FV Hospital

Over the last 24 years, Celinvest invested in the creation and development of the FV Hospital in Ho-Chi-Minh-City, Vietnam.

Our motivation to join the project

The idea of participating in the development of a hospital in Sout-East Asia was a great motivation for such an investment, as this would not only contribute to improving healthcare in a developing country but would also support Vietnam from an economical standpoint (middle-class development, ease installation of expatriates, etc.).

But I also have to acknowledge that, from a patrimonial point of view, the idea to lead our financial interest towards such an ethical approach was without any doubt the most attractive point for me to join this project. And despite all the unbelievable difficulties we encountered and surpassed in this adventure, this has been by far the most meaningful professional experience I ever lived.

Gilles Celimene, Founder of Celinvest

Key Milestones

1997 - 2003
Raising Funds & Building the Hospital
Grand Opening of the Hospital
Joint Commission International Gold Seal of Approval
Quadria Capital buys 50% of the Hospital and joins the Board of FVH

Organization of the project

Luc Mercadal, a doctor anesthesiologist, and childhood friend of Gilles Celimene was inspired to pursue humanitarian missions in Vietnam. In 1997 he wanted to help develop the highest level of medical care for Vietnamese people by building a Franco-Vietnamese hospital in Saigon with his professional connections including Dr. Jean Marcel Guillon who quickly became the person tasked with developing this project on-site.

The team then came to meet Gilles Celimene as a specialized lawyer in order to help structure the project from a legal, tax, and financial point of view. After working for two years with Jean-Marcel Guillon, and considering the seriousness of the project, we decided to invest and became founding partners of the FV Hospital.

This is how we joined the project from 1997, and supported its development ever since.

In order to raise funds before building the hospital, three main groups of investors were leveraged:

  • the 10 founders of the hospital
  • up to 500 french doctors, who invested in the hospital in exchange for some shares of the company, but also in order to come a few weeks per year in Vietnam and work directly in the hospital after its opening
  • the World Bank, ADB (Asian Development Bank) and BIDV who supported this project after the two other groups showed strong interest and committed financially

All together, we managed to raise the necessary amount to finance and build the hospital, which officially opened in 2003.

Earning the JCI in 2016

FV Hospital was accredited by the Joint Commission International (JCI) on March 5th, 2016. JCI is an independent not-for-profit organization based in Chicago that provides accreditation for healthcare facilities to help them improve their quality of care and safety measures while upholding excellence standards. FV hospital has been granted a Gold Seal of Approval from this prestigious group which acknowledges our commitment to delivering both patient outcomes as well as organizational management at its highest level possible!

The JCI survey evaluates an organization’s patient safety and quality system by looking at more than a thousand measurable elements. The team of physicians, nurses, and health care administrators will visit the facility to assess everything from staff interviews with patients and leadership reviews in order to provide a complete evaluation of how well your hospital is doing on key areas like infection control surveillance or hand hygiene compliance.

Quadria Capital joining the board of FV Hospital

Quadria Capital is an independent healthcare-focused private equity firm that specializes in growth capital investments in small-cap and middle-market companies within the healthcare sector across South, Southeast Asia.

In 2017, Quadria Capital decided to join the adventure and bought all the shares of the 500 french doctors who initially invested in the company, and therefore took a participation of 50% of the FV Hospital.

The FVH is today a magnificent hospital structure, which by the quality of the services offered, has acquired all the confidence of the authorities and the Vietnamese populations, as well as that of the many expatriates of all nationalities, regardless of the complexity of the care or the level of surgery required.

Our original project of patrimonial success in a perfectly ethical framework has been carried out.

Want to discuss the project? Get more information?


Do not hesitate to contact us

You may contact us using the attached form, or through the following means




Celinvest SA
2 rue Astrid
L1143 Luxembourg-City