Vietnam’s Most Notable M&A Deals in the First Half of 2026

Heading into the first half of 2026, Vietnam’s M&A market continued to follow a trend that had clearly taken shape in 2025: a shift away from volume-driven dealmaking toward selective, strategically motivated transactions centered on intrinsic value. Against a backdrop of still-tight global financing conditions, heightened geopolitical risk, and cautious valuations, capital continued to flow steadily into sectors underpinned by structural growth drivers—industrial manufacturing, energy, real estate, banking and financial services, technology, logistics, and healthcare. This article reviews the period’s most important deals and examines, from Alliance Mount’s perspective, how they reflect the growing maturity of Vietnam’s capital markets.

Market Overview and Key Trends

According to data compiled by Grant Thornton Vietnam, the first quarter of 2026 recorded 51 M&A transactions, down roughly 36% year-on-year, while aggregate deal value reached approximately US$659 million, up 24%. This divergence—fewer deals but higher value—clearly reflects a rising average ticket size, as the market increasingly favors “fewer but larger,” more selective transactions.

Monthly activity showed considerable swings in deal cadence, heavily influenced by a handful of large transactions:

Period	Disclosed deals	Disclosed/estimated total value
January 2026	16	~US$444.7 million
February 2026	11	~US$110.2 million
March 2026	24	~US$104 million
April 2026	18	~US$69.9 million (potentially above US$300 million including undisclosed strategic deals)
May 2026	24	~US$700.6 million

Source: Compiled from Grant Thornton Vietnam’s Monthly Deal Digest

A defining feature was the market’s dependence on “anchor” deals. In May 2026, for instance, VinFast’s restructuring alone (the transfer of its stake in VFTP, estimated at US$530 million) accounted for more than three-quarters of total market value, lifting the industrial manufacturing sector to US$542.8 million—equivalent to 77% of the month’s M&A value. Stripping out these large transactions, most remaining deals were relatively modest in size, averaging around US$10 million each.

The role of foreign capital and investor mix. At the local level, the appeal of international capital was evident in Ho Chi Minh City’s figures: in the first five months of 2026, the city attracted more than US$3.8 billion in FDI, up 20.3% year-on-year, of which capital contributions and share purchases accounted for roughly US$2.32 billion across 747 transactions. Most notably, Indonesian investor Haryanto Sudarno Kusuma registered a contribution of over US$1.7 billion into VLD Investment and Finance JSC—a major boost to foreign indirect investment.

By investor origin, domestic capital continued to lead large-scale, restructuring-driven deals, while foreign investors were most active in the small- and mid-cap segment. The most prominent capital flows came from Singapore, Japan, South Korea, the United Kingdom, and Indonesia. A noteworthy shift was the cooling of large private equity transactions from Japan and South Korea, giving way to growth capital, impact investing, and venture capital.

Key structural trends in H1 2026:

From “buying assets” to “buying capabilities”: Investors paid greater attention to operating systems, management teams, supply chains, and scalability, rather than tangible asset value alone.
A buyer’s market: High interest rates and cautious valuations tilted the negotiating balance toward buyers, accompanied by deeper due diligence on cash-flow sustainability and off-balance-sheet obligations.
Reactivation of stalled processes: Many deals that stalled during 2022–2024 amid valuation gaps returned at more realistic prices and with clearer strategic rationales (generational handovers, refinancing, business carve-outs).
Domestic players rising in real estate: Local firms have emerged as the dominant buyers in the segment of projects with clear legal status and infrastructure-led upside.

