Vietnam’s Healthcare Sector Booms: M&A Surge in Pharma & Hospitals

BDA Partners reports that Vietnam’s healthcare sector closed 2025 with robust deal-flow momentum. Foreign strategic investors and private equity (PE) platforms are active both in pharmaceutical manufacturing (notably with EU-GMP certified facilities) and healthcare services, including hospitals and diagnostic chains. [1]

The Livzon-Imexpharm deal (~US$221 million for ~65 %) is foundational: it grants pharmaceutical manufacturing capacity with EU-GMP plants and key antibiotic market share domestically, while also positioning Vietnam as a regional manufacturing hub leveraging free-trade advantages. [1][8]

On the services side, platform PE investors like Ares (via Medlatec) and Quadria (via Tam Tri Medical) are focusing on hospital networks with proven operational histories and geographical spread. These investors are pursuing bolt-ons to expand capabilities such as specialty services and geographic footprint. [1][3]

Despite the rapid deal growth, regulatory hurdles remain a significant concern. Licensing and permits, quality standards, valuation methodologies, medical staff credentials, and operating permissions all add complexity. Vietnam’s healthcare M&A value reached US$4.8 billion in the first eight months of 2025, aggregating diverse transaction sizes. [7][8]

Strategic implications: Acquirors will prefer targets with existing international accreditations (such as EU-GMP or JCI), strong compliance track records, operational performance, specialty service lines, and scalable platforms. Local operators can gain from aligning to international standards and preparing for exits. For investors, talent, legal, valuation, and licensing risk mitigation will become key differentiators.

Open questions include: To what extent will regulatory reforms (e.g., streamlining licensing, standardising valuation) accelerate future deals? How will PE exits shape valuations? Will domestic demand plus tourism sustainably support high-end specialty care expansion? What are the macro risks (e.g., policy, economic, currency) that could shift investor calculus?