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 v4.0 — presented live under NDA
IN MOTIONEmployer contracts: in discussion
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 one platform relationship — a monthly subscription at DSK and Silver, partnership terms at Gold and Platinum. 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.
10–12 chair major-city flagships. HCMC · Hà Nội · Đà Nẵng. Brand showcases & high-end practice partnerships.
M A J O R - C I T Y F L A G S H I P S
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 pilot in the Bình Dương area, HCMC is what the round funds. Pilot assets and 12 months' operations 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
Bình Dương area, HCMC. 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 Bình Dương clusters
Dental Care Pak bundles air ticket, hotel, allowance, tourism and treatment for the 6.5M Vietnamese diaspora. Chains are organized around individual clinics; KingDental is organized around the full cross-border journey: travel, treatment, warranty and US AfterCare.
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 multi-procedure restoration package for diaspora patients flying to Vietnam — full-arch from $10,000 — 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
Vietnam already receives about 100,000 dental visits a year from Việt kiều and foreign patients, mostly Việt kiều, worth about VND 3,500 billion (HCMC Department of Tourism, reported by VnEconomy, May 2026), with no warranty, no US follow-up and no coordination. DCP, TravelPak and AfterCare add all three. That is why the market grows, not just our share of it.
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 specialist shortage binds every operator, including us — the base case needs 153 of them, which is why the training pipeline is built before the demand arrives.
0 5
Russian cost displacement
Western suppliers largely stopped shipping dental materials to Russia after 2022, and Russian dental prices rose sharply as a result. Europe closed as a destination, and Vietnam granted 45-day visa-free entry. Three forces, one direction.
Five demand pools: three cases
KingDental model scenarios, not market data. Presented live under NDA.
D A T A R O O M · M M X X V I
The VOE data room.
Six documents cover the pilot, the economics and the deal papers. They are shared with qualified investors by named invitation, view-only, after a signed NDA. Request access and we will send the NDA first.
D O C 0 1 · P I T C H D E C K
Founder's Round Pitch Deck
The 13-slide investor deck: the Circular 32 demand mechanism, the four-tier CIAB model, the 50-clinic pilot, group structure, why $18M pre, proof today and the terms.
13 slidesUnder NDA
D O C 0 2 · U N I T E C O N O M I C S
DentalHub™ Unit-Economics Model
The bottom-up model behind the margin engine: assumptions, per-DSK economics, per-hub P&L, demand pools, network roll-up and an EBITDA sensitivity grid.
6 tabs · scenario-drivenUnder NDA
D O C 0 3 · T E R M S H E E T
Founder's Round Term Sheet
Indicative terms for the VOE Founder's Round: US$2M at $18M pre for 10% of VOE, single close, ring-fenced use of funds, investor rights and structure.
Indicative termsUnder NDA
D O C 0 4 · B U S I N E S S P L A N
Vietnam Business Plan
The statutory demand, the four-tier CIAB offer, the 50-clinic pilot, unit economics, the round, the team and the risks.
13 sections · October 2026Under NDA
D O C 0 5 · C H A R T E R
Advisory Board Charter
Composition, governance, scope, term, compensation and conflict policy for the Vietnam Advisory Board.
GovernanceUnder NDA
D O C 0 6 · P R O O F L E D G E R
Proof Ledger data room edition
Every claim labelled verified, in motion or target, and a plain list of what we do not claim.
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
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. Founder of DAVE Networks and FourSpots. Board roles: KardOne, Ginny AI, EVWheelz.
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 · B i n h D u o n g
Vu Bui
Leads clinic recruitment and standardization across the Bình Dương area clusters — the pilot's operational front line.
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
Long 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 pilot assets and 12 months. 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.