Report Description

Forecast Period


Market Size (2023)

USD 8310.31 Million

Market Size (2029)

USD 11834.43 Million

CAGR (2024-2029)


Fastest Growing Segment


Largest Market

South Vietnam

Market Overview

Vietnam Hospital Market was valued at USD 8310.31 Million in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 5.92% through 2029. The Vietnam hospital market is being driven by several key factors. Rapid urbanization and industrialization are leading to lifestyle changes and an increase in non-communicable diseases, boosting the demand for healthcare services. Rising disposable incomes and expanding health insurance coverage are enabling more people to access quality healthcare, fueling demand for hospital services. Government initiatives aimed at improving healthcare infrastructure, enhancing medical education and training, and promoting medical tourism are attracting investments in the hospital sector. The COVID-19 pandemic has highlighted the importance of robust healthcare systems, leading to increased investments in hospital infrastructure, medical equipment, and healthcare technologies to strengthen healthcare preparedness and response capabilities. Collectively, these factors are driving growth and innovation in the Vietnam hospital market.

Key Market Drivers

Population Growth and Demographic Shifts

Vietnam's population dynamics are undergoing a transformative phase characterized by steady growth intertwined with profound demographic transitions. The nation is witnessing not only a numerical expansion but also a noteworthy aging trend, heralding a paradigm shift in its population structure. This demographic evolution is marked by a notable surge in the proportion of elderly individuals, indicating a demographic landscape increasingly shaped by longevity and aging demographics. The repercussions of this demographic phenomenon extend far beyond mere statistical changes. As Vietnam's population ages, there emerges an imperative for a reorientation of healthcare systems and services to meet the evolving needs of its populace. The aging process is often accompanied by a higher prevalence of chronic conditions, degenerative diseases, and age-related ailments, necessitating a greater demand for comprehensive healthcare solutions.

In particular, the surge in elderly individuals propels an augmented requirement for healthcare services, including specialized hospital care tailored to the unique medical needs of older adults. With advancing age comes a heightened susceptibility to a spectrum of health challenges, ranging from cardiovascular diseases and neurological disorders to musculoskeletal ailments and cognitive decline. Consequently, healthcare facilities, particularly hospitals, are poised to experience an upsurge in demand as they become focal points for addressing the multifaceted healthcare needs of aging populations. Older adults typically necessitate a more comprehensive and holistic approach to healthcare delivery, encompassing preventive measures, diagnostic assessments, therapeutic interventions, and rehabilitative services. Consequently, hospitals must adapt and innovate to cater to the diverse and evolving healthcare requirements of elderly individuals, integrating geriatric care principles, multidisciplinary approaches, and age-friendly environments into their service delivery frameworks.

Urbanization and Lifestyle Changes

Urbanization in Vietnam is occurring at a rapid pace, with a significant portion of the population migrating from rural to urban areas in search of better employment opportunities and improved living standards. Urban lifestyles often lead to changes in dietary habits, increased sedentary behavior, and higher stress levels, contributing to the rise in non-communicable diseases such as diabetes, cardiovascular diseases, and cancer. The prevalence of these lifestyle-related conditions is driving the demand for hospital services, particularly specialized care and treatment facilities.

Increasing Healthcare Expenditure

Vietnam's healthcare expenditure has been steadily increasing over the years, driven by factors such as rising income levels, expanding health insurance coverage, and government investments in healthcare infrastructure and services. Vietnam has undergone a remarkable transformation, transitioning from being one of the globe's poorest nations to achieving a status as a lower-middle-income country, with a GDP per capita reaching USD 4,086 in 2022. According to the International Monetary Fund (IMF) World Economic Outlook, Vietnam's GDP surpassed 406.45 billion U.S. dollars in the same year, positioning it as the fifth-largest economy in Southeast Asia and 37th globally. As projected by the World Bank, there is an anticipation of a rapid expansion in the middle and affluent classes, with expectations that they will comprise 20% of the country's population by 2030. Vietnam's sustained economic progress, the rise of its middle class, and the escalating need for top-tier healthcare services are pivotal catalysts propelling the healthcare system forward. To enhance and broaden their offerings, boost operational effectiveness, and deliver superior care, investments are being channeled into outfitting healthcare facilities with cutting-edge medical equipment. As more people gain access to healthcare services and are willing to spend on medical treatments, hospitals are experiencing a surge in patient volumes and revenue streams. Government initiatives aimed at enhancing healthcare accessibility and quality are further boosting healthcare expenditure and driving market growth.

