BDA Partners Ho Chi Minh City office is active in the healthcare sector

BDA Partners Ho Chi Minh City office is active in the healthcare sector. Huong Trinh, Partner and Yen Pham, VP at BDA Partners wrote an article for Vietnam Investment Review.

Vietnam’s healthcare sector closed 2025 with robust M&A momentum. Transactions from institutional investors demonstrated the market’s depth, while established platforms backed by private equity pursued add-ons and expansion. The year demonstrated that Vietnam is achieving multiple growth vectors simultaneously.

Notably, Livzon Group acquired 65% in Imexpharm from SK for $221m. Through this deal, Livzon secured access to Imexpharm’s four EU-GMP certified plants and its 10% share of the domestic antibiotics market.

This acquisition underscores a market reality: given strict restrictions on foreign pharm distribution, buying established manufacturers remains the most efficient path to market access.

The rationale extends beyond domestic access. Vietnamese manufacturers with international certification serve as contract manufacturing platforms for ASEAN, offering regional cost-effective production bases with preferential trade access through Vietnam’s free trade network.

Healthcare services dominated deal activity, attracting institutional investors and funds. Two platform investments captured attention. Ares’s Medlatec investment was the global investment manager’s first healthcare bet in Vietnam. Quadria Capital’s Tam Tri Medical acquisition brought Quadria back into Vietnam’s hospital sector after it exited FV Hospital in 2023. 

Next year, PE-backed platforms such as Xuyen A (Warburg Pincus), Phuong Chau (CVC), and Mat Sai Gon (KKR) will pursue bolt-ons for geographic expansion or speciality capabilities.

Exit opportunities will also emerge, as PE investments from 2020-2022 are approaching their natural hold periods. Successful exits will establish new valuation benchmarks for Vietnam. Exits demonstrating good returns will validate the investment thesis and trigger increased capital allocation.

Success in 2026 will come to different players: new investors looking to make their first acquisition, existing healthcare operators expanding through add-ons, and healthcare companies preparing for M&A. Vietnam’s healthcare sector is sure to be one of SE Asia’s most active markets.

Read the full article on VIR here.

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BDA Partners is the global investment banking advisor. We are a premium provider of Asia-related advice to sophisticated clients globally, with 30 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services, Sustainability and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

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