Forecast
Period
|
2026-2030
|
Market
Size (2024)
|
USD
8310.31 Million
|
CAGR
(2025-2030)
|
5.92%
|
Fastest
Growing Segment
|
Private
|
Largest
Market
|
Southern
Vietnam
|
Market
Size (2030)
|
USD
11603.30 Million
|
Market Overview
Vietnam Hospital Market was valued at USD 8310.31 Million in 2024 and is expected to reach USD 11603.30 Million by 2030 with a CAGR of 5.92% during the forecast period. 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. Vietnam's population, currently at 101.34 million as of January 2025, is projected to reach 101.6 million by mid-year. Representing 1.23% of the global population, Vietnam is ranked 16th in terms of population size. This ongoing population growth, coupled with demographic shifts, is driving significant demand in the healthcare sector, particularly within the hospital market in Vietnam. As the population expands, the need for healthcare services, infrastructure, and facilities continues to increase, presenting opportunities for growth within the industry. 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. A 2019 UNFPA report indicated that approximately 11.9% of Vietnam’s population was aged 60 and above, with this figure projected to surpass 25% by 2050. This significant aging trend, coupled with population growth, is driving increased demand for healthcare services, particularly in the hospital sector. As the elderly population expands, there is a greater need for specialized care, healthcare infrastructure, and medical resources, fueling growth in the Vietnamese hospital market. Furthermore, this demographic shift is likely to prompt advancements in healthcare technology, elder care facilities, and healthcare policy, presenting additional opportunities for investment and innovation within the sector. 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.

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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 April 2024, Warburg Pincus, a leading U.S.-based global growth investment firm, announced its strategic investment in Xuyen A (Trans-Asia), a prominent private hospital group headquartered in Ho Chi Minh City. Xuyen A currently operates four large-scale, multi-specialty hospitals in densely populated areas of southern Vietnam, with its flagship facility located in the Cu Chi District of Ho Chi Minh City. This international investment underscores the increasing appeal of Vietnam's healthcare sector, attracting foreign capital to meet the rising demand for advanced medical services in the region.
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. In August 2024, the Vietnamese government took steps to advance public-private partnerships (PPP) within the healthcare sector to enhance the country’s healthcare system. A consultation workshop held by the Ministry of Health in Hanoi on August 21 focused on a draft circular that outlines the framework for implementing PPP healthcare investment projects. The circular seeks to address the challenges faced by both regulatory bodies and investors in the sector. Comprising four chapters and 23 articles, the draft circular offers detailed guidance on PPP investment activities in healthcare, in alignment with Clause 3, Article 93 of Decree No. 35/2021/ND-CP, which governs the implementation of PPP laws. This initiative opens up significant investment opportunities in the healthcare industry, fostering collaboration between the public and private sectors to meet growing healthcare demands. 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 ownership, the Private hospitals emerged as the fastest growing segment in the Vietnam Hospital market during the forecast period. As Vietnam's population continues to grow and the middle class expands, the demand for high-quality healthcare services is rising. According to the World Health Organization (WHO), Vietnam ranks 5th in life expectancy for men and 2nd for women among 10 Southeast Asian countries. On average, the Vietnamese population has a life expectancy of 73.7 years, although they live with chronic illness for approximately 10 years. Private hospitals are increasingly attractive to consumers, particularly in urban centers like Ho Chi Minh City and Hanoi, due to their higher service standards, shorter wait times, and specialized care offerings. With the ongoing economic growth, more individuals are experiencing increased disposable incomes, allowing them to access private healthcare. This trend is especially prevalent among the growing middle class, who are seeking better healthcare options than those provided by the public system. While the government has been promoting public-private partnerships (PPP) to address gaps in public healthcare, private hospitals benefit from fewer regulatory constraints and are able to scale operations more quickly. Moreover, rising international investments in private healthcare are further fueling the sector’s expansion. Private hospitals are also able to offer specialized services that public hospitals, often overwhelmed by high patient volumes, struggle to provide. As a result, private healthcare is becoming increasingly appealing, particularly for patients seeking elective procedures or expecting higher standards of care. These factors collectively position the private hospital sector as the fastest-growing segment of Vietnam’s healthcare market.
Type Insights
Based on Type, multispecialty hospitals emerged as the dominating segment in the Vietnam Hospital market in 2024. 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.

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Regional Insights
Based on Region, Southern Vietnam emerged as the dominating region in the Vietnam Hospital market in 2024. 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
December 2024, a project was announced to launch Vietnam's first AI-powered
virtual hospital. Core8's AI hospital will be situated in the 700-hectare Duc
Hoa 3 Industrial Park in Long An province, southern Vietnam, near Ho Chi Minh
City. In August, Core8, the Australian company joined a consortium working to
develop the area into a hub for biotechnology and semiconductor industries. The
MedArmor AI Hospital will focus on a preventive healthcare model, emphasizing
early disease detection and timely interventions, supported by AI and virtual
care technologies. The hospital will primarily utilize virtual technologies
like video conferencing for patient care, and will also offer telestroke
management, electronic intensive care units, and online provider-to-provider
consultations.
- In
December 2024, Vietnam and Denmark formed a partnership to enhance primary
healthcare services. The collaboration will focus on the prevention, early
detection, and management of non-communicable diseases, such as diabetes and
hypertension. Denmark will also support the Vietnamese government in developing
and executing policies to tackle health challenges arising from the country's
growing and aging population.
- In
November 2024, Vietnam's Sun Group unveiled the Sun Serenia Hospital project in
An Thới Ward, Phú Quốc City, Kiên Giang Province. Located on a
10,000-square-meter plot, the six-story hospital will span 19,000 square meters
and offer services in pediatrics, cardiology, stroke prevention, emergency
care, dentistry, and cosmetic surgery. The facility is also set to include
specialized departments for elderly care and cardiovascular patients, including
a dedicated Cardiology and Stroke Prevention Department. Expected to be
completed by December 2025, this hospital marks Sun Group's second healthcare
project, following the opening of Sun Hospital in Hà Nội earlier this year.
- In
August 2024, TNH Hospital Group JSC, located in Vietnam's northern province of
Thai Nguyen, was granted approval by the stock market regulator to raise its
foreign ownership limit (FOL) from 49% to 70%. The Vietnam Securities
Depository and Clearing Corporation has been tasked with implementing the
necessary adjustments, as announced by the State Securities Commission last
week. The commission did not specify the date when the new FOL will take
effect.
- In
June 2024, Sun Group 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
|
|
- General
- Multispecialty
- Specialty
|
- In-Patient Services
- Out-Patient Services
|
- Above 500 beds
- 100-500 beds
- up to 100 beds
|
- Southern Vietnam
- Northern 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 Southern Vietnam
o Northern 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]