Healthcare Reforms and Policy Support

The Vietnamese government has implemented several healthcare reforms and policies aimed at improving healthcare access, affordability, and quality across the country. Initiatives such as the Health Insurance Law, which aims to achieve universal health coverage, and the National Strategy on Health Services Development have expanded health insurance coverage, increased public spending on healthcare, and promoted private sector participation in healthcare delivery. These reforms are creating a favorable regulatory environment for hospitals, encouraging investments in healthcare infrastructure and services, and driving market expansion.

Download Free Sample Report

Key Market Challenges

Infrastructure and Capacity Constraints

One of the foremost challenges confronting the Vietnam Hospital Market is the inadequate healthcare infrastructure and capacity constraints. Despite significant progress in recent years, the country's healthcare system continues to grapple with shortages of hospital beds, medical equipment, and skilled healthcare professionals, particularly in rural and remote areas. The rapid urbanization and population growth further exacerbate the strain on existing healthcare facilities, leading to overcrowding, long waiting times, and suboptimal patient outcomes. Addressing these infrastructure deficiencies and enhancing capacity-building efforts are critical to ensuring equitable access to quality healthcare services across Vietnam.

Human Resource Shortages and Skills Gap

Another significant challenge facing the Vietnam Hospital Market is the shortage of skilled healthcare professionals and the persistent skills gap within the workforce. While the country boasts a large pool of healthcare workers, including doctors, nurses, and allied health professionals, there remains a scarcity of specialists, particularly in fields such as oncology, cardiology, and critical care. The uneven distribution of healthcare professionals between urban and rural areas exacerbates disparities in healthcare access and quality. Efforts to address these workforce challenges entail strengthening medical education and training programs, incentivizing rural practice, and promoting continuous professional development to enhance the competency and capacity of the healthcare workforce.

Key Market Trends

Medical Tourism and International Investments

Vietnam's burgeoning status as a hub for medical tourism is swiftly gaining global recognition, drawing patients not only from neighboring nations but also from overseas Vietnamese communities in pursuit of top-notch healthcare services that are both superior in quality and economically viable. This burgeoning trend is catalyzing a transformative wave within the country's healthcare landscape, prompting hospitals to make strategic investments in cutting-edge medical technologies, infrastructure enhancements, and staff training initiatives geared towards meeting the discerning needs of medical tourists.

In response to the escalating demand for high-caliber healthcare services, hospitals across Vietnam are proactively modernizing their facilities and bolstering their clinical capabilities with state-of-the-art medical equipment and advanced treatment modalities. From pioneering surgical procedures to innovative diagnostic technologies, these investments are designed to elevate the standard of care and ensure that medical tourists receive world-class treatment options that rival those offered in established medical tourism destinations. The surge in international patient inflows has sparked a flurry of collaborative ventures and strategic alliances between local healthcare providers and global industry players. International healthcare providers and investors are increasingly recognizing the immense potential of Vietnam's burgeoning medical tourism sector and are actively seeking opportunities to penetrate this lucrative market. Through partnerships with local hospitals or the establishment of their own medical facilities, these stakeholders aim to capitalize on the growing demand for healthcare services among domestic and international patient cohorts alike.

Public-Private Partnerships and Investment Opportunities

Public-private partnerships (PPPs) are playing a crucial role in Vietnam's healthcare sector, facilitating the development of healthcare infrastructure, delivery models, and service quality. The government is encouraging private sector participation in healthcare through incentives such as tax breaks, land allocation, and regulatory support. This has led to increased investments from domestic and international investors in hospital construction, expansion, and modernization projects. The government's commitment to promoting PPPs in healthcare presents lucrative investment opportunities for private healthcare providers, pharmaceutical companies, and medical equipment manufacturers.

