In mid-November, Panjit International, a Taiwan-listed semiconductor company, made waves in the tech world by announcing its acquisition of a 95% equity stake in Torex Vietnam Semiconductor, a subsidiary of Torex Semiconductor. This significant move is part of Panjit’s strategy to enhance its global semiconductor manufacturing footprint and further develop its integrated circuit (IC) business. By integrating Torex Vietnam, Panjit aims to bolster its operations in a region known for its rapidly evolving semiconductor landscape.
Torex Vietnam, located within the bustling Vietnam-Singapore Industrial Park II in Binh Duong—now an integral part of Ho Chi Minh City—specializes in semiconductor packaging and testing. This includes critical operations such as IC packaging and testing, which are essential to the functionality of modern electronics. With Panjit at the helm, the company plans to optimize production capacity, aligning with its strategic roadmap. One exciting development on the horizon is the introduction of automotive-grade power discrete device production to the site, which promises to enhance resource integration and technical synergy, crucial for meeting the demands of today’s automotive industry.
In a related trend within the region, OCI Holdings, a prominent South Korean energy and chemical conglomerate, made headlines in October with its acquisition of a 65% stake in Elite Solar Power Wafer, a solar wafer manufacturing facility currently under construction in Vietnam. This venture, which reflects OCI’s commitment to renewable energy, comes with an initial capacity of 2.7 GW and a hefty total investment of $120 million, where OCI’s equity contribution stands at approximately $78 million. The ambitious project has plans for expansion, with the capability to nearly double its output to 5.4 GW within six months if an additional $40 million investment is secured.
Woo Hyun Lee, the chairman of OCI Holdings, articulated the strategic importance of this investment, stating, “This strategic investment brings us closer to building a supply chain that facilitates US exports.” OCI’s move signals a broader trend of navigating the global solar market, reinforced by partnerships with local companies in Southeast Asia, positioning it for significant growth in the renewable sector.
Furthermore, the industrial landscape in Vietnam continues to evolve with companies like Vina CNS, which recently announced plans to issue common shares to raise approximately $23 million. This transaction, involving existing shareholder Fine M-Tec—a South Korean company with roots in IT and automotive components—highlights ongoing investment activities in Vietnam’s manufacturing sector. Such capital influxes indicate confidence in the market’s potential for sustained growth.
Industrial investment has caught the eye of major stakeholders, including the International Finance Corporation (IFC), which in September revealed plans to invest up to $38 million in quasi-equity in Dai Dung Metallic Manufacture Construction and Trade Corporation. This investment aims to support Dai Dung’s extensive $152 million venture, specifically the development of two new factories in Ho Chi Minh City and Thanh Hoa province. Such endeavors demonstrate the viability of Vietnam as a competitive manufacturing hub amidst global economic challenges.
Matthew Lourey, chairman of Alitium, highlighted the attractiveness of Vietnam’s manufacturing and industrial sector, which remains vibrant despite global uncertainties. Lourey noted that “Vietnam continues to be a key beneficiary of global supply chain diversification as manufacturers seek alternatives beyond China.” The country’s strategic location, skilled workforce, and an array of free trade agreements have reinforced its position as a stable destination for foreign capital. This trend, coupled with sustained investor interest in acquiring established assets rather than venturing into riskier greenfield projects, bodes well for future market dynamics.
Vietnam’s impressive export performance has also contributed to rising confidence in its manufacturing sector. Shipments to advanced markets, especially the United States, have surged, reflecting Vietnam’s deeper integration into global production networks. The robust demand for electronics, machinery, and consumer goods has not only strengthened the financial position of local manufacturers but has also rendered some attractive acquisition targets. For investors, this scenario presents opportunities for scalability and resilience in an evolving marketplace.
Foreign dealmakers have increasingly turned their attention towards sectors aligned with global technology and sustainability trends. Semiconductors are emerging as a clear priority, but there’s also a notable interest in mid-stream manufacturing. The landscape of renewable energy equipment—ranging from solar wafers to battery components and other green technologies—is gaining traction, backed by global decarbonization goals and Vietnam’s own clean-energy ambitions.
Recent reports from B&Company indicate that industrial and energy-related merger and acquisition (M&A) activity in Vietnam remains robust. This stalwart performance underscores the country’s ongoing integration into regional production networks and an intensifying investor appetite for manufacturing assets. Vietnam’s role as a key alternative to China in the global supply chain restructuring has catalyzed stable inflows of foreign direct investment, particularly from notable players in Japan, South Korea, and Singapore. Such movements are encouraging consolidation across supporting industries, including logistics, components, and energy supply, further solidifying Vietnam’s standing in the global market.