Thonburi Healthcare Group Plc (THG) has co-invested in the construction of a 170-million-baht wellness clinic to serve wealthy customers in Vietnam, cooperating with Vietnam-based property developer IFF Holdings and Mithmitree Clinic.
The project focuses on customers interested in healthcare and anti-ageing medicine, said Tanatip Suppradit, chief executive of THG.
"This group of Vietnamese customers has strong purchasing power. They are looking for medical services provided by Thai doctors," he said, adding that the country has bright healthcare prospects with a fast-growing economy.
IFF Holdings is funding 60% of the investment, with 30% from THG and 10% supported by Mithmitree Clinic, which has operated a healthcare business in Thailand for 27 years.
The new BeWell Wellness Clinic is scheduled to open in Ho Chi Minh City by the end of this year. More branches are planned for Danang and Ho Tram by 2025.
THG expects the internal rate of return for this project to be around 20%, with a payback period of 4.5 years.
Investment in Vietnam is part of THG's business strategy. THG and Thonburi Bamrungmuang Hospital earlier agreed to provide counselling services to the Ho Chi Minh City-based FV Hospital.
The services, which started in May, have covered construction, interior design, management-system infrastructure, procurement, recruitment, and preparations for in vitro fertilisation clinic operations.
Nguyen Thi Mai, chairwoman of IFF Holdings, said the firm decided to invest in the clinic because a growing wellness trend in Vietnam and other parts of Asean became evident since the end of the pandemic, especially as economies recovered.
"IFF Holdings is partnering with THG and Mithmitree Clinic because we have confidence in THG's experience and expertise in delivering world-class medical services, as well as in Mithmitree Clinic's expertise as a medical clinic," she said.
IFF Holdings expects the clinic to improve Vietnam's medical service quality and wellness knowledge to give locals better health outcomes.
Worasak Manit, chief executive of Mithmitree Clinic Co, said Vietnam is an important market for the wellness business because its wealthy consumers are interested in holistic healthcare and anti-ageing medicine.