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| M&A capital flows exceed $700 million, foreign investors are shaping the market. |
The clarification of the legal system, the shortening of approval processes, and the more specific implementation guidelines have contributed to strengthening the confidence of domestic and foreign investors. At the same time, coordination between businesses, regulatory agencies, and financial institutions has become more effective, helping the market operate more smoothly amidst the uncertainties of the global economy .
In recent times, many businesses have proactively shifted towards M&A strategies as a key solution to maintain growth and restructure their investment portfolios. November 2025 concluded with 34 M&A deals, totaling over $712 million. Although the number of transactions decreased slightly compared to the previous month, the scale of capital flows shows that the attractiveness of the Vietnamese market remains stable.
According to a report published on December 11th by Grant Thornton, M&A flows are clearly shifting towards the energy, high-tech, and financial sectors. These are considered the three pillars driving medium- and long-term growth expectations for the economy. Notably, foreign investors continue to play a market-leading role, not only through traditional deals but also through pioneering transactions in semiconductors and renewable energy, which are "paving the way" for a new investment cycle.
Within the sector structure, energy held a central position, leading in transaction value with over $291 million. Transactions spanned from thermal power and wind power to renewable energy, reflecting the significant demand for energy infrastructure in the context of the green transition. Finance and banking ranked second with approximately $170 million, followed by consumer and retail with nearly $123 million. In terms of the number of transactions, energy and consumer each recorded 5 deals, indicating continued investor interest across multiple segments.
The industrial sector, particularly semiconductors, has also witnessed notable developments. The acquisition of controlling stakes in components and semiconductors by Taiwanese investors aligns with the global supply chain shift and is linked to Vietnam's ambition to participate more deeply in the high-tech value chain.
In the long term, KPMG, one of the world's four largest professional services firms, forecasts that policy reforms, expansion of the healthcare sector, and supply chain restructuring trends will continue to shape M&A activity in 2026. M&A activity is expected to expand into healthcare, real estate, materials, and export-oriented manufacturing, thanks to an increasingly transparent legal framework. Reforms related to the Land Law, investment procedures, and the corporate bond market are expected to open up more real estate deals and accelerate project restructuring.
Speaking at a professional forum, Ms. Vo Ha Duyen, Chairwoman of VILAF Law Firm, stated that recent positive policy changes, particularly the draft amendments to numerous investment-related laws discussed and passed by the 15th National Assembly , will positively impact investment activities. However, she also noted that investors need more time to fully assess the impact of these policies, which may cause some M&A deals to slow down in the short term.
From an international perspective, Mr. Tamotsu Majima, Senior Director of RECOF Corporation, noted that Vietnam is a bright spot for growth in the region, benefiting from free trade agreements and strategic partnerships with many major economies. However, he also pointed out that the number of Japanese businesses operating in Vietnam remains modest compared to Thailand, indicating significant potential for cooperation and mergers and acquisitions.
The November market saw a series of notable transactions. In the energy sector, Brookfield Asset Management made its first renewable energy investment in Vietnam through the acquisition of a 100 MW wind power project. Prior to that, AboitizPower of the Philippines attracted attention by acquiring a 25% stake in Van Phong Power Company for approximately US$220 million. In the industrial sector, Panjit International acquired a 95% stake in Torex Vietnam Semiconductor, strengthening its production capacity to serve the AI, automotive, and energy sectors.
In the finance and corporate sector, Tasco Investment increased its ownership stake in DNP Holding, moving closer to its goal of gaining control. In the consumer sector, PAN completed its divestment from Bibica, while KIDO plans to sell its remaining shares in KIDO Foods to withdraw from the frozen food segment. Transactions in food and raw materials, real estate, insurance and fintech, and tourism were also active, reflecting the strong restructuring trend of businesses.
Besides traditional transactions, strategic moves such as SCIC's transfer of FPT Telecom shares and the establishment of the Green Transition fund indicate that the Vietnamese M&A market is entering a phase of development in both breadth and depth. With an improved legal framework and sustained interest from international capital, M&A is expected to continue to be a crucial driver of economic restructuring and growth in the coming years.
Source: https://thoibaonganhang.vn/thao-go-phap-ly-ma-viet-nam-tang-toc-with-hon-700-trieu-usd-trong-thang-11-175095.html
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