TNH Hospital Group reported a nearly VND116.9 billion after-tax loss for the first nine months of 2026, despite a 27% rise in net revenue to more than VND460 billion. VnExpress, citing its consolidated third-quarter accounts, described pressure from costs at new facilities and borrowing expenses.
Growth does not yet cover expansion costs
Nine-month cost of sales exceeded VND448 billion. In the third quarter alone, revenue rose 24% to more than VND184.5 billion, but the after-tax loss reached almost VND45.9 billion. Gross profit fell nearly 34% to approximately VND9.3 billion.
TNH said Việt Yên hospital revenue grew 41%, with outpatient visits up 27% and inpatient numbers up 25%. Its Thái Nguyên International and Phổ Yên hospitals recorded revenue increases of 6% and 4%.
The Lạng Sơn facility, operating since mid-July, had not met expectations. The company attributed pressure to initial staffing, depreciation and other operating costs.
Financing and reporting periods matter
Third-quarter financial expenses rose 141% to more than VND30 billion. Management said interest was recognised in operating results once facilities entered service instead of being capitalised.
At September’s end, assets exceeded VND3,032 billion and liabilities were nearly VND1,394 billion. Accumulated losses of almost VND104 billion are a balance-sheet measure, distinct from the nine-month loss. Subsequent reports will show whether new facilities generate enough revenue to absorb costs; these financial figures alone do not establish insolvency or clinical-care quality.