Vietnam sees $786 million in July M&A across key sectors

According to Grant Thornton, 34 transactions were completed in July, with total disclosed and estimated deal value reaching about $786 million. Real estate, technology, energy, logistics and infrastructure, and healthcare were the five sectors with the highest M&A activity, both in deal count and value.

In the first half of 2025 and continuing into July, M&A activity in the real estate sector rebounded strongly after a period of subdued deals. This recovery has been driven by positive macroeconomic signals that support the market’s capacity to absorb real estate products, as well as the implementation of the Land Law, effective from August 2024, which has increased market transparency and boosted growth momentum.

Logistics, infrastructure, and construction and engineering have also seen strong M&A activity, supported by Vietnam’s growing trade flows, infrastructure upgrades, and public–private partnerships.

Healthcare, energy, and technology remain attractive to both domestic and foreign investors. In July 2025, these sectors continued to see active deal-making as investors target opportunities linked to long-term consumption trends, the clean energy transition, and digital transformation.

In the real estate sector, Vinaconex Group sold a 70 per cent stake in Vinaconex ITC, the developer of the 172-hectare Cat Ba Amatina urban-tourism project in Hai Phong, to three domestic investors: Hanoi An Pha (around 23 per cent), Imperia An Phu (just over 24 per cent), and Silver Field International Business JSC (22.5 per cent). Meanwhile, UOA Vietnam Pte. Ltd., a subsidiary of United Overseas Australia Ltd, acquired a 100 per cent equity stake in VIAS Hong Ngoc Bao JSC for $68 million.

In the technology sector, North America–based GS Microelectronics acquired Sinble Technology Vietnam, the local arm of a Singaporean chip design startup. Meanwhile, Vietnamese Q&A-focused AI platform AI Hay closed a $10 million Series A round led by Argor Capital, bringing its total funding to over $18 million. Another company, OKXE Vietnam, raised $4.5 million from Kwangju Bank, JB Financial Group, and The