Vietnam’s M&A Landscape in 2025: A Year of Resilience and Strategic Opportunities
By KPMG Analysts
Wed, December 17, 2025 | 12:44 PM GMT+7
Vietnam’s Mergers and Acquisitions (M&A) activity for the first ten months of 2025 has painted a picture of a market on the path to recovery after a turbulent couple of years. Characterized by increasing selectivity, clearer regulatory frameworks, and the comeback of significant, high-confidence transactions, the M&A scene is evolving in response to changing market dynamics.
Vietnam: A Beacon of Resilience
Amidst a backdrop of subdued regional deal-making across Southeast Asia, Vietnam stands out for its resilience. Factors contributing to this stability include selective high-value transactions and ongoing interest from regional strategic investors. Over the first ten months of 2025, the total disclosed deal value hit $2.3 billion, while the number of transactions decreased to 218. This decline reflects a shift towards cautious underwriting practices, emphasizing stricter due diligence and disciplined valuations.
Major deals that defined this period include the $365 million acquisition of Eastern Real Estate by Birch and the $277 million restructuring of Hyosung. Other notable transactions involved Aeon’s $162 million buyout of Post and Telecommunication Finance Co., Ltd., and Ares Management’s $150 million acquisition of Medlatec Group. Together, these transactions accounted for nearly $1 billion, showcasing a pronounced interest from foreign and regional investors in high-quality, asset-backed platforms.
Shifting Dynamics in Deal-Making
Vietnamese investors played a significant role in monetary terms, contributing over 30% of the total disclosed deal value in 2025. However, their dominance is gradually being challenged by regional players, particularly those from Singapore, Japan, the U.S., and South Korea. Each regional investor group appears to have its sectoral preferences: while Singaporean and U.S. investors lean towards real estate and healthcare, Japanese and Korean investors are more focused on industrial and materials sectors that align with their longstanding supply chains in Vietnam.
The disciplined selection of sectors is evident, as capital is increasingly concentrating on areas that promise transparency, resilience, and visible growth paths. Not surprisingly, major transactions have clustered around key sectors which, in the first ten months, include real estate (27% of total deal value), materials (20%), and healthcare (10%).
Noteworthy Transactions of 2025
Several high-value deals have captured the market’s attention in 2025. The most prominent real estate transaction was Birch Real Estate’s acquisition of Eastern Real Estate Investment and Trading LLC for $365 million. In addition, the materials sector saw Hyosung Chemical Corporation divesting its 49% stake in Hyosung Vina Chemicals for $277 million, while Aeon’s $162 million buyout of Post and Telecommunication Finance marked a significant step in the financial sector. Ares Management’s investment of $150 million to acquire a stake in Medlatec underscores a growing trend toward healthcare investment, following widespread demand for health services in Vietnam.
Moreover, a series of anticipated large transactions remain on the horizon. These include JTA Investment Qatar’s $1 billion investment into VinFast Auto and a proposed $1.5 billion acquisition of Novatech R&D JSC, indicating a robust pipeline of activity poised for future growth.
Sectorial Insights and Future Prospects
Reflecting on sector contributions, the M&A landscape is characterized by a diversification of interests. Real estate, materials, and healthcare emerged as the cornerstone sectors for investment, propelled by the underlying demand dynamics and the necessity for core operating assets. The rise of the materials sector signifies an increasing focus on upstream industries, particularly in the packaging, chemicals, and manufacturing segments driven by supply chain consolidation.
Looking ahead to 2026, Vietnam’s deal-making scene is expected to gain further momentum, particularly in healthcare and education as investor interest consolidates around essential services that address growing demand in a rapidly urbanizing economy.
Furthermore, anticipated regulatory reforms regarding land laws and investment procedures aim to streamline real estate transactions while bolstering transparency. These shifts will likely accelerate investment in focus areas such as logistics and sustainable practices in energy.
Concluding Thoughts on Vietnam’s Evolving M&A Landscape
The path of Vietnam’s M&A activity in 2025 reflects a broader narrative of market rebalancing in the face of adversity. Supported by strategic regional investments, a growing portfolio of significant transactions, and a strong focus on disciplined sectoral investments, Vietnam remains poised as a compelling destination for M&A activity. With a supportive regulatory environment and a lineup of potential megadeals, the future looks bright for investors and stakeholders within Vietnam’s economy.