Spotlight on Exemplary M&A Deals and Strategies in Vietnam (2024-2025)
Introduction
In the rapidly evolving landscape of mergers and acquisitions (M&A) in Vietnam, several enterprises have emerged as frontrunners, demonstrating exceptional strategic foresight and execution. The recognition of these innovations is not merely an accolade; it reflects a growing maturity in the Vietnamese corporate sector. In 2024-2025, an impressive list of enterprises was honored for their remarkable M&A deals, outstanding initial public offerings (IPOs), and excellence in advisory services.
Outstanding M&A Deals of 2024-2025
1. Saigon – Hanoi Commercial Joint Stock Bank (SHB)
SHB made headlines by transferring its remaining 50% stake in SHBFinance to Thailand’s Bank of Ayudhya Public (Krungsri), a member of Japan’s MUFG Group. This deal, valued at approximately VND3.6 trillion ($138 million), signifies SHB’s strategic shift aimed at optimizing its business structure and enhancing focus on its core banking functions.
2. Masan Group
Masan Group demonstrated its strategic agility by divesting its entire stake in HC Starck Holding (Germany) GmbH to Mitsubishi Materials Corporation for $134.5 million. This move not only streamlines Masan’s portfolio but also reflects a focus on core areas with higher growth potential.
3. Saigon Beer – Alcohol – Beverage Corporation (SABECO)
In a significant move, SABECO acquired Saigon Binh Tay Beer JSC (Sabibeco) by purchasing nearly 38 million shares, amounting to an investment of over VND830 billion ($31.9 million). This acquisition aims at operational restructuring and strengthening its position within the competitive beer market in Vietnam.
4. FiinRatings
FiinRatings sold 43.4% of its shares to S&P Global Ratings, establishing a strategic partnership that aims to bolster Vietnam’s credit rating infrastructure. This collaboration seeks to enhance the standards of the country’s capital markets considerably.
5. CapitaLand Group
Singapore’s CapitaLand made waves with its acquisition of The Fullton, a low-rise villa project in the Hai Dang subdivision of Vinhomes Ocean Park 3. Covering 25 hectares, this project not only signifies real estate growth but also enhances CapitaLand’s portfolio with an international-standard gated community model.
6. United Overseas Australia Ltd (UOA)
UOA’s acquisition of a 2,000 sq.m commercial land plot in Ho Chi Minh City for $68 million is set to pave the way for a Grade-A office tower project, with an investment of $120 million. The project is slated for completion in Q2 of 2028, indicating long-term planning and commitment to the market.
7. Quadria Capital
Quadria Capital, executing its growth strategy, acquired a 73.15% stake in Tam Tri Medical Group from VinaCapital’s Vietnam Opportunity Fund. Valued at over VND805.9 billion ($30.9 million), this deal reflects confidence in Vietnam’s burgeoning private healthcare sector.
8. ABEO Group
ABEO Group enhanced its global footprint by acquiring 70% of Sodex Sport from a French-owned manufacturer based in Vietnam. This strategic acquisition marks a significant milestone in establishing a more substantial presence in the sports equipment industry.
9. Golden Gate Group (GGG)
As Vietnam’s largest food and beverage corporation, GGG’s takeover of Vietnam Coffee Tea Service Trading Corporation (TCH) for full ownership of nearly 100 outlets nationwide was a standout F&B M&A deal in 2025, showcasing robust expansion within the sector.
10. Sustainable Asia Renewable Assets (SARA)
SARA’s acquisition of the 39.4 MW Dam Nai Wind Power project from Norway’s Scatec for $40 million reflects the growing importance of renewable energy initiatives, serving both a business and environmental purpose.
11. Vingroup
Continuing its M&A strategy, Vingroup leveraged resources by divesting stakes in its subsidiaries, including shares sold to Qualcomm and NVIDIA. This reflects an evolution towards integrating higher technology and AI capabilities across its subsidiaries.
12. Sunshine Group
Engaging in 10 substantial M&A transactions, Sunshine Group invested in real estate, retail, services, and education, illustrating a diversified approach to growth in various sectors during 2024-2025.
13. GELEX Group
With over 30 years of development, GELEX Group has crafted an effective M&A strategy, showcasing resilience through macroeconomic volatility. Its focus on efficiency and sustainability positions it as a leader in the investment sector.
14. HDBank
HDBank’s M&A strategy showcased long-term vision through the successful acquisition of DongA Bank and private placements amounting to a total of $100 million in international green bonds, indicating a commitment to sustainable finance.
Outstanding IPOs and Private Placements
1. Techcom Securities (TCBS)
Achieving significant success in 2025, TCBS offered 231.15 million shares in an IPO that was oversubscribed by 2.5 times at VND46,800 per share, establishing it as one of the year’s standout offerings.
2. VPBank Securities
VPBank’s major IPO launch of 375 million shares priced at VND33,900 raised over VND12.7 trillion ($489 million), reinforcing its position as a significant player in the financial market.
3. VPS Securities
With an increase in charter capital following the issuance of 202.31 million shares, VPS has emerged as a potent force with total shareholders’ equity reaching around VND26 trillion ($1 billion), reflecting investor confidence.
4. Bank for Investment and Development of Vietnam (BIDV)
BIDV’s successful private placement of 123.8 million shares, raising over VND4.8 trillion ($184 million), illustrates solid interest from both domestic and international investors.
5. Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank)
HDBank continued its trend of engaging with green finance through successful private placements aimed at enhancing its capital base and sustainability goals.
6. SSI Securities Corporation
SSI’s nearly $16 million private placement to Japan’s Daiwa Securities showcases the international interest in Vietnam’s financial market, with Daiwa emerging as the largest shareholder.
Outstanding M&A Advisory Organizations (2024-2025)
Securities Companies
- Vietcap Securities
- Rong Viet Securities
- VPS Securities
Law Firms
- VILAF
- Baker McKenzie
- YKVN LLC
- ASL Law
- LMP Law Firm
- Allen & Gledhill (Vietnam)
Advisory Firms
- KPMG Vietnam
- ASART Deal Advisory
- RECOF Corporation
- Astris Finance Vietnam LLC
- BDA Partners
These organizations have played an essential role in guiding enterprises through complex transactions, ensuring successful outcomes and fostering healthy competitive landscapes.
As the Vietnamese market continues to evolve, the successes of these entreprises serve as a benchmark for future potential, illustrating the intricate tapestry of strategic maneuvers that characterize the region’s M&A landscape.