TNH Joint Stock Hospital Group (code: TNH on HoSE) has just announced a resolution on transforming the structure of its Executive Board. The transformation involves shifting from a model consisting of a General Director (GD) and Deputy General Directors to an Executive Board comprising a General Director and functional Directors.
The Executive Board may include, but is not limited to, functional positions such as Director of Finance, Director of Professional Affairs, Director of Group Operations and New Hospital Operations Development, Director of Projects, Director of Commerce, Director of Procurement, Director of Human Resources, Director of Human Resources Partners, and Director of Technology.
Within the Executive Board, the General Director and the Director of Finance are considered insiders. Apart from the Director of Finance and the Director of Professional Affairs, who are appointed and dismissed by the Board of Directors, the General Director has the full authority to appoint and dismiss the other functional Directors.
According to TNH, this structural change aims to enhance governance and management effectiveness through specialization in each field, emphasizing accountability and transparency. It also aims to align with the Group’s vision for 2030 and emulate the modern governance models adopted by leading international healthcare groups while ensuring flexibility in managing and developing hospitals, projects, human resources, finances, and technology.
Yen Binh General Hospital in Thai Nguyen is a branch of TNH Hospital System
As part of this restructuring, on August 25, TNH Hospital announced the dismissal of six Deputy General Directors: Nguyen Huu Hiep, Tran Thien Sach, Nguyen Anh Dinh, Ngo Minh Truong, Dao Manh Duy, and Le Thi Thuy An (also serving as Executive Director). This decision was made to reorganize the Group’s management structure and personnel.
However, in a reverse move, Mr. Ngo Minh Truong was appointed as the Director of Finance, while Mrs. Le Thi Thuy An took on the role of Director of Group Operations and New Hospital Operations Development. Meanwhile, Mr. Nguyen Anh Dinh was appointed as the Director of Projects.
Additionally, other personnel changes included the appointment of Mr. Truong Van Quy as the Director of Human Resources and Mr. Tran Cao Vy as the Director of Technology, assuming functional roles within the restructured executive team.
TNH Hospital’s decision to restructure its management team comes on the heels of a net loss of over 20 billion VND in Q2 2025, a significant decline compared to the profit of over 38 billion VND in the same period last year.
During this quarter, TNH’s net revenue stood at 122 billion VND, a 7% decrease year-on-year. Soaring prime costs led to an 80% evaporation of gross profit compared to the previous year, leaving only 10.6 billion VND.
The surge in prime costs, coupled with mounting expenses, pushed TNH into the red. The company attributed this to extended holidays and prolonged unfavorable weather conditions, which disrupted medical examination and treatment activities across TNH’s facilities.
Additionally, the newly operational TNH Viet Yen Hospital has not yet been registered for health insurance for initial medical examinations and treatments, resulting in unstable patient numbers and impacting revenue.
In Q2 2025, the company also incurred additional costs for the completion and implementation of electronic projects at TNH Pho Yen Hospital and TNH Viet Yen Hospital, as well as investments in AI applications for image diagnosis.
For the first half of the year, TNH recorded a slight 3% decrease in revenue, amounting to 216.3 billion VND. After deducting expenses, the hospital reported a loss of over 55.1 billion VND, in stark contrast to the profit of 53 billion VND in the same period last year.
As of June 30, 2025, TNH’s total assets stood at 2,735 billion VND, a 7% increase from the beginning of the period. However, cash and cash equivalents decreased by 23%, amounting to 42 billion VND.
Construction work in progress accounted for 403 billion VND, a 40% increase. This primarily comprised the TNH Lang Son Hospital project with 332 billion VND, the third phase of the International Thai Nguyen Hospital project with 61 billion VND, and a 10 billion VND investment in the Da Nang Oncology Hospital project.
TNH’s total liabilities amounted to 942 billion VND, a 35% increase from the beginning of the year. Borrowings and finance lease liabilities stood at 893 billion VND, a 36% increase.
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