Segmental Insights

Ownership Insights

Based on the Ownership, the public sector has historically played a dominant role in healthcare provision, with government-owned hospitals and healthcare facilities comprising a significant portion of the healthcare infrastructure. Public hospitals, funded and operated by the government, have traditionally served as the primary providers of healthcare services, catering to the healthcare needs of the population, particularly in underserved and rural areas. These public hospitals often offer a wide range of medical services, including primary care, specialty care, and emergency services, at subsidized rates or free of charge for eligible patients.

However, in recent years, there has been a notable growth in the private sector's presence and influence within the Vietnam Hospital Market. The liberalization of the economy and government policies aimed at promoting private sector participation in healthcare have led to a surge in private hospital investments, particularly in urban areas and major cities. Private hospitals, characterized by their modern facilities, advanced medical technologies, and specialized services, are increasingly attracting patients seeking higher quality care, greater comfort, and shorter wait times.

Type Insights

Based on the Type segment, multispecialty hospitals are currently dominating the landscape, offering a comprehensive range of medical services under one roof. These multispecialty hospitals are characterized by their extensive facilities, advanced medical technologies, and a diverse team of specialists spanning various medical disciplines. With a focus on providing integrated and holistic healthcare solutions, multispecialty hospitals cater to a wide spectrum of healthcare needs, ranging from routine medical care to complex surgical procedures and specialized treatments. The dominance of multispecialty hospitals in the Vietnam Hospital Market can be attributed to several factors. Multispecialty hospitals offer convenience and efficiency by providing patients with access to a wide range of medical services and specialists in a single location. This integrated approach to healthcare delivery streamlines the patient experience, reduces the need for referrals and coordination between multiple healthcare providers, and ensures continuity of care across different medical specialties.

Multispecialty hospitals are well-equipped to meet the growing demand for specialized medical services and treatments in Vietnam. With advancements in medical technology and increasing prevalence of chronic diseases and complex health conditions, there is a rising need for specialized care across various medical disciplines, including cardiology, oncology, orthopaedics, and neurology. Multispecialty hospitals, with their specialized departments and expert teams, are uniquely positioned to address these evolving healthcare needs and provide high-quality, specialized care to patients.

Download Free Sample Report

Regional Insights

In the Vietnam Hospital Market, the Southern region, encompassing major cities such as Ho Chi Minh City and Can Tho, emerges as the dominant force driving growth and innovation. Several factors contribute to the prominence of the Southern region in shaping the trajectory of the healthcare sector.Ho Chi Minh City, the economic and financial hub of Vietnam, serves as a focal point for healthcare investment and development in the Southern region. The city boasts a concentration of top-tier hospitals, medical centers, and specialty clinics, equipped with state-of-the-art facilities and advanced medical technologies. These healthcare institutions cater to a diverse patient population, offering a wide range of medical services, from routine healthcare to specialized treatments and surgical procedures.

The Southern region benefits from robust infrastructure and transportation networks, facilitating the accessibility and connectivity of healthcare services to residents across urban and rural areas. Improved transportation links and urban development initiatives have enhanced healthcare access and mobility, enabling patients from neighboring provinces and regions to access healthcare facilities in Ho Chi Minh City and other major cities within the Southern region.

Recent Developments

  • In June 2024, Sun Group has opened the Sun Group International Hospital in Hanoi, marking the inauguration of the premier healthcare facility within the Sun Group Healthcare System. This hospital represents the inaugural venture within the high-quality healthcare network, fully invested in and managed by the diversified conglomerate.

Key Market Players

  • Hoan My Medical Corporation
  • Family General Hospital
  • Tam Anh General Hospital Joint Stock Company
  • Vinmec Health System
  • Franco-Vietnamese Hospital
  • Medlatec Group
  • Tam Duc Heart Hospital (HCMC)
  • Thu Cuc International General Hospital
  • Family Medical Practice Vietnam
  • Hong Ngoc Hospital Company Limited

By Ownership

By Type

By Type of Services

By Bed Capacity

By Region

  • Public
  • Private
  • General
  • Multispecialty
  • Specialty
  • In-Patient Services
  • Out-Patient Services
  • Above 500 beds
  • 100-500 beds
  • up to 100 beds
  • South Vietnam
  • North Vietnam
  • Central Vietnam


Report Scope:

In this report, the Vietnam Hospital Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Hospital Market, By Ownership:

o   Public

o   Private

  • Vietnam Hospital Market, By Type:

o   General

o   Multispecialty

o   Specialty

  • Vietnam Hospital Market, By Type of Services:

o   In-Patient Services

o   Out-Patient Services

  • Vietnam Hospital Market, By Bed Capacity:

o   Above 500 beds

o   100-500 beds

o   up to 100 beds

  • Vietnam Hospital Market, By Region:

o   South Vietnam

o   North Vietnam

o   Central Vietnam

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam Hospital Market.

