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VOF Annual Report 2010
VOF Annual Report 2010
Featured investments
VOF holds many of Vietnam’s top brands and companies, across a diverse range of sectors benefiting from consumer spending and the growth of the domestic economy.
Prime Group Prime Group JSC is Vietnam’s leading ceramics manufacturer, with eight ceramic tile factories and a nationwide distribution network resulting in a 25 percent market share. The construction materials sector has been among the fastest growing economic sectors over the past five years, a trend that is expected to continue as rapid urbanisation reshapes Vietnam’s major cities. Prime Group’s 2009 revenue and earnings were USD123 million and USD16 million, respectively. Prime Group expects earnings growth to average 25 percent yearly for the next three years, with a new factory just opened in early 2010 that will increase ceramics production capacity by 20 percent. VOF acquired a 7.0 percent stake in Prime Group, with the company preparing to list its shares publicly in early 2011. Hoan My Medical Corp Hoan My Medical Corporation is the largest private hospital owner and operator in Vietnam. Established in 1999, the company has a combined 620 beds and 300 physicians at four operating hospitals, primarily serving low and middle-income clients. An additional hospital in HCM City is under construction. Hoan My is a well-known brand with high patient loyalty due to its standard of service, notable in a country where public hospitals suffer from chronic under-funding and out-dated equipment. Vietnam has over 1,100 hospitals, only 4.9 percent of which are privately-owned. Vietnam opened its healthcare sector to private companies in 2000, and total healthcare spending rose 12.8 percent yearly from 2000 to 2005. The private healthcare sector grew 33.6 percent yearly from 2000-2007, with five major private hospital brands in the market. Hoan My saw earnings growth of 138 percent in 2009 and expects earnings growth of over 40 percent yearly for the next three years given its strong market position and plans for expansion. VOF holds a 28.9 percent stake in Hoan My, an investment that will assist Hoan My upgrade and improve operations in order to attract higher-income clients.
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