Summary of Major M&A Deals in H1 2026

Sector	Buyer / Investor	Target / Seller	Estimated value	Details
Banking & Finance	Hana Financial Group (South Korea)	15% stake in BIDV	~US$900 million	Largest banking M&A in the history of Korea–Vietnam relations
Finance	Haryanto Sudarno Kusuma (Indonesia)	VLD Investment and Finance JSC	>US$1.7 billion	Capital contribution (foreign indirect investment)
Finance / Fintech	Kredivo Group (Indonesia)	Timo digital bank	Undisclosed	Acquired nearly 100%; plans to invest ~US$15 million more over three years
Industrial Manufacturing / Automotive	Future Investment group & Mr. Pham Nhat Vuong	VinFast Trading and Production JSC (VFTP)	~US$530 million	Restructuring; Future Investment to hold a controlling 95.5%
Industrial Manufacturing	Hoshizaki Vietnam (Japan)	Asia Refrigeration Industry JSC (ARICO)	Undisclosed	Additional 48.62%, raising ownership to ~99.62%
Industrial Manufacturing	Zeit Elevator (South Korea)	VGSI Elevator Co., Ltd.	~US$41.4 million	Capital contribution
Industrial Manufacturing	Norfund (Norway)	Circular Plastics Vietnam	US$4 million	Expanding plastics recycling capacity
Real Estate	Phat Dat Real Estate Development JSC	35% of Lotte Properties HCMC (Lotte Eco Smart City Thu Thiem)	~VND10,400 billion (~US$400 million)	Total project investment ~VND60,000 billion; financed by MB Bank
Real Estate	Vietnam Container Shipping JSC (Viconship)	65% of Harbour City Co., Ltd.	~US$34.7 million	Controlling stake in an industrial real estate project in Hai Phong
Hospitality Real Estate	ASB HPL North Asia (Singapore)	Hotel Perle D’Orient Cat Ba project (Truong Binh Minh JSC)	US$38 million	Full acquisition of the project
Hospitality Real Estate	SC Capital Partners (Singapore)	Serenity Holding (Fusion Hotel Group)	Undisclosed	Acquisition of a luxury resort chain operator
Real Estate / Hotels	TCG Land (Thanh Cong Group)	Parkroyal Saigon Hotel	US$15.7 million	Rebranded as Garden Plaza Saigon
Energy & Infrastructure	Nebula Energy (USA) via AG&P LNG	51% of Cai Mep LNG Terminal (from Hai Linh)	Undisclosed	Raised ownership to 100%; Phase 1 capacity of 3 million tonnes/year
Renewable Energy	REE Energy Co., Ltd.	Up to 100% of Phu Cuong Wind Power JSC	Undisclosed	Phu Cuong 1A & 1B wind cluster, 200 MW total, in Can Tho
Logistics & Infrastructure	APM Terminals (AP Moller Maersk)	49% of Hateco Hai Phong International Container Terminal	Undisclosed	Entry into deep-water port infrastructure in the North
Logistics	CJ Logistics Hong Kong (South Korea)	Remaining 49.1% of Gemadept Logistics Holding	Undisclosed	Raised ownership to 100%
Public Utilities	Biwase-related group (TDM & Biwelco)	48% of Phu Yen Water Supply & Drainage JSC (PWS)	~US$23.6 million	Expanding water-sector portfolio
Consumer Goods	Momogi Group (Indonesia/Singapore)	100% of Bibica (from PAN Group)	US$64.3 million	Transfer including associated assets and land bank
Healthcare	Nissha (Japan)	60% of USM Healthcare	Undisclosed	Vietnam’s only manufacturer of coronary stents
Healthcare	Dawn Medical Technologies (CBC Group)	Controlling stake in Pinnacle Health JSC	Undisclosed	Expanding medical technology in Southeast Asia
Pharmaceuticals	LeapFrog Investments	Pharmacity pharmacy chain	US$50–80 million	Issuance of convertible preferred shares
Technology	Lightrock, TRIREC, Clime Capital, UOB Venture	Stride	US$15 million	Growth funding round

Compiled by Alliance Mount from public sources

Banking & Finance

Hana Financial Group invests in BIDV—the largest banking deal in Korea–Vietnam history

The nearly US$900 million investment for roughly a 15% stake in BIDV marks the largest banking M&A transaction ever between South Korea and Vietnam. For Hana—one of South Korea’s four largest financial groups—the deal carries long-term strategic significance: Vietnam is now one of the biggest manufacturing hubs for Korean corporations in Asia, home to Samsung, LG, and Hyundai alongside thousands of satellite suppliers, generating substantial demand for trade finance, foreign exchange, cross-border payments, and supply-chain financing. Beyond its role as a shareholder, Hana has expanded infrastructure cooperation (via an April 2026 MOU with BIDV and KIND) and rolled out cross-border QR payment services for Korean tourists in Vietnam.

In parallel, Indonesian fintech “unicorn” Kredivo Group completed its acquisition of nearly 100% of digital bank Timo, marking its expansion into digital banking and a long-term commitment to the Vietnamese market.

Industrial Manufacturing & Automotive

VinFast restructures VFTP—the deal that drove the market in May

The most prominent transaction of the half-year was VinFast Auto’s plan to transfer its entire stake in VinFast Trading and Production JSC (VFTP), valued at approximately VND13,300 billion (US$530 million). The buyers comprise Future Investment Research and Development JSC (Future Investment), Ngoc Quy Investment and Trade Development Co., Ltd., and Mr. Pham Nhat Vuong; following subsequent internal transfers, Future Investment is expected to become the controlling shareholder with a 95.5% stake. The move is part of a strategy to separate Vietnam-based manufacturing operations from the group’s other core businesses, in pursuit of a leaner operating model—with the expectation that VinFast Vietnam will be substantially debt-free and profitable from 2027.

