"During the 2019-2020 period, convincing investors to back a clinic chain like Nhi Đồng 315 was extremely difficult. Venture capital funds viewed the business as too traditional, while larger private equity funds wanted immediate profitability metrics such as EBITDA."
"Experience from the U.S. market - including cases like Teladoc - had already exposed a critical weakness in purely online healthcare models. Modern medicine is evidence-based, which means diagnosis often depends on imaging, lab testing, and physical examination."
"The real challenge in healthcare is not building an app or a website - especially in Vietnam, where creating digital products is relatively low-cost and accessible. The real complexity lies in the intersection between online and offline operations."
In 2019, Southeast Asia experienced a surge in technology investments, overshadowing traditional businesses like brick-and-mortar clinics. Nhi Đồng 315's success challenges the notion that only digital platforms can thrive. It underscores Vietnam's economic realities and the need to address significant bottlenecks. Investors initially hesitated to support such traditional ventures, focusing instead on immediate profitability. However, the limitations of online healthcare models reveal the necessity of integrating physical operations with digital solutions, emphasizing the complexity of healthcare delivery in Vietnam.
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