Vietnam’s M&A Performance in 2025: Is the Momentum Back?

Vietnam M&A (mergers and acquisitions) market in 2025 is buoyant with active deals in retail, energy, real estate, finance, and technology. From energy acquisitions to billion-dollar casino resorts and foreign tech investments, discover how domestic and global players are shaping Vietnam’s investment picture.

Vietnam’s M&A landscape in 2025 reflects a recovery in confidence even in the face of global headwinds. Domestic groups are expanding through acquisitions in retail and finance, whereas foreign investors are channeling capital into renewable energy, real estate, and technology.

Market momentum and trends of Vietnam’s M&A activities in 2025

The first half of 2025 confirmed a rebound in Vietnam’s deal-making environment. According to data from Grant Thornton, July alone saw 34 completed deals totaling nearly US$786 million, with an average deal size of US$23.1 million.

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The revival is linked to several factors, including the implementation of reforms such as the Land Law in 2024, the Law on Digital Technology Industry in June 2025, and better market absorption capacity. These reforms have increased transparency in respective sectors and performed well in raising investor confidence, especially in the real estate segment.

By contrast, 2024 closed with 450 transactions worth US$6.93 billion, which means a 9.5 percent drop in volume and a 30.9 percent decline in value compared to 2023. The trend is towards contraction in average deal sizes, from US$52.3 million in 2023 to US$41.5 million in 2024, and further to US$23.5 million in Q1 2025. The scarcity of megadeals above US$100 million shows a move towards smaller and localized investments.

Sectoral highlights and active industries

Real estate regains strength

Real estate remains the most active sector, rising from 36 percent of deal value in 2024 to 44 percent in Q1 2025. As reported by Vietnamplus, several transactions stood out:

• Vinaconex Group sold a 70 percent stake in Vinaconex ITC to three domestic investors for an estimated US$250-300 million; and
• UOA Vietnam acquired 100 percent of Ruby Strip Investment Company for US$68 million, adding prime Ho Chi Minh City (HCMC) assets to its portfolio.

Technology is building momentum

Technology accounted for 5 percent of deal value in Q1 2025, up from 2 percent in 2024. The sector is attracting both domestic and foreign investors, mostly from countries like Singapore, South Korea, China, the US, and the UAE.

Rounds has committed US$20 million to acquire and support non-gaming apps in Vietnam in 2025. Similarly, SpaceX has announced plans to establish a wholly foreign-owned business in Vietnam with an investment of around US$1.5 billion. The first phase will involve building 10-15 ground stations to deliver broadband services.

Some other noteworthy M&A deals in this segment are as follows:

• GS Microelectronics acquired Sinble Technology Vietnam to strengthen semiconductor design capacity;
• AI Hay raised US$10 million in Series A funding for localized Artificial Intelligence (AI) tools; and
• OKXE Vietnam secured US$14.5 million for e-commerce expansion.

Healthcare draws investor attention

Healthcare transactions have increased in both frequency and scale. As reported by The Investor, Dale Investment Holdings, linked to Quadria Capital, acquired a 73.15 percent stake in Tam Tri Medical for approximately US$31 million. The deal follows Quadria’s earlier exit from FV Hospital in 2023 for an estimated US$300-400 million.

Since demand for healthcare services is expanding with Vietnam’s rising middle class, private hospital chains and pharmaceuticals have become an attractive area for acquisition.

Energy and industrial consolidation

The energy sector also saw consolidation. EnQuest completed the purchase of Harbour Energy’s Vietnam business for US$85.1 million, with actual payment of US$25.7 million after cash flow adjustments. The acquisition gave EnQuest a 53.12 percent equity stake and operatorship of the Chim Sao and Dua production fields.

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Sembcorp’s acquisition of a 49 megawatt (MW) hydropower plant through its subsidiary, Sembcorp Solar Vietnam, has faced delays. The transaction is part of a larger 245MW renewable portfolio purchased from Gelex Group JSC, with government approvals expected by the end of 2025.

Though the industrials sector’s share of deal value slipped from 24 percent in 2024 to 18 percent in Q1 2025, it has risen for consumer deals from 16 percent to 21 percent.

In the consumer sector, Thien Long Group has acquired a controlling stake in Phuong Nam Bookstore, which operates close to 50 outlets across Vietnam. Many of these stores are located in high-traffic areas such as shopping centers and popular tourist zones in HCMC.

Infrastructure and education investments

Deals in infrastructure and education have added breadth to M&A activity. In 2025, IFC invested US$19.2 million in VETC to expand electronic toll collection networks. The Vietnamese government has also approved a US$2 billion luxury resort complex with a pilot casino for locals in the Van Don Special Economic Zone in Quang Ninh Province. The project spans 244 hectares and is expected to contribute US$8.7 billion over its 70-year lifespan.

Foreign participation remains strong in infrastructure. Siemens of Germany has signaled its intent to join Vietnam’s North-South high-speed railway project, valued at about US$67 billion. The railway will connect Hanoi with HCMC, crossing 20 provinces and becoming one of the largest infrastructure investments in the region.

In the education segment, Galaxy Education raised about US$10 million from East Ventures to expand learning platforms that use AI. These developments tell that investors are leaning into platforms that support productivity and skills, supplementing the headline-grabbing real-estate deals.

Investor behavior and capital flows

One emerging pattern since 2024 is domestic investors taking the lead in M&A deals with greater confidence. Their share of total deal value increased from 16 percent in 2023 to 29 percent in 2024, with growing depth in Vietnam’s capital markets.

At the same time, foreign players remain active but are reassessing their portfolio due to Vietnam’s exposure to global risks. Commonwealth Bank of Australia completed its exit from Vietnam International Bank (VIB) in March 2025, selling its final 4.4 percent stake for US$109.3 million.

Risks and external headwinds

Despite positive signals, challenges remain that can dampen investor mood. One concern is deal value fragility. The decline in average deal size, from US$52.3 million in 2023 to US$23.5 million in Q1 2025, shows lingering caution among investors. The scarcity of large, headline-making transactions suggests that capital for big-ticket investments remains constrained, as investors are looking for certainty.

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Trade relations with the US represent another headwind. In 2025, President Trump announced a 20 percent tariff on Vietnamese goods and a 40 percent tariff on transshipped goods. Although lower than initially proposed rates, these measures pose risks to export-driven sectors and could weigh heavily on investor sentiment.

Currency volatility and ongoing administrative reforms also present hurdles. The ongoing reforms, like the ongoing Provincial Merger, will improve licensing and investment processes in the long term, but short-term adjustments may slow down M&A deals.

Also read: US Tariffs on Vietnamese Exports: Analyzing the Executive Order of July 2025

Outlook for 2025 and beyond

The outlook for Vietnam’s M&A market in 2025 is shaped by both opportunities and risks. Investors are focusing on:

• Real estate projects benefiting from government reforms and urban demand;
• Technology firms in emerging sectors of semiconductors, e-commerce, and AI;
• Healthcare providers looking for expansion;
• Logistics and infrastructure to integrate Vietnam with the global supply chain; and
• Energy companies offering a shift towards sustainability.

At the same time, global tariff and trade policy uncertainty, declining deal sizes, and ongoing provincial and legal restructuring could hamper some growth prospects.

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