December 11, 2023 (For immediate release)

Sweef Capital has announced the second investment of its Southeast Asia Women’s Economic Empowerment Fund (SWEEF) in USM Healthcare (USM), the first company in Vietnam to locally manufacture critical cardiovascular products.

USM was founded in 2012 by Ms VÕ XUÂN BỘI LÂM, a leading figure in medical devices manufacturing in Vietnam. Ms Lam identified a strong need for domestic manufacturing capabilities that would help Vietnam reduce its dependence on imported high-technology cardiovascular devices.

USM currently produces coronary stent systems, PTCA balloon catheters and Intravenous catheters used in interventional cardiology. Its product range also encompasses cardiovascular accessories, medical consumables, traumatology, and orthopedic products.

Much like the groundbreaking strides in cardiovascular products, Ms Lam sees vast potential in establishing domestic manufacturing capabilities for orthopedic products. The expansion into orthopedics underscores her commitment to help bolster self-sufficiency and innovation in Vietnam’s healthcare industry.

“We warmly welcome SWEEF’s investment in USM, recognising it as more than a financial partnership,” Ms Lam said. “It’s a strategic alliance, fortified by our common commitment to drive transformative change within Vietnam’s healthcare and medical devices industry. Together, we are dedicated to ensuring that affordable medical devices and orthopedic products are within reach of those in need.”

This strategic move not only diversifies the company’s portfolio but also places it at the forefront of addressing the growing demand for orthopedic solutions in Vietnam and beyond. USM has also successfully ventured into export markets, marking another milestone in its growth story.

USM’s broad portfolio aligns perfectly with SWEEF’s overarching mission to support and promote innovative enterprises led by women. This collaboration strengthens the company’s position and highlights the potential for transformative impact through gender equality and diversity in healthcare leadership and the workforce.

“Beneath the surface of this shared commitment lies a deeper purpose—the promotion of women’s economic empowerment,” Ms Lam said. “This goal is pursued through the creation of employment opportunities and the implementation of supportive workplace policies that contribute to a more innovative and resilient Vietnamese health sector. Our partnership is multifaceted, aiming to revolutionise healthcare accessibility and empower women in our organisation, fostering a more equitable and inclusive work environment.”

Sweef Capital Managing Director, Ms Jennifer Buckley, said SWEEF’s investment in USM was a pivotal step advancing the cause of accessible and affordable healthcare in Vietnam.

“It’s a commitment to improving health outcomes and reducing mortality rates, particularly those attributed to cardiovascular disease,” Ms Buckley said. “At the heart of this transformative journey is a remarkable woman entrepreneur who recognised the urgent need for domestic manufacturing capabilities to ensure that essential medical devices and orthopedic products are readily accessible to the Vietnamese population. She’s a role model in how she focuses on addressing unmet community needs in a sector where women aren’t commonly found in leadership positions.

“Beyond the creation of jobs, the investment supports women’s economic empowerment within the company. USM’s story is a testament to the power of visionary leadership and the profound impact it can have, not only on the healthcare industry, but also on the wellbeing and future of the people it serves.”

“Congratulations to Sweef Capital on the second investment of its Southeast Asia Women’s Economic Empowerment Fund (SWEEF). Ms Sarah Hooper said from Australian Consul-General in Ho Chi Minh City. The Australian Government is a proud supporter of USM Healthcare through its investment in Sweef Capital via Australian Development Investments (formerly the Emerging Markets Impact Investment Fund pilot).”

“Through development finance approaches like Australian Development Investments, the Australian Government seeks to create the conditions for private capital to contribute to economic growth and women’s economic empowerment, benefiting Vietnam, Australia and the Indo-Pacific region. I am excited to see what Ms Lam and her team will achieve as they work to transform access to healthcare in Vietnam.”

Mr Johannes Bill Ladegaard, the Head of Alternative Investments at Danish pension fund PBU, said SWEEF’s investment in USM was a prime example of what PBU looks for in terms of beneficial partnerships for impact. “As a proud women-led business, USM is already demonstrating the success of its business strategy and the Sweef team’s support will enable USM to grow the commercial and social value it delivers over time,” Mr Ladegaard said. “The potential here is immense and exciting.” 

The investment in USM was also supported by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) under its Catalysing Women’s Entrepreneurship Program.

Mr Jonathan Tsuen Yip Wong, Chief of ESCAP’s Innovation, Enterprise and Investment Trade, Investment and Innovation Division, said ESCAP was committed to promoting a financial ecosystem in the Asia-Pacific region that was responsive to the needs of women and an environment in which women-owned and women-run businesses could innovate, compete and thrive. “Through our longstanding partnership with Sweef Capital, from the inception of the Fund to its growth as a leader in the field, we have forged a strategic alliance to push this agenda forward,” he said. “We are proud to support Sweef’s landmark investment in USM, which signals the promising advancements in the gender lens investing landscape in the region in recent years, and the wealth of potential yet to be unlocked.”

SWEEF’s first investment was in Vietnamese education technology company TEKY, in May 2023.#

About Sweef Capital 

Sweef Capital is a women-led impact investment firm based in Singapore that invests in the potential of women and the future of Southeast Asia. As a private equity firm, Sweef Capital focuses on investing equity and quasi-equity capital in growth-stage companies, primarily in Vietnam, Indonesia and the Philippines, where its experienced investment professionals are well-established. The firm targets investments in growth markets including education, healthcare, food systems and climate resilience, sectors that are experiencing strong and increasing demand. For more about Sweef Capital, see 

About PBU

Pædagogernes Pension (PBU) is the Danish pension fund for early childhood and youth educators. PBU is a US$12 billion direct contribution fund based in Copenhagen. PBU employs a multi-asset strategy and invests globally. Private equity (PE) and PE in South East Asia is an important part of PBU’s social impact investing strategy. PBU is 100 per cent owned by its members and aims to be the leading pension provider for early childhood educators in Denmark. For more about PBU, visit:

About Australian Development Investments (ADI)

ADI is a development financing mechanism of the Australian Government. ADI adopts a blended finance approach to catalyse private finance into funds and financial intermediaries that support high-growth and innovative small and medium size (SME) businesses in Asia and the Pacific. ADI provides partners with fit-for-purpose technical assistance in areas of ESG, impact measurement and management, and climate and gender lens integration.  Sarona Sarona Asset Management acts as the investment manager of ADI. For more information, see:

About AIIB

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is to finance Infrastructure for Tomorrow—infrastructure with sustainability at its core. AIIB began operations in Beijing in January 2016 and has since grown to 109 approved members worldwide. The bank is capitalised at US$100 billion and is triple A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity. For more about AIIB, visit:

About Paypal

NASDAQ-listed PayPal is an innovation leader and trailblazer at the intersection of technology and finance. PayPal has made a $108 million commitment under the UN Generation Equality Forum to advance financial inclusion and economic empowerment for women and girls. In addition to these investments, PayPal continues to advance several pillars of its commitment through key partnerships with leading organisations such as the Cherie Blair Foundation for Women and Opportunity International. For more about Paypal, visit:


The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) supports inclusive and sustainable economic and social progress across the region. ESCAP’s Catalyzing Women’s Entrepreneurship (CWE) Programme, funded by Global Affairs Canada, is building momentum for the movement to close the gap in access to finance for women entrepreneurs in the region through its support to pilot, test and scale innovative financing solutions, such as gender-lens investment funds and gender bonds. To date the programme has unlocked over USD 89.7 million of capital and reached over 176,000 women entrepreneurs through enhanced access to finance and skills to grow their businesses. For more about ESCAP, visit:


Jennifer Buckley