Largest Private Hospital System in Northeast Mountain Provinces Reports Largest Loss in History

The TNH Hospital Group reported revenues of 93.4 billion VND in Q1 2025, up 1% year-on-year, but faced a post-tax loss of 34.8 billion VND, marking its largest loss ever and the second consecutive quarterly loss. The primary reasons were rising costs: cost of goods sold up 54%, selling expenses up 83%, and management costs up 130% compared to 2024. The TNH Viet Yen Hospital only began operations in November 2024 and officially started health insurance services in March 2025, resulting in a limited number of patients in Q1. The TNH Lang Son Hospital is still under construction and has not generated revenue. Despite these challenges, TNH anticipates a growing demand for healthcare services and plans to expand, aiming to increase bed capacity to 2,700 by 2030. Recently, foreign investors have been actively purchasing TNH shares, holding 40.3% of its equity.