Vietnam 2025 M&A outlook: trends, deals, and opportunities

Vietnam’s mergers and acquisitions (M&A) landscape in 2024 saw 96 completed transactions worth a total of $3.2 billion, according to Mergermarket. While the market presented both opportunities and challenges, Vietnam remained a key destination for foreign investment, with significant contributions from Japan, South Korea, and Singapore, alongside growing interest from European and North American firms.

Angela Yang, partner of Corporate Finance at PwC Vietnam

A notable shift occurred as domestic investors took the lead in acquisitions, reflecting rising confidence among local companies. At the same time, foreign investment in both new and existing projects increased, underscoring the country’s continued appeal.

M&A activity was concentrated in consumer goods, retail, real estate, technology, and manufacturing. The largest deal of the year was in the real estate sector, valued at $942 million, while around 40 transactions exceeded $1 million, highlighting the market’s dynamism.

Several key deals in 2024 set the stage for emerging trends in 2025. Notably, Nvidia’s acquisition of VINBrain and Vingroup’s divestment from Vincom Retail underscored the growing importance of the technology and real estate sectors.

Outlook for 2025

As Vietnam strengthens its position as one of Southeast Asia’s most dynamic economies, M&A activity in 2025 is expected to align with evolving economic priorities, technological advancements, and deeper global integration. Sustainability, digital transformation, and infrastructure development will drive dealmaking.

Green energy and sustainability take centre stage

Vietnam’s commitment to achieving net-zero carbon emissions by 2050 is set to shape M&A trends in the renewable energy sector. Government support for solar, wind, and hydropower projects has already attracted significant foreign investment. This year, more deals are expected as international energy giants collaborate with local firms on large-scale renewable projects. Additionally, companies in energy storage, electric vehicle (EV) infrastructure, and carbon capture technologies will be prime acquisition targets.

Accelerated digital transformation across industries

Vietnam’s digital economy is poised for further growth in 2025, driven by increasing internet penetration, a tech-savvy population, and government initiatives promoting digitalisation. The technology sector will remain a focal point for M&A activity, particularly in fintech, e-commerce, edtech, and healthtech.

According to PwC’s Global M&A Industry Trends: 2025 Outlook, the impact of AI is expected to be a major factor shaping M&A. Investment in AI-related businesses is rising, alongside substantial capital being deployed into digital infrastructure such as data centres and power generation. While this could result in a shift from acquisitions to internal capital expenditure and strategic alliances, AI-driven companies will remain attractive acquisition targets.

Infrastructure and real estate rebound

Vietnam’s real estate and infrastructure sectors are expected to recover strongly in 2025, supported by urbanisation, population growth, and government investment in transportation and smart city projects. M&A activity in these sectors will be driven by increasing capital allocation to alternative assets, innovative financing solutions, and evolving business models.

Traditional real estate assets will continue to attract investment, but alternative asset classes may offer better risk-adjusted returns. Demographic shifts, such as an ageing population and a heightened focus on health and wellness, are spurring demand for wellness centres and senior housing. Foreign investors, particularly from China, South Korea, and Japan, will play a crucial role in financing and developing major projects, including industrial parks, logistics hubs, and residential developments.

Healthcare and pharmaceuticals remain attractive

The COVID-19 pandemic reinforced the importance of a resilient healthcare system, and Vietnam’s healthcare and pharmaceutical sectors will continue to see strong M&A interest in 2025. Both domestic and international investors are eyeing opportunities in hospital networks, telemedicine platforms, and pharmaceutical manufacturing.

Foreign investors, particularly from the US, Europe, and India, are expected to pursue acquisitions or partnerships with Vietnamese healthcare providers to tap into rising demand. Meanwhile, the government’s ongoing efforts to privatise state-owned healthcare assets could open further opportunities for private sector involvement.

Private equity and venture capital drive M&A growth

Private equity (PE) and venture capital (VC) firms are set to play a key role in Vietnam’s M&A landscape in 2025. According to PwC, private capital M&A will be marked by sector convergence and a strong focus on value creation.

With an increasing pipeline of startups and mid-sized enterprises, PE and VC investors are actively seeking deployment opportunities. High valuations and slow interest rate reductions are likely to drive disciplined investment strategies, with a focus on operational transformation. Large funds will continue expanding their portfolios, while smaller players will need niche specialisations to remain competitive. AI-related businesses, digital infrastructure, and energy generation are expected to attract particular interest.

Promising future

Vietnam’s M&A market in 2025 is set to capitalise on recent momentum, driven by strong economic fundamentals, technological advancements, and a supportive policy environment. As the country transitions towards a more sustainable and digitally driven economy, M&A will play a pivotal role in shaping its growth trajectory.

For investors, Vietnam offers a wealth of opportunities across various sectors, reinforcing its status as a prime M&A destination in Southeast Asia and beyond.

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