Singapore Tycoon Loo Choon Yong’s Raffles Medical To Buy Majority Stake In Vietnam Hospital

Raffles Medical Group—controlled by tycoon Loo Choon Yong—has agreed to buy a majority stake in the American International Hospital (AIH) in Ho Chi Minh City as the healthcare company seeks to expand its operations beyond China and Singapore.

“This expansion will build stronger resilience in both our healthcare and hospital services with further geographical and revenue mix diversification,” Singapore-based Raffles Medical said in a statement. The deal comes on the heels of the proposed acquisition by Singapore billionaire Peter Lim’s Thomson Medical Group of Far East Medical Vietnam, owner of FV Hospital in Ho Chi Minh City, for $381.4 million.