A series of big deals heats up the M&A market

Real estate M&A, industrial production lead the market

According to an update from Grant Thornton Vietnam, in October 2025, the Vietnamese M&A market recorded 52 deals with a total announced and estimated value of approximately 720.45 million USD. Real estate, Energy, Industrial production, and Finance are the leading sectors in the market.

In terms of published and estimated value, Real Estate and Industrial Production remained among the largest value sectors, with published/estimated transaction values of approximately USD 225 million and USD 109 million, respectively. The Energy sector saw a breakthrough in both volume and value compared to previous months, recording transaction values of approximately USD 115 million.

In terms of the number of deals, this month saw a greater diversity of M&A sectors compared to previous months, with the Industrial Production sector accounting for the largest number with 10 deals, Energy with 7 deals and the remaining sectors averaging about 4-5 deals.

Number and value of transactions over months in 2025. Source: Grant Thornton Vietnam

According to Grant Thornton, although the total transaction value in October was almost the same as in September, the number and structure of deals showed clearer signs of recovery in the M&A market.

Transactions completed during the month were mainly strategic M&A led by foreign investors, including OCI Holdings buying 65% of Elite Solar Power Wafer or Sumitomo Corporation (Japan) completing the acquisition of 49% of Cuu Long Electricity Consulting and Development JSC, instead of restructuring deals by domestic corporations.

At the same time, capital flows from private equity funds also began to return after a long period of caution, with October recording many “first” deals by foreign funds in Vietnam such as Ares Asia Private Equity investing in MEDLATEC or EMIA investing in MyStorage, a positive signal for medium and long-term investment confidence.

Regarding typical M&A deals in the real estate sector, last October saw the transfer of 99.99% of Vincom Retail JSC (HOSE: VRE) capital contribution at Vincom NCT Real Estate Company Limited, the owner of Vincom Center Nguyen Chi Thanh, to Bao Quan Investment Trading and Services Company Limited. The transfer value was approximately 133 million USD. After completing the transaction, Vincom NCT is no longer a subsidiary of Vincom Retail.

In the Manufacturing and Industrial sector, OCI Holdings, a leading Korean energy and chemical group, through OCI ONE, a subsidiary of OCI TerraSus, has acquired a 65% stake in Elite Solar Power Wafer, a solar wafer manufacturing plant under construction in Vietnam. The project has an initial capacity of 2.7 GW, with a total investment of USD 120 million, of which OCI ONE's capital is approximately USD 78 million. The plant can be expanded to 5.4 GW within six months with an additional investment of USD 40 million, potentially more than doubling its revenue in the near future. The deal allows OCI to directly supply polysilicon from its plants to the Vietnam plant and target the key export market of the US, while expanding its production capacity and increasing its presence in Southeast Asia.

In the Logistics and Infrastructure sector, MyStorage - a technology-integrated self-storage service provider founded in 2019 in Vietnam, has received a multi-million dollar investment from Emerging Markets Investment Advisers (EMIA), a private equity fund headquartered in Singapore. MyStorage became widely known after appearing on Shark Tank Vietnam in 2021, and currently operates four storage facilities in Ho Chi Minh City and Dong Nai .

A series of notable deals in the energy industry

This October, the Energy sector recorded many outstanding deals. In particular, Sumitomo Corporation (Japan) completed the acquisition of 49% of shares of Cuu Long Electricity Development and Consulting JSC (MEE JSC) from GreenSpark Group. MEE JSC is the owner of the Dak Di 1 & 2 hydropower cluster in Nam Tra My ( Quang Nam ) with a total capacity of 48 MW, put into operation from 2022 and signed a 20-year power purchase contract with Vietnam Electricity Group (EVN). This is Sumitomo's first investment in the hydropower sector in Vietnam, marking the group's expansion in the renewable energy sector.

October also saw the purchase of 80% of HBRE Gia Lai Wind Power JSC shares from Super Energy Group and Super Wind Energy for $33.1 million by Levanta Holding Pte. Ltd. HBRE Gia Lai is the investor of the HBRE Chu Prong wind power project (50 MW) in Gia Lai province, which has been in commercial operation since 2021.

In addition, Verdant Energy Pte. Ltd. has completed the acquisition of an 11 MW rooftop solar portfolio in Vietnam. This portfolio includes installations across 10 commercial centers. Verdant Energy is a leading renewable energy developer, backed by AP Moller Capital, a global investment fund with a strong commitment to sustainable growth.

The market also recorded that Platinum Victory PTE, Ltd, an investment fund in Singapore, currently the largest shareholder of Refrigeration Electrical Engineering Corporation (REE), has registered to buy more than 18 million REE shares. The expected transaction value is about 43.6 million USD. The expected transaction time is from October 13 to November 11, 2025. If the transaction is successful, Platinum Victory will increase its ownership ratio at REE from 41.64% to nearly 45% of charter capital.

In addition, Grant Thornton also recorded many M&A deals in other fields from Agriculture, Consumption, Healthcare, Utilities and Finance. For example, Dabaco Group bought an additional 41.67% of shares of Thinh Phat Kim Son 1 Joint Stock Company to increase charter capital to serve the investment in the construction of the High-tech Pig Farming Area Project in Bao Ha Commune, Lao Cai Province, with a total investment of about 560 billion VND, implemented from 2025 to 2027.

Or in the consumer sector, Coolmate - a Vietnamese D2C brand for men - has just announced the completion of its Series C funding round. In the healthcare sector, MEDLATEC Healthcare Group announced that Ares Asia Private Equity, a private fund under Ares Management Corporation (ARES), the world's leading asset management group, has become a strategic investor of the group. This is the first deal of Ares Asia Private Equity in the healthcare sector in Vietnam...

Source: https://baodautu.vn/loat-thuong-vu-lon-lam-nong-thi-truong-ma-d431995.html