VIETNAM’S M&A MARKET HITS US$8.72 BILLION IN 2025

Vietnam’s M&A market surged by 26% in 2025, led by Thai and Japanese capital. Pictured is the production line at Thien Long Group, in which Kokuyo acquired a stake of over 65%. PHOTO: ARCHIVES

HCMC — Vietnam’s mergers and acquisitions (M&A) market recorded 367 transactions in 2025, with total announced deal value reaching US$8.72 billion, a 26% increase against 2024.

Of which, foreign investors accounted for 53.6% of the total transaction value, with Asian conglomerates maintaining a dominant role.

According to a report by Grant Thornton Vietnam, M&A activity showed a marked acceleration starting in the second half of 2025 as global economic and tariff uncertainties began to ease from the third quarter. This trend reflects improved market confidence, supported by Vietnam’s stable macroeconomic foundations.

Thailand led M&A investments into Vietnam with approximately US$$1.3 billion, followed by South Korea and Japan. Transactions throughout the year revealed a strategic push by regional conglomerates to increase their footprint in the consumer, retail, and manufacturing sectors. These industries are closely tied to Vietnam’s domestic market of over 100 million people and its growing significance within regional supply chains.

A standout transaction featured Kokuyo, which invested approximately US$$185 million to acquire a 65% stake in Thien Long Group, a move designed to rapidly expand its dominance in the stationery markets of Vietnam and ASEAN.

The report also noted a rise in activity from Chinese investors, reflecting a strategic shift from greenfield investments to M&A deals aimed at accelerating market entry. Despite several large-scale restructuring deals, Vietnam’s M&A landscape remains characterized by its mid-market segment, with an average transaction value of roughly US$$51.3 million. Most deals were driven by strategic investors, while financial investors maintained a cautious approach.

Looking ahead to 2026, Grant Thornton forecasts a selective recovery in M&A activity, with a focus on healthcare, energy, education, industry and logistics. Factors such as institutional reforms, infrastructure development, and the anticipated upgrade of the stock market are expected to bolster valuations and exit strategies, even as risks from global volatility persist.

Source: The Saigon Times