Figures from the Foreign Investment Agency at the Ministry ofFinance show that Vietnam drew in $31.52 billion in registeredFDI in the first ten months of 2025; a solid 15.6 per centincrease year-on-year. Despite a slight dip in newly-registeredcapital, investment through capital contributions and sharepurchases shot up by 45.1 per cent to $5.34 billion.
Driven by ongoing reforms to improve Vietnam’s investmentenvironment, FDI saw impressive momentum over the ten-month period, setting the stage for an active merger andacquisition (M&A) market in the closing months of 2025.
Deal highlights
According to Grant Thornton’s October edition of Monthly DealDigest, Vietnam’s M&A market recorded 52 transactions in the month with total disclosed and estimated value of some $720.45million. The leading sectors were real estate, energy, industrials,and financials.
By disclosed or estimated value, real estate and industrialsposted deals worth roughly $225 million and $109 million,respectively, while the energy sector saw a notable upswing inboth deal volume and value, reaching around $115 million, for asharp increase compared with previous months.
In terms of volume, the market showed broader sectoraldiversification than in earlier periods. Industrials led with ten transactions, followed by energy with seven, while most othersectors recorded four or five deals each.
October saw a series of notable transactions, for exampleVincom Retail (VRE) selling 99.99 per cent of its ownership inVincom NCT Real Estate - the operator of Vincom CenterNguyen Chi Thanh in Hanoi - to Bao Quan Trading, Investmentand Services for about $133 million. The sale aligns with VRE’songoing portfolio restructuring as it pivots towards large-scalemegamalls integrated with Vinhomes’ urban developments.
South Korea’s OCI Holdings, meanwhile, strengthened itsregional manufacturing footprint by acquiring a 65 per centstake in Elite Solar Power Wafer, a Vietnam-based solar waferplant currently under construction. OCI ONE’s equityinvestment of roughly $78 million will help scale initial capacityof 2.7 GW, with plans to double output within months.
Elsewhere, MyStorage, a technology-integrated self-storageprovider, secured a multi-million-dollar investment fromSingapore-based EMIA, which will support network expansion,upgrades to its digital platform, and environment, social, and governance (ESG)-related initiatives.
Japan’s Sumitomo Corporation acquired a 49 per cent stake inthe MEE JSC, owner of the Dak Di 1 and 2 hydropower plantswith 48 MW, marking its first hydropower investment inVietnam.
Levanta Holding purchased an 80 per cent stake in HBRE GiaLai Wind Power for $33.1 million during the month of October, while Verdant Energy completed its acquisition of an 11-MWrooftop solar portfolio spread across ten shopping centers.
Meanwhile, Platinum Victory, the largest shareholder of REE,registered to acquire additional shares worth around $43.6million, which could raise its ownership to nearly 45 per cent.
Dabaco Group approved the purchase of 2.5 million additionalshares in the Thinh Phat Kim Son 1 JSC to finance a high-techpig farming complex in northern Lao Cai province, raising itsstake to 88.18 per cent.
The Vietnam-based menswear brand Coolmate closed a Series Cfunding round, led by the Vertex Growth Fund. The companyplans to expand into women’s fashion, scale offline retail, andaccelerate international market entry.
Ares Asia Private Equity made its first investment in Vietnam in the month by becoming a strategic investor in the MEDLATECGroup. The partnership will support digital transformation, AI-driven diagnostics, and expansion of internationally accreditedhospitals and laboratories.
DSC Securities increased its stake in pharmaceutical firm VDPto 19.77 per cent through a transaction valued at about $8million.
PIDG, through InfraCo, invested $8.68 million in the Hoa Binh - Xuan Mai Water Company to build a 150,000 cu m a day cleanwater treatment plant serving rural and peri-urban areas innorthern Phu Tho province.
The De Heus Group, meanwhile, signed an agreement to acquire100 per cent of CJ Feed & Care for approximately $852.27million, adding seven feed factories in Vietnam to its portfolioand reinforcing its position as the country’s largest animal feedproducer.
Though October’s total deal value was roughly the same as September’s, composition and activity signaled clearer signs ofrecovery. Most completed transactions were strategic M&Adeals driven by foreign investors. At the same time, privateequity funds began re-entering the market after an extendedperiod of caution. Several made their first investments inVietnam, notably Ares Management’s investment inMEDLATEC and EMIA’s investment in MyStorage,underscoring renewed confidence in Vietnam’s medium andlong-term growth prospects.
Changing landscape
Experts believe Vietnam’s M&A market is poised for strongergrowth as the government accelerates institutional reforms andexpands new economic spaces, creating a more favorableenvironment for both domestic and foreign investors.
Associate Professor Tran Dinh Thien, former Director of theVietnam Institute of Economics, emphasized that Vietnam isentering an “unusual but highly promising” phase. He said thecountry’s biggest breakthrough has been its willingness toconfront longstanding institutional bottlenecks, particularlythose that once constrained the private sector. As policies evolveto empower private enterprise, Vietnam is regaining themomentum that has historically driven its major economictransitions.
He added that this shift is opening significant opportunities forM&A, especially as strong companies look to scale andstruggling firms seek restructuring solutions. With Vietnamtargeting sustained double-digit growth over the next twodecades, the government is expanding economic “space” through new strategies for marine industries, spatial and low-altitude economic activities, and diversified developmentframeworks. In this context, M&As become a critical tool toconsolidate resources and position businesses to capitalize onnewly-emerging fields.
Policy clarity and consistency remain central to investorconfidence. Mr. Pham Viet Thang, Deputy Director of theBusiness Development Institute (BDI), noted that foreigninvestors pay closest attention to the stability and predictabilityof Vietnam’s policy environment. Strengthening the legalframework and ensuring transparent, uniform implementationwill be key to making M&A more attractive. At the same time,the success of these transactions hinges on the capacity ofdomestic firms.
He stressed that Vietnamese companies must enhancegovernance transparency, adopt international standards, anddevelop proactive M&A strategies, not just as sellers but aslong-term partners capable of leveraging foreign capitaleffectively.
According to Mr. Nguyen Van Thai, Deputy Head of the Boardfor the Establishment of the Vietnam M&A Association, themarket remains fragmented due to the absence of arepresentative body and a lack of unified guidelines. M&Aregulations are still dispersed across multiple laws, and officialdata is largely unavailable. Establishing an M&A association, heargued, is essential to setting consistent standards, strengtheningindustry coordination, and promoting transparency, all of whichare critical for a sustainable market.
Together, these policy shifts, from institutional reform andexpanded development spaces to improved regulatoryconsistency and stronger domestic enterprise capability, arelaying the foundation for Vietnam’s next phase of M&A growth.
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