Vietnam M&A Forum 2025: new position, new momentum

With the theme “New Position - New Momentum”, the 17th edition of the forum comes at a time when Vietnam’s M&A market is relatively stable, in contrast to the subdued landscape seen across Southeast Asia for most of 2025.

Pham Van Hoanh, editor-in-chief of Vietnam Investment Review, opened the M&A Vietnam Forum 2025

In his opening remarks, Pham Van Hoanh, editor-in-chief of Vietnam Investment Review, stated that this year’s M&A Forum theme reflects Vietnam’s profound transformation: from an emerging destination into a strategic hub for high-quality investment capital.

“‘New position represents Vietnam’s rising stature on the global economic map, driven by a more transparent legal framework, a modern financial infrastructure, and a dynamic private sector. New momentum refers to the expanding M&A opportunities, in scale, value, and strategic significance, which increasingly connect domestic and foreign capital,” Hoanh said.

He added that a new position opens new momentum. The upcoming wave of M&A will not merely be about changes in ownership, it will be a catalyst for corporate restructuring, stronger governance, enhanced productivity, and a key driver of Vietnam’s economic growth in the decade ahead.

“The M&A landscape in Southeast Asia is facing significant challenges: tighter financial conditions, valuation gaps, and rising geopolitical and regulatory risks continue to weigh on investor sentiment. Despite this, Vietnam has remained relatively stable, supported by a series of large-scale, selective transactions, the active participation of regional strategic investors, and the strengthening position of domestic private enterprises,” Hoang added.

According to KPMG, in the first 10 months, Vietnam recorded 218 transactions with a total value of $2.3 billion, reflecting a trend of thorough due diligence and more cautious valuations, particularly in sectors facing margin pressure or slower growth.

Large-scale deals contributed nearly $1 billion, with the majority coming from international investors, highlighting the appeal of high-quality assets and stable operations. After peaking in 2024, the average deal size returned to $29.4 million, bringing the market back to a more balanced state, with stronger activity in the mid-market segment.

Domestic capital continued to play a key role, accounting for over 30 per cent of total deal value, while foreign investment remained robust, particularly from Singapore, Japan, the US, and South Korea, which led many of the year’s biggest transactions.

This year’s standout deals mainly focused on real estate, materials, finance, and healthcare. Several major transactions valued from $1 to $1.5 billion are in the final stages and are expected to provide fresh impetus for the 2026-2027 cycle.

Vietnam’s M&A outlook for 2026 is viewed positively, supported by key drivers including the revised Land Law and improved investment procedures, a more transparent bond market, the Direct Power Purchase Agreement mechanism opening new space for renewables, and strong interest in hospitals, diagnostics, and health-tech.

At the same time, ongoing supply chain shifts are drawing capital into materials, industry, and export-oriented manufacturing. While short-term consumer demand remains soft, medium-term growth in healthcare, retail, logistics, technology, and essential services continues to rise thanks to Vietnam’s stable macroeconomic fundamentals.

This year, the forum continued to honour Outstanding M&A Deals and Outstanding M&A Advisory Firms 2024–2025, as assessed by an independent panel. On the sidelines, an exhibition and investment-networking space provided additional opportunities for collaboration, deal-sourcing, and strategic partnerships.

The event gathered more than 500 delegates, including government regulators, economic experts, investors, investment funds, and representatives of leading domestic and international enterprises.

Fundamentals required for M&A wins Japanese investors are taking meaningful, strategic steps in the Vietnamese market towards a long-term presence in the market. Masataka “Sam” Yoshida, head of the Cross-border Division at RECOF Corporation, talked with VIR’s Thanh Van about the strategies of Japanese dealmakers in Vietnam.

Expansions in healthcare more likely Vietnam’s healthcare sector closed 2025 with robust merger and acquisition (M&A) momentum. Major transactions from institutional investors demonstrated the market’s depth, while established platforms backed by private equity (PE) pursued strategic add-ons and infrastructure expansion. The year demonstrated that Vietnam’s healthcare M&A market operates on multiple growth vectors simultaneously.

Real estate deals boom via high-profile names The Vietnamese real estate merge and acquisition (M&A) market in 2025 recorded significant growth, marking a positive shift after a prolonged downturn.