers service processes following international standards and uses information technology to streamline procedures and bring convenience to customers. Customer service and doctors’ accountabilities are two qualities that the hospital pays great attention to.
About VinaCapital Vietnam Opportunity Fund (VOF)
- Founded in 2003, VOF is a leading investment management firm headquartered in Vietnam, with a diversified portfolio of 4 billion USD in assets under management.
- VOF is one of the most experienced investment companies in Vietnam. The company has funded over 300 companies and projects in Vietnam for the past 15 years. Some of its biggest investees are Hoa Phat, Vinamilk, Eximbank, FPT Corporation, Phu Nhuan Jewelry PNJ, etc.