V I E T N A M O P E R A T I N G E N T I T Y · F O U N D E R ' S R O U N D
The platform for the other eighty-five percent.
Vietnam's dental services market is $4.2B today, growing to $5.5B by 2030. The five major chains serve 10–15% of demand. KingDental Vietnam builds the operating-system platform that serves the rest.
A market created by regulation, paid by employers.
Three instruments stack into one demand mechanism. Employers must fund periodic health examinations for their workforce — and since 2023, those examinations include dental.
2015
Law on Occupational Safety & Hygiene Art. 21
Employers must fund periodic health examinations for their workforce.
2019
Labor Code duty of care
Reinforces the employer duty of care and the annual examination obligation.
2023
Circular 32/2023/TT-BYT
Brings dental within the employer examination scope. This is the demand trigger.
T h e g a p
Public insurance (BHYT) explicitly excludes preventive dental cleaning. The cost of compliance sits with employers — not the state, and not the consumer.
MEANSRecurring B2B revenue against a statutory obligation
NOTDiscretionary consumer spend
NOTA BHYT reimbursement play
W h a t w e d o w i t h i t
Employer demand is mapped clinic-by-clinic and converted through the network — the clinics that already sit inside contract radius.
MAPPEDTier 2 Target Map — industrial zones and large employers
SIZEDDemand Model v3.1 — figures in the data room under NDA
PROOFEmployer contracts secured in the pilot
M A R K E T T H E S I S
The chains built premium. We build the platform.
Vietnam has ~150 chain clinics serving urban premium patients — and tens of thousands of solo practitioners and small clinics serving everyone else with analog tools. We don't compete with the chains. We platform the underserved majority.
TECHPredominantly analog · no scanners, no AI receptionist, no digital payments
T H E P L A T F O R M
Clinic-in-a-Box. Four tiers. Zero deposit.
CIAB bundles intraoral scanner, AI receptionist in Vietnamese, payments rails, smart-lock asset tracking, brand seal, and ongoing software updates into a single monthly subscription. Every deployed clinic generates revenue across five compounding layers.
DSK
Entry
$450 / mo
3 6 m o n t h c o n t r a c t
Entry onboarding for solo practitioners. Scanner, AI receptionist, payments rails, brand seal.
3–5 chair provincial flagships. Anchors for Dental Care Pak inbound tourism in 34 provinces & 15 coastal cities.
D O Z E N S T A R G E T E D
Platinum
Flagship
$7,500 / mo
6 0 m o n t h c o n t r a c t
10–12 chair major-city flagships. HCMC · Hà Nội · Đà Nẵng. Brand showcases & high-end practice partnerships.
U P T O 1 0 T A R G E T E D
T H E P I L O T · T H E P R O O F N O D E
Fifty clinics. One city. One falsifiable proof.
The 50-clinic Viet Nam (Binh Duong) pilot is what the round funds — 100% ring-fenced. Recruit and standardize the clinics, convert mapped Tier 2 employers to workforce contracts, then publish the unit economics. The Series A reprices on that data.
P I L O T C L I N I C S
50
Viet Nam (Binh Duong). One proof city. All tiers.
Milestone-gated from day one
Recruit & standardize · onboard employers · publish utilization, revenue-per-clinic and retention
The fifty: mix by tier
The DSK backbone carries the network and proves the economics at scale. Three flagships anchor it — one each at Silver, Gold and Platinum.
47
D S K
Independent clinics across the Binh Duong clusters
Dental Care Pak bundles air ticket, hotel, allowance, tourism, and treatment for the 6.5M Vietnamese diaspora. No Vietnamese chain has cross-border infrastructure — they serve in-market patients only.
02
DentX supply alliance
Bulk-purchased consumables aggregated across the network, distributed at up to 20% discount. VOE retains 11–15% margin. Volume that no single chain or solo can replicate.
03
Payments rails on KardOne
Licensed money transmitter infrastructure for patient-to-clinic and clinic-to-supplier flows. Transaction take-rate at every layer. An 18-month head start no analog operator can close.
D E N T A L C A R E P A K · T H E D I A S P O R A F L Y W H E E L
Patients arrive from abroad. The network grows to meet them.
A $10,000 multi-procedure restoration package for diaspora patients flying to Vietnam — implants and crowns bundled with travel, accommodation and patient-care logistics. The patient saves 50–70% against US and Canadian pricing. At steady state, Dental Care Pak is projected to be the largest single revenue stream in the platform.
0 1
Diaspora demand
4.5M Vietnamese in developed countries, the first generation now 50–75+ — the years major restorative work becomes necessary.
0 2
Treatment in Vietnam
Gold and Platinum clinics take the work. Family visits they were already making absorb the travel cost of the trip.
0 3
Revenue into the network
Package revenue funds clinic upgrades, CAD/CAM training and dentist recruitment — capacity the platform owns.
0 4
Capacity attracts more
Each trained dentist raises how many patients the network can take. The shortage that makes scaling hard makes catching up impossible.
Capture rate: three cases
Against 4.5M developed-country diaspora at a $10K average package value. The downside case is a substantial business on its own.
0.3%
L o w
Industry benchmark capture · 13,500 patients / yr
$135M / yr
0.5%
M i d
22,500 patients / yr
$225M / yr
1.0%
B a s e
Benchmark plus the four structural advantages · 45,000 patients / yr
$450M / yr
D O C U M E N T P A C K E T · M M X X V I
The full VOE document set.
Eight documents, designed to be read in sequence — the proof ledger and strategy first, then the deal papers. Print-ready, confidential. Click any to open in your browser; press Cmd+P (or Ctrl+P) to save as PDF.
Two thousand solo dentists in HCMC. Thirty-four provinces. Fifteen coastal tourism cities. None of them have a scanner. All of them have patients.
Tue Le·Founder & CEO · KingDental Holdings
T E A M · V I E T N A M O P E R A T I N G E N T I T Y
Operator-led. Vietnamese ground team.
VOE is led, staffed, and partly owned by operators from the country it serves. No expat managers. No remote control. Full bios and CVs in the data room.
F o u n d e r · C E O
Tue Le
30 years of Silicon Valley startup experience. Prior exits include DAVE Networks (acquired by HP) and FourSpots. Board roles: KardOne, Ginny AI, EVWheelz.
C O N F I R M E D
G r o u n d o p s · B i n h D u o n g
Vu Bui
Leads clinic recruitment and standardization across the Viet Nam (Binh Duong) clusters — the pilot's operational front line.
C O N F I R M E D
C T O
Thanh Tran
Platform and document security. Owns the clinic-facing software stack and the investor data room infrastructure.
C O N F I R M E D
G r o u n d o p s · V i e t n a m
Louis Nguyen
Vietnam operations. Employer outreach and clinic onboarding across mapped Tier 2 targets.
C O N F I R M E D
C l i n i c a l d i r e c t o r
Open seat
Senior Vietnamese dentist — 15+ years · multi-chair operator. Owns clinical protocol, training, and quality audits across the deployed network.
O P E N · R E C R U I T I N G
T H E F O U N D E R ' S R O U N D
Two million. One falsifiable proof.
US$2M at $18M pre for 10% of VOE — as four to eight founder tickets, or a single principal taking the round. Ring-fenced to the pilot. Your rights travel: pro-rata in the VOE Series A, and ROFO plus pro-rata on the next country entity's first round. Thirty minutes is the next step.