126 mergers and acquisitions worth recorded in first half

According to a Grant Thornton report released on July 15, 89 transactions had disclosed or estimable values, implying an average deal value of approximately $27 million. Activity was vibrant across multiple sectors.

Most of the value was concentrated in the second quarter, with May and June accounting for approximately 71 per cent of the total during the period. Compared to the same period last year, although the number of transactions declined by around 20 per cent, the total disclosed or estimable deal value increased by 14 per cent to $2.5 billion. The average deal value in the first six months of 2026 reached approximately $28 million.

In June alone, 33 announced transactions were reported. Among these, 29 deals had disclosed or estimable transaction values, with a total size of approximately $1 billion.

By transaction volume, real estate led with six deals, followed by consumers with five deals, together contributing approximately 33 per cent of total transactions. The technology, construction and engineering, finance, and utilities sectors each recorded three deals, equivalent to approximately 36 per cent of total transactions during the month.

In terms of transaction value, the market was led by large-scale transactions in real estate and hotel and tourism sectors, with total values of approximately $322.3 million and $313.5 million, respectively, together contributing 63 per cent of total transaction value in June. The finance sector followed with a value of approximately $271 million, accounting for nearly 27 per cent of total market transaction value.

In hotel and tourism, outstanding transactions include Vinpearl JSC successfully raised $255 million from SeaTown Private Credit Fund III, a fund managed by SeaTown Holdings International, together with the Oman Investment Authority and the Vietnam-Oman Investment Fund.

The transaction was carried out through convertible dividend preference shares issued by Vinpearl. The proceeds will be used to strengthen financial capacity, support long-term development strategy, and expand the tourism and resort ecosystem.

Meanwhile, Diamond Crown Homes Co., Ltd., a member of the DOJI Group ecosystem, indirectly acquired control of Xuan Phu Hai Construction JSC, the developer of the Grand Mercure Hoi An project, through a series of transactions valued at around VND1,520 billion ($58.5 million). The transaction was carried out through the acquisition of Friends Investment and Construction Co., Ltd., which had previously acquired a 49 per cent equity stake in Xuan Phu Hai from Vinahud.

In the real estate sector, Phat Dat Real Estate Development Corporation approved the acquisition of 35 per cent of equity stake in Lotte Properties Ho Chi Minh City Co., Ltd. for approximately VND 7,666 billion (equivalent to $295 million). Upon completion, Phat Dat plans to contribute an additional VND 2,727 billion ($105 million) to maintain its 35 per cent ownership in subsequent capital increases. Lotte Properties is the developer of the Lotte Eco Smart City Thu Thiem project, a 7.54-hectare urban complex in the Thu Thiem New Urban Area, Ho Chi Minh City, comprising Grade A office space, a shopping mall, hotel, luxury apartments, and integrated amenities.

In the consumer sector, VietinBank Capital purchased 9.35 million shares of PetroVietnam for an estimated value of approximately VND 495.55 billion (around $19 million), increasing its ownership to 13.45 per cent and becoming a major shareholder of the company.

Representing the finance sector, Vingroup founder and chairman Pham Nhat Vuong purchased more than 146.2 million shares of LPBank for an estimated value of VND 6,725 billion, equivalent to $259 million. Following the transaction, Vuong owns 4.894 per cent of LPBank’s charter capital, becoming the bank’s second-largest shareholder after VNPost, which owns 6.53 per cent.

In utilities, BNE Investment JSC and Xuan Cau Holdings JSC purchased 14.2 million and 8.58 million shares, respectively, of Vietnam Water and Environment Investment Corporation, with a total estimated value of approximately $26.2 million. Following the transactions, BNE and Xuan Cau Holdings hold 24.47 per cent and 14.79 per cent of Viwaseen’s charter capital, respectively.

Private capital market shifts from growth-at-all-costs to patient capital As Vietnam's private capital market matures, investors are shifting their focus from aggressive expansion to long-term, sustainable growth. At the VIPC Summit on May 28, Nguyen Thanh Thao, CEO of Thien Viet Securities (TVS) explained why 'patient capital' – capital focused on governance, operational resilience, and sustainable value – is becoming the new benchmark.

Vietnam recorded more than $700 million in M&A in May Vietnam's merger and acquisition (M&A) market recorded 24 transactions in May, with 22 deals totalling more than $700 million, according to a report from Grant Thornton Vietnam.