By
Bach Quang
Mon, September 8, 2025 | 3:49 pm GMT+7
Vietnam’s mergers and acquisitions (M&A) landscape has witnessed significant activity in July 2025, with 34 completed transactions amounting to a disclosed and estimated total deal value of $786 million, according to Grant Thornton Vietnam. This resurgence in deals is largely driven by factors influencing various sectors, reflecting a dynamic and evolving market.
Logo of EnQuest. The company has completed the acquisition of Harbour Energy’s Vietnam business. Photo courtesy of the company.
The top five sectors leading M&A activities in July included real estate, technology, energy, logistics & infrastructure, and healthcare, showcasing diverse investment interest. The real estate sector, in particular, saw a substantial rebound after a period of stagnation, fueled by a favorable macroeconomic climate and the recent implementation of the Land Law, which has enhanced transparency in the market.
According to Grant Thornton’s recent report, “The main drivers behind this recovery were the positive signals from the macroeconomic environment, which reinforced the market’s capacity to absorb real estate products,” emphasizing the legal framework’s pivotal role in fostering growth.
Alongside real estate, the logistics & infrastructure sector has also experienced considerable activity. Vietnam’s expanding trade flows and ongoing infrastructure projects have drawn significant investment, particularly through public-private partnerships, indicating optimism in this sector’s future.
Both healthcare and technology sectors maintain strong appeal, attracting interest from domestic and foreign investors alike. They continue to be focal points for investment, aligning closely with long-term consumption trends and the broader shifts toward clean energy and digital transformation.
Real Estate Insights
Vinaconex Group made headlines by selling a 70% stake in Vinaconex ITC (VCR), a developer of the 172-hectare Cat Ba Amatina urban tourism project in Hai Phong city to three domestic investors. While the exact transaction value remains private, estimates place it between $250 million and $300 million. Following the sale, Vinaconex intends to fully exit the investment in the near future, leaving a significant gap in its portfolio.
In an additional notable transaction, UOA Vietnam Pte. Ltd., a subsidiary of United Overseas Australia Ltd, acquired a 100% equity stake in VIAS Hong Ngoc Bao JSC for $68 million. With plans to develop a commercial office project on a valuable land plot in Ho Chi Minh City, this acquisition represents a strategic expansion within the Vietnamese real estate market.
Technology Transactions
On the technology front, North America-based GS Microelectronics (GSME) has expanded its capabilities by acquiring Sinble Technology Vietnam, a branch of a Singaporean chip design startup. This acquisition not only enhances GSME’s design capabilities but also strengthens its operational presence in Asia, positioning the company to better serve its global clients.
Moreover, Vietnam’s AI-focused platform, AI Hay, successfully closed a $10 million series A funding round led by Argor Capital. This funding aims to enhance a suite of AI tools tailored to the Vietnamese market, refining the user experience for a population exceeding 100 million.
Motorcycle e-commerce platform OKXE Vietnam also raised $14.5 million from various financial groups. This funding is set to drive ambitious expansion plans and enhance AI capabilities within key operational areas, signaling a robust growth strategy aimed at establishing a leadership position in the digital two-wheeler market across Southeast Asia.
Logistics & Infrastructure Developments
In logistics, VETC, Vietnam’s leading operator of electronic toll collection systems, secured a $19.2 million investment from the International Finance Corporation (IFC). This financing is intended to bolster VETC’s network and upgrade smart traffic infrastructure, paving the way for cashless payment platforms across its 133 toll stations.
Education Sector Growth
Education technology is also evolving, with Galaxy Education receiving nearly $10 million in funding led by East Ventures. Known for platforms like HOCMAI and FUNiX, Galaxy serves millions of learners in Vietnam and aims to expand its AI-powered ESL program to underserved public schools, addressing critical resource gaps in the sector.
Healthcare Investments
In healthcare, Dale Investment Holdings, linked with Asia’s largest healthcare-focused private equity fund, acquired a 73.15% stake in Tam Tri Medical JSC, a private hospital chain. This strategic investment is estimated between $100-120 million, reinforcing the trend of healthcare consolidation and investment within Vietnam.
Energy Sector Transactions
The energy sector has also seen activity, with UK-based EnQuest PLC completing the acquisition of Harbour Energy’s Vietnam business for $85.1 million. This acquisition provides a controlling stake in productive oil fields off the Vung Tau coast, allowing EnQuest to leverage its expertise in managing late-life assets to prolong the fields’ productive life.
With promising foreign direct investment inflows and supportive economic indicators, market momentum is expected to persist, asForecasts suggest a thriving M&A environment in 2025. Economic growth, alongside trends in e-commerce and infrastructure development, is crucial for fostering continued investment in Vietnam.