Victoria Healthcare (Victoria) operates local private medical clinics that meet international standards and provide demand-driven services, thus filling the gaps and lessening the load on the public healthcare system. Victoria is widely recognized as one of the best private healthcare providers in the country and Ho Chi Minh City. Functioning as a partnership of two multi-specialty clinics, or polyclinics, Victoria currently has various specialized medical wards, including Pediatrics, Internal Medicine, Gastroenterology, Endoscopy, Gynecology, Cardiology, and Urology. Victoria provides health consulting, preventive and curative treatments, rehabilitation services, emergency care, occupational medical check-ups and immunizations. In addition, Victoria operates pharmacies within its clinics.
By 2009, Victoria was operating one polyclinic, had begun construction of another clinic, and had planned to build a third. The healthcare company, however, needed working capital to support the opening and operations of these two additional health clinics.
The medical services market is one of the most attractive areas for investment in Vietnam. Accordingly, SEAF Blue Waters Growth Fund (BWGF) provided Victoria Healthcare (Victoria) with a variable interest loan in November 2009 for the launch of its new clinics in prime locations in Ho Chi Minh City.
Through SEAF’s financial and business assistance, the company opened its second clinic in February 2010, three months after SEAF’s investment. This second clinic was an immediate success, due in part to Victoria’s positive reputation, with March 2010 sales double that of its February sales.
Victoria continues to achieve impressive sales growth and profitability, adding 77 new employees between 2009 and 2012. The company invests heavily in the human capacity of its work force, sponsoring external training programs and offering internal English language and Continued Medical Education (CME) classes. Employees also receive pension and health benefits that are fully paid for by the company.
Victoria also remains firmly rooted in the local community. The healthcare company holds a blood donation day and raises funds through a book sell to donate to charities such as Heart Operation Smile, an NGO that provides free surgeries for children with life-threatening conditions. Once a year, Victoria’s medical staff travels to rural communities to provide complimentary medical services and supplies to 300- 400 patients that otherwise would not be able to afford or access quality healthcare. Victoria also provides complimentary training to parents on preventative and treatment care for children at local schools. Victoria’s multiple payment solutions also reduce out-of-pocket expenses for patients and encourages personal savings for health services.
As the company continues to expand with the help of SEAF’s partnership, Victoria will bring additional reliable healthcare services to the people of Vietnam, treating more patients through the new facilities and continuing its mission to bring better healthcare services to the Ho Chi Minh City community.
A Completed Exit
Following SEAF’s investment, Victoria’s owners altered their expansion plans and decided to open a hospital instead (rather than opening a third clinic as originally planned). However, the hospital project did not work out and without the hospital project, SEAF’s role was deemed no longer necessary. The loan was prepaid in May 2013, allowing SEAF to make a complete exit.