The manufacturing sector also recorded several deals tied to technology transfer and sustainability, including Hoshizaki Vietnam (Japan) increasing its stake in ARICO, Zeit Elevator (South Korea) investing in VGSI Elevator, and Norfund (Norway) backing Circular Plastics Vietnam to expand recycling capacity under a circular-economy model.

Real Estate

Lotte and Phat Dat join forces at the “heart” of Thu Thiem

On June 26, 2026, Lotte Group and Phat Dat Real Estate Development JSC formally signed an investment cooperation agreement for the Lotte Eco Smart City Thu Thiem project—one of the largest real estate M&A transactions of the year to date. Phat Dat is acquiring a 35% stake in Lotte Properties HCMC with a total expected budget exceeding VND10,400 billion, while MB Bank is financing the entirety of this capital contribution. The project sits in functional sub-zone 2A—the central core of the new Thu Thiem Urban Area—spanning roughly 7.54 hectares with an estimated total investment of about VND60,000 billion, planned as a multi-functional urban complex built to international standards.

The shift in capital “appetite” was clearly visible during the half-year: rather than expanding land banks at any cost, investors prioritized projects with clear legal status, strategic locations, and the potential for near-term execution. Other notable transactions included Viconship taking control of Harbour City (industrial real estate in Hai Phong), ASB HPL North Asia acquiring the Cat Ba resort project, SC Capital Partners taking over the Fusion Hotel Group chain, and TCG Land (Thanh Cong Group) acquiring the Parkroyal Saigon Hotel.

Energy & Infrastructure

Energy and infrastructure remained a bright spot, aligned with Vietnam’s net-zero-by-2050 commitment and the need to reconfigure supply chains. Nebula Energy (USA), via AG&P LNG, acquired the remaining 51% stake in the Cai Mep LNG Terminal to take full control of one of the few LNG terminals in Vietnam with completed infrastructure. REE Energy took over the Phu Cuong wind cluster (200 MW) in Can Tho. In port and logistics infrastructure, APM Terminals (part of Maersk) took a 49% stake in the Hateco Hai Phong International Container Terminal, while CJ Logistics (South Korea) raised its ownership of Gemadept Logistics Holding to 100%. The Biwase-related group continued expanding its water portfolio through a transaction at Phu Yen Water Supply & Drainage.

Healthcare & Technology

Healthcare and pharmaceuticals continued to attract steady interest from international investors. Nissha (Japan) acquired 60% of USM Healthcare—Vietnam’s only manufacturer of coronary stents and orthopedic devices. Dawn Medical Technologies (part of the CBC Group ecosystem) took a controlling stake in Pinnacle Health, while impact investor LeapFrog Investments injected US$50–80 million into the Pharmacity pharmacy chain.

The technology sector saw active growth and venture capital flows, notably Stride’s US$15 million funding round backed by Lightrock, TRIREC, Clime Capital, and UOB Venture Management. In addition, Google Labs’ AI Futures Fund established a strategic partnership with Saigon AI Hub to launch the first Applied AI Lab model in Vietnam—a signal that the domestic AI startup ecosystem is drawing the attention of global technology players.

Conclusion and Outlook

The first half of 2026 reinforced the trend that took shape in 2025: Vietnam’s M&A market is maturing toward discipline, selectivity, and a focus on intrinsic value. Deal volume declined, but average ticket size and strategic significance rose, led by a few “anchor” transactions such as VinFast (restructuring), Hana–BIDV (finance), and Lotte–Phat Dat (real estate). Domestic capital continued to play the leading role in large restructuring deals, while foreign capital—particularly from Singapore, Japan, South Korea, the UK, and Indonesia—shifted toward growth, impact, and venture investments.

Looking to the second half of 2026, research firms including Grant Thornton, KPMG, and JLL forecast continued but selective recovery in M&A activity, supported by long-term capital, narrowing valuation gaps, refinancing and restructuring needs, and the gradual completion of the legal framework for land and investment. Healthcare, energy (particularly renewables), education, industry, logistics, and industrial real estate are expected to remain focal points. Nonetheless, risks from global macroeconomic and geopolitical volatility persist, requiring participants to maintain a prudent and flexible approach.