March 2025 saw approximately USD 187 million in transactions across Vietnam, with the healthcare sector playing a prominent role in investment activity.
Mekong Capital’s USD 246-million Mekong Enterprise Fund IV acquired a 13.74% stake in TNH Hospital, marking its first hospital investment. TNH operates one hospital in Thai Nguyen, is constructing two additional facilities, and has plans to expand to ten locations nationwide by 2030. Mekong Capital’s healthcare investments also include Entobel, LiveSpo, Gene Solutions, and Pharmacity. As the firm prepares for exits and the launch of a USD 200-million climate fund, Vietnam’s healthcare sector continues to attract interest from private equity players such as Warburg Pincus, KKR, and GIC.
FDcare, a Vietnam-based primary care clinic chain, secured USD 2.5 million in Series A funding led by US-based Cercano Management and Singapore’s Golden Gate Ventures, with existing investors Bert Kwan and AiViet Venture also participating. The investment will support the expansion of FDcare’s clinic network beyond District 7 and Thu Duc City while broadening its services to include corporate healthcare. FDcare specializes in preventive care, offering screening and chronic disease management solutions at a time when investor interest in Vietnam’s healthcare industry is growing.
SmartSolar, an energytech startup based in Ho Chi Minh City, raised USD 1.85 million in seed funding from investors including Picus Capital, 2degrees, and Iterative. Founded by Kevin Junker, SmartSolar focuses on advancing Southeast Asia’s transition to a low-carbon power grid by promoting rooftop solar installations for small and medium-sized enterprises. The company already has nearly 1MWp of installed capacity in Vietnam and aims to accelerate the adoption of distributed solar solutions across the region.
Filum AI, an AI-driven customer experience management (CXM) platform founded in 2020, secured USD 1 million in seed funding from South Korean venture capital firms Nextrans and TheVentures, alongside Vietnam’s VinVentures and individual investors. The funding will be used to enhance product development (65%), sales expansion (20%), and marketing initiatives (15%). Filum AI has gained traction with major enterprises such as Audi and TheFaceshop, positioning itself to disrupt the CXM space in Vietnam and beyond. Led by CEO Tran Van Vien, co-founder of Base.vn, the company is leveraging AI to refine enterprise customer engagement strategies.