M&A boom: Foreign capital rushes to "hunt" Vietnamese enterprises

(Dan Tri) - M&A capital increased by 50.7% to reach 6 billion USD thanks to the attraction of private enterprises and GDP growth of 8%. Experts predict that in 2026, cash flow will focus on core values ​​and restructuring.

Speaking at the Vietnam M&A Forum 2025 held on the afternoon of December 9 in Ho Chi Minh City, Deputy Minister of Planning and Investment Tran Quoc Phuong said that foreign capital is returning strongly through capital contribution and share purchase channels. The main driving force comes from the rise of the private sector and the impressive GDP growth of 8%.

Private enterprises: A magnet for foreign capital

Deputy Minister Tran Quoc Phuong said the macro -economic picture in 2025 is witnessing bright colors. GDP growth for the whole year is expected to reach about 8% - the highest level since 2007.

On a stable macro basis, foreign direct investment (FDI) continues to be a bright spot. In the first 11 months of the year, total registered FDI reached 33.7 billion USD, up 7.4% over the same period. Notably, capital flows through capital contribution and share purchase (M&A) recorded an explosion with a value of more than 6 billion USD, up 50.7% over the same period last year.

"The strong increase in capital inflows for share purchases is a clear signal showing the revival of Vietnam's M&A market in 2025. International investors have returned with large-scale deals worth hundreds of millions of USD," the Deputy Minister assessed.

Explaining the market's attractiveness, the leader of the Ministry of Planning and Investment said that besides economic recovery, the growth of the domestic business community plays a key role.

Fueled by supportive policies such as Resolution 68-NQ/TW of the Politburo on private economic development, domestic enterprises are facing unprecedented opportunities for acceleration. This growth has turned them into potential partners that multinational corporations are looking for.

"More and more foreign enterprises want to 'join hands' with domestic enterprises to realize their business plans. Domestic private enterprises are becoming an important element, creating a driving force for the M&A market," Mr. Phuong emphasized.

This trend is clearly evident in the high-tech sector. Vietnam is becoming a strategic destination for a series of technology giants such as Nvidia and Qualcomm. Through the acquisition of shares from domestic corporations, these giants are quickly establishing a presence to deploy R&D activities and develop artificial intelligence (AI) in Vietnam.

M&A capital flows in Vietnam have been and are becoming active again (Photo: DT).

Cash flow in 2026 will return to core values

Commenting on the market picture, Mr. Michael Dwyer, Head of KPMG Vietnam's Business Advisory Department, said that M&A activities are undergoing a strong "rebalancing" process between industry groups.

Leading the transaction value are currently the three: Real estate, materials and healthcare. According to Mr. Dwyer, cash flow is prioritizing core operating assets and essential production materials. In particular, the healthcare sector is attracting strong capital thanks to the increasing demand for healthcare while the supply capacity is still lacking.

In contrast to this excitement, the consumer sector is quite quiet due to the impact of the wave of tightening spending at the beginning of the year, although the medium-term growth prospect is still assessed positively.

2025 will see a diversification in the investor structure. Domestic investors will continue to maintain their leading position in terms of announced transaction value. At the same time, foreign capital flows from Singapore, Japan, the United States and South Korea are accelerating again, targeting key deals in the industrial, healthcare and materials sectors.

According to Mr. Dwyer, this trend reflects a strategic shift: from acquisitions to simply consolidate market share to seeking more diversified and industry-specific investment opportunities.

Forecasting 2026, KPMG experts pointed out 4 key trends: Returning to core values, quality, favoring the buyer and restarting stagnant processes.

M&A capital flows are expected to focus on industries that generate stable cash flow, sustainable business performance and transparent growth roadmaps. According to Mr. Michael Dwyer, for investors with long-term capital and operational capacity, 2026 will open up a significant source of opportunities from “second-time” or restructured transactions, especially in areas related to real estate, industrial services, financial services and consumer platforms.

Source: https://dantri.com.vn/kinh-doanh/ma-bung-no-von-ngoai-o-at-san-doanh-nghiep-viet-20251209165400659.htm