In a filing, it said he has been replaced by Nguyen Nhu Nam, a director and investment manager at South Korean conglomerate SK Group.

SK Group is in the final stages of negotiations to invest US$100 million in Pharmacity as part of its efforts to tap into the fast-growing Southeast Asian retail and healthcare markets, the Korea Economic Daily reported in July last year.

In 2018, Pharmacity received an undisclosed amount of investment from leading Vietnamese private equity firm Mekong Capital.

It raised VND730 billion ($31.19 million) in series C funding a year later, while its parent company, Maroon Bells, issued VND1 trillion worth of bonds.

SSI Securities expects Vietnam’s drugstore chains to thrive on recovering healthcare activities and spending this year.

Market research firm IBM said the size of Vietnam's pharmaceutical industry could reach $7.7 billion in 2021 and $16.1 billion in 2026.

Pharmacity plans to increase its number of outlets from the current 1,100 to 5,000 within the next three years.