Insights into Vietnam’s M&A Landscape: October 2025

By Grant Thornton analysts

Mon, November 24, 2025 | 4:39 pm GMT+7

In October 2025, Vietnam’s mergers and acquisitions (M&A) market experienced a noteworthy surge, reflecting an evolving landscape rich with opportunities for both domestic and foreign investors. Grant Thornton analysts provide a detailed overview of capital flows, sectors attracting significant interest, and the dynamics influencing the market.

Overview of Transactions

In October, Vietnam recorded 52 transactions with a total disclosed and estimated value of approximately $720.45 million. This figure signals stability as it aligns closely with September’s total deal value. Notably, the hotspots for these transactions include real estate, energy, industrials, and financials, showcasing a diversified engagement across various sectors.

Sector Highlights: Real Estate and Industrials Lead the Pack

The real estate sector emerged as a pivotal contributor, bringing in approximately $225 million in transactions. This was complemented by the industrial sector, which accounted for around $109 million. A significant development was the energy sector, which witnessed a remarkable boost in both deal volume and value, reaching about $115 million—a notable increase from previous months.

From a volume perspective, the industrial sector led with 10 deals, followed closely by the energy sector with 7 transactions. Other sectors reported an average of 4-5 deals, demonstrating a broader diversification within the market compared to previous months.

Changing Investor Dynamics

Most completed transactions in October were characterized as strategic M&A deals led by foreign investors. Examples include:

• OCI Holdings (South Korea) acquiring a 65% stake in Elite Solar Power Wafer.
• Sumitomo Corporation (Japan) purchasing a 49% stake in MEE.

These shifts away from domestic restructuring-driven deals indicate a growing confidence among foreign investors in Vietnam’s market potential.

Private Equity’s Return

After a prolonged period of caution, private equity funds have started to re-enter the Vietnamese market, signaling renewed investor confidence. Notable investments included:

• Ares Management’s recent backing of Medlatec, a leading private healthcare provider.
• Emia’s investment in MyStorage, a technology-driven self-storage service.

These investments highlight an optimistic outlook for Vietnam’s medium- and long-term growth trajectory.

Transaction Highlights Across Sectors

Real Estate

Vincom Retail JSC (HOSE: VRE) made significant moves by transferring 99.99% ownership of Vincom NCT Real Estate Co., Ltd. to Bao Quan Trading, valued at approximately $133 million. This strategic maneuver is part of VRE’s ongoing asset portfolio restructuring.

Industrials

In the industrial space, OCI Holdings acquired a 65% stake in Elite Solar Power Wafer, which is under construction and set to have an initial capacity of 2.7 GW. The total investment in this project is $120 million, underscoring strong forward momentum in solar energy production.

Logistics & Infrastructure

MyStorage’s multi-million-dollar investment from Emerging Markets Investment Advisers aims to enhance its digital platform and expand its storage network, supporting modern consumer needs in urban environments.

Energy

In a significant move for renewable energy, Sumitomo Corporation acquired a 49% stake in MEE JSC, which operates hydropower plants in Vietnam. This acquisition marks a strategic pivot towards clean energy investments.

Agriculture & Livestock

Dabaco Vietnam Group JSC is increasing its stake in Thinh Phat Kim Son 1 JSC to finance a high-tech pig farming complex. This strategic investment aligns with broader trends towards modern agriculture.

Healthcare

Medlatec has partnered with Ares Management, marking Ares’ first foray into Vietnam’s healthcare sector. This collaboration aims to drive digital transformation and enhance service capabilities across Medlatec’s network.

Utilities

Investment in the Hoa Binh-Xuan Mai Water Company Limited aims to fund the construction of a clean water treatment plant to benefit rural areas, addressing critical infrastructure needs.

Financial Sector Developments

TPBank’s decision to acquire additional shares in Tien Phong Securities Corporation (TPS) through a private placement reflects its ambition to secure a controlling stake, which will enhance TPS’s operational capabilities.

Noteworthy Acquisition

In a landmark transaction, De Heus Group announced the acquisition of CJ Feed & Care for approximately $852.27 million. This deal will strengthen De Heus’s position as the largest animal feed producer in Vietnam, showcasing its commitment to scale and market leadership.

As the M&A market in Vietnam continues to evolve, mentorship from global firms, capital flow diversification, and strategic investments are shaping a robust environment for future growth.