This study investigates critical risk factors in healthcare construction projects, emphasizing the need for improved risk management strategies to ensure project success in this sector of rapid growth. The study used an additive probability formula approach as the risk assessment methodology. Including a literature review and a survey of construction professionals, 160 valid responses were analyzed via a Likert scale to assess risks for both the consequence and likelihood. The research identified the top five significant risks based on the value of the combined measure of risk: extended appraisal duration, inaccurate equipment valuation, design revisions, land acquisition delays, and cost escalation. These align with previous findings on regulatory and financial challenges but uniquely pinpoint cost escalation impacts due to local economic conditions. The study implied that regulatory frameworks and strategic procurement practices tailored to Vietnam should be enhanced. By highlighting localized challenges, this research supports the evidence on risk management in emerging markets, promoting the integration of other locations’ best practices with local findings to improve healthcare infrastructure and public health outcomes.