The Vietnam Opportunity Fund (VOF), managed by VinaCapital Group, has pumped US$25 million into the TMMC Healthcare Group, the Vietnam News Agency reported on Friday.

VOF is now the biggest shareholder in TMMC Healthcare, which in turn can use the funding to purchase new equipment, expand its own hospitals and acquire new ones.

According to VinaCapital Chief Investment Officer Andy Ho, Vietnamese people spend an estimated $2 billion annually on overseas healthcare services, so there is a great opportunity for high-quality medical facilities at home.

Ho said VinaCapital believed TMMC Healthcare was capable of seizing this opportunity.

TMMC Healthcare CEO Nguyen Huu Tung said the co-operation would help his company develop into a leading healthcare system in Viet Nam.

TMMC Healthcare Group now owns four private hospitals in Da Nang, Nha Trang, HCM City and Dong Thap Province. The company, growing at a rate of 30 per cent on an annual basis, is eyeing a nationwide expansion, with a focus on HCM City and the central and southern regions, particularly the Mekong Delta. — VNS