Vietnam’s M&A Market Heats Up with $720 Million in Deals, Marking Foreign Capital’s Strategic Return

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Summary:

Vietnam recorded 52 merger and acquisition deals worth over $720 million in October 2025, led predominantly by foreign investors and private equity funds entering the market for the first time,...

Foreign capital fuels Vietnam’s M&A resurgence

Vietnam’s M&A market witnessed a resurgence in October 2025, with a total of 52 transactions valued at approximately $720.45 million, according to Grant Thornton’s latest report. While the aggregate deal value is on par with September, the structural composition of deals suggests a deeper market recovery. Most of the deals were strategic and spearheaded by foreign investors, reversing the previous trend of internal corporate restructurings.

This shift marks a significant return of private equity (PE) funds, many of which made their debut in Vietnam’s deal landscape during this month. The influx of long-term capital highlights growing international confidence in the Vietnamese economy despite global uncertainties. These trends reveal a causal relationship between macroeconomic stability and renewed cross-border capital flows into Vietnam’s private sector.

Real estate and manufacturing dominate by value, energy surges in scope

Among the sectors, real estate and industrial manufacturing led in estimated value, with real estate contributing around $225 million and industrial production about $109 million. The energy sector also stood out, with $115 million in total transaction value, supported by both scale and volume, including seven key deals in October.

Manufacturing led in terms of transaction count, with 10 deals, while energy followed with 7. Other sectors averaged 4–5 deals each, suggesting broader diversification in investment targets and rising confidence across multiple industries. This pattern demonstrates a correlational shift where sector-wide M&A activity reflects growing investor appetite beyond traditional verticals.

Vincom Retail leads real estate M&A with strategic restructuring

One of the most prominent real estate deals was Vincom Retail’s sale of a 99.99% stake in Vincom NCT, which owns the Vincom Center Nguyễn Chí Thanh, to Bảo Quân Investment and Service Company for approximately $133 million. This transaction is part of a broader strategic pivot by Vincom Retail to focus on mega-malls integrated with Vinhomes’ urban developments. New mega malls in Ocean City and Royal Island have already launched, and more investments are planned for the massive Cần Giờ project.

This transaction represents a causal realignment of corporate strategy, where asset divestments are being used to fund targeted expansions in high-growth commercial retail formats.

Energy M&A expands as foreign players invest in renewables

The energy sector saw four notable transactions. Japanese conglomerate Sumitomo acquired a 49% stake in Cửu Long Power Development JSC, owner of Đăk Di 1 & 2 hydropower plants. Meanwhile, Levanta Holding took an 80% stake in HBRE Gia Lai Wind Power JSC for $33.1 million. Other deals include Verdant Energy’s acquisition of a rooftop solar portfolio (11 MW) and Platinum Victory’s $43.6 million share purchase in REE Corporation.

This rise in renewable energy M&A indicates a causal trend driven by Vietnam’s ongoing transition toward cleaner energy and the appeal of scalable energy infrastructure projects for international investors.

Industrial M&A backed by strategic capacity expansion

South Korea’s OCI Holdings, via its subsidiary OCI ONE, acquired 65% of Elite Solar Power Wafer’s Vietnamese factory, investing $120 million in the initial phase. The plant’s projected capacity expansion to 5.4 GW within six months highlights how Vietnam is becoming central to regional renewable energy supply chains.

This acquisition reflects a strategic integration move, positioning OCI to secure upstream materials in the solar energy sector, with Vietnam as a key production hub.

Diverse sectors reflect a maturing investment landscape

Beyond the traditional sectors, October’s M&A wave also reached logistics, consumer goods, healthcare, agriculture, utilities, and finance:

Logistics: MyStorage secured funding from EMIA to expand self-storage facilities and tech platforms.

Consumer: Coolmate completed a Series C round led by Vertex Growth Fund to broaden its product lines and retail reach.

Healthcare: MEDLATEC welcomed Ares Asia PE as a strategic investor, marking the latter’s first venture into Vietnam’s medical sector. Simultaneously, DSC Securities raised its stake in VIDIPHA to nearly 20%, equivalent to an $8 million investment.

Agriculture: Dabaco acquired an additional 41.67% stake in Thịnh Phát Kim Sơn 1 for a high-tech pig farm in Lào Cai, valued at 560 billion VND.

Utilities: PIDG invested over 218 billion VND in AquaOne’s Hòa Bình-Xuân Mai water plant to enhance rural and suburban water supply in Phú Thọ.

Finance: TPBank raised its ownership of Tiên Phong Securities (ORS) to 51%, injecting nearly 3.6 trillion VND in a private share issuance that lifted TPS’s charter capital to 6.239 trillion VND.

This breadth of sectoral engagement illustrates a correlational maturity in Vietnam’s investment ecosystem, where varied industries now present viable M&A opportunities.

October 2025 marks a pivotal point in Vietnam’s M&A evolution. The surge in deal volume, the return of private equity, and the rising presence of first-time foreign investors indicate a fundamental revival in deal-making. Strategic shifts by major domestic players like Vincom Retail and the growing influence of international capital in energy and industry reflect a transforming business environment. As Vietnam strengthens its institutional, regulatory, and macroeconomic foundations, it is increasingly viewed not just as a growth story but as a strategic node in global investment networks.

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