A consortium led by Singapore sovereign fund GIC is acquiring a minority stake in Vietnam-based private hospital
operator Vinmec, part of the conglomerate Vingroup, for 4.7 trillion dong ($203 million).
Vinmec will use the proceeds to expand its medical network, according to a statement. Vingroup will continue to be
the sole controlling shareholder of VMC, the company behind Vinmec, following the transaction, it said.
GIC will receive a share of income from VMC proportionate with its equity interest, whilst Vingroup will continue to
reinvest all income into the business. The Vietnamese behemoth said its investment in healthcare will remain a non-
profit business.
Vinmec currently operates seven hospitals and five clinics across Vietnam.
Vinmec might be GIC’s first healthcare investment in Vietnam, while the Singapore government investor has built a
global healthcare portfolio including Canada’s NorthWest Healthcare Properties REIT, Metro Pacific Hospital
Holdings in the Philippines, and Vasan Healthcare and Fortis Healthcare in India, as well as a slew of
biopharmaceutical companies.
Prior to Vinmec, GIC and affiliates have invested at least $1.3 billion in other Vingroup’s subsidiaries. In 2019,
Vingroup announced a $500-million funding by a GIC-led consortium into its retail business VCM Services and
Trading Development JSC. A year earlier, the Singapore firm invested $853 million in VinHomes. In 2017, GIC
participated in Vincom Retail’s $740-million IPO.
Vingroup is currently the second largest company by market capitalisation in Vietnam, at around $15.6 billion. This
year, it also raised another $650 million for Vinhomes from KKR and Temasek.
GIC’s other investments in Vietnam include the largest listed business in the country such as Vietcombank, Masan
Group, Vinamilk, PAN Group and FPT Corporation.
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