M&A liquidity improves, waiting for boost from stock upgrade

On the afternoon of December 9th, the 17th Vietnam Mergers and Acquisitions Forum 2025 (M&A Vietnam Forum 2025), organized by the Finance and Investment Newspaper under the patronage of the Ministry of Finance , took place in Ho Chi Minh City.

In the first discussion session, themed "Vietnam's New Position in Global Investment and M&A Flows," Mr. Seck Yee Chung, Managing Partner of Baker McKenzie Law Firm, asked the KPMG representative: "The education and healthcare sectors have good opportunities. So, is there a way to accelerate and expedite M&A transactions, or is more time still needed?"

Mr. Dinh The Anh, Head of Corporate Finance, KPMG Vietnam. Photo: Le Toan

In response, Mr. Dinh The Anh, Head of Corporate Finance at KPMG Vietnam, stated that as a consulting firm, one of the things KPMG always strives to support its Vietnamese clients with is better preparation in terms of compliance, data, and mindset.

“Currently, not many Vietnamese companies or business owners prepare their divestment plans. Therefore, KPMG is always looking for ways to help execute divestment deals, and this can only be done when the advisors have a broader perspective,” said Mr. The Anh.

He added that the market currently has more buyers and sellers, increased transactions, and improved liquidity. "The more buyers there are, the more sellers there are, and vice versa. Therefore, the market will need more appropriate policies, and in reality, liquidity is getting better and better," he said.

According to Mr. The Anh, policymakers are also doing a very good job: previously, the market relied heavily on private transactions, but now both buyers and sellers are interested in the overall picture. For example, we are waiting for the stock market to be upgraded. When this happens, we will have a better channel for investors to exit their capital more effectively.

For private equity investors in Southeast Asia (not only Vietnam but also Malaysia and Thailand), capital exit is always a difficult and crucial issue. Mr. The Anh hopes that next year, when the upgrade is completed, the stock market will become one of the main capital exit channels.

Continuing the discussion, Mr. Seck Yee Chung argued that Vietnam has very specific legal requirements and limitations for each industry. Therefore, potential investors will have to spend a lot of time on due diligence, not only on commercial or implementation aspects, but also on policy.

Mr. Chung also hopes that the licensing process for large companies and transactions will be faster. At the same time, regulators need to conduct more in-depth market research to understand the differences between the retail market and the data center market. He questioned, "Will we see more improvements, or will we have to wait?"

In response, Mr. Dinh The Anh gave an example: when carrying out transactions where both the buyer and the seller are concerned about how policymakers will view these deals.

"When we look at different areas, we will need to submit paperwork. But what happens if we don't submit that paperwork? What risks will this transaction entail? Of course, when a transaction happens, we don't want any disadvantages," he said.

Mr. The Anh argued that sometimes professions or sub-professions are not clearly defined legally; the level of information and data availability is also not entirely clear. For example, in the fields of healthcare, cosmetics, etc., each field requires a significant learning process.

"I hope that over time, this will no longer be a bottleneck and more and more M&A deals will be successful in the Vietnamese market," Mr. The Anh added.

Source: https://baodautu.vn/thanh-khoan-ma-cai-thien-cho-cu-huych-tu-nang-hang-chung-khoan-d455264.html