Available Customizations:

Vietnam Hospital Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Vietnam Hospital Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.       Markets Covered

1.2.2.       Years Considered for Study

1.2.3.       Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Vietnam Hospital Market Outlook

5.1.  Market Size & Forecast

5.1.1.       By Value & Volume

5.2.  Market Share & Forecast

5.2.1.       By Ownership (Public and Private)

5.2.2.       By Type (General, Multispecialty, Specialty)

5.2.3.       By Type of Services (In-Patient Services and Out-Patient Services)

5.2.4.       By Bed Capacity (Above 500 beds, 100-500 beds, up to 100 beds)

5.2.5.       By Region (Northern, Southern, Central)

5.2.6.       By Company (2023)

5.3.  Market Map

6.    Northern Vietnam Hospital Market Outlook

6.1.  Market Size & Forecast         

6.1.1.       By Value

6.2.  Market Share & Forecast

6.2.1.       By Ownership

6.2.2.       By Type 

6.2.3.       By Type of Services

6.2.4.       By Bed Capacity

7.    Central Vietnam Hospital Market Outlook

7.1.  Market Size & Forecast         

7.1.1.       By Value

7.2.  Market Share & Forecast

7.2.1.       By Ownership

7.2.2.       By Type 

7.2.3.       By Type of Services

7.2.4.       By Bed Capacity

8.    Southern Vietnam Hospital Market Outlook

8.1.  Market Size & Forecast         

8.1.1.       By Value

8.2.  Market Share & Forecast

8.2.1.       By Ownership

8.2.2.       By Type 

8.2.3.       By Type of Services

8.2.4.       By Bed Capacity

9.    Market Dynamics

9.1.  Drivers

9.2.  Challenges

10.  Market Trends & Developments

10.1.               Merger & Acquisition (If Any)

10.2.               Product Launches (If Any)

10.3.               Recent Developments

11.  Policy & Regulatory Landscape

12.  Vietnam Economic Profile

13.  Vietnam Hospital Market: SWOT Analysis

14.  Porter’s Five Forces Analysis

14.1.               Competition in the Industry

14.2.               Potential of New Entrants

14.3.               Power of Suppliers

14.4.               Power of Customers

14.5.               Threat of Substitute Products

15.  Competitive Landscape

15.1.               Hoan My Medical Corporation

15.1.1.     Business Overview

15.1.2.     Company Snapshot

15.1.3.     Products & Services

15.1.4.     Financials (As Reported)

15.1.5.     Recent Developments

15.1.6.     Key Personnel Details

15.1.7.     SWOT Analysis

15.2.               Family General Hospital

15.3.               Tam Anh General Hospital Joint Stock Company

15.4.               Vinmec Health System

15.5.               Franco-Vietnamese Hospital

15.6.               Medlatec Group

15.7.               Tam Duc Heart Hospital (HCMC)

15.8.               Thu Cuc International General Hospital

15.9.               Family Medical Practice Vietnam

15.10.            Hong Ngoc Hospital Company Limited

16.  Strategic Recommendations

17.  About Us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the Vietnam Hospital Market was estimated to be USD 8310.31 Million in 2023.


The multispecialty hospitals are currently the dominant players in the Vietnam Hospital Market, offering comprehensive and integrated healthcare solutions to meet the diverse needs of patients.


The Southern region emerges as the dominant force in the Vietnam Hospital Market, propelled by its economic vitality, healthcare infrastructure, transportation networks, medical tourism appeal, and innovation ecosystem.


Population growth and demographic shifts are the major drivers for the Vietnam Hospital Market.


Sakshi Bajaal

Business Consultant
Press Release

Vietnam Hospital Market to Grow at 5.92% CAGR through 2029

Jun, 2024

Public-private partnerships and investment opportunities is expected to drive the Vietnam Hospital Market growth in the forecast period, 2025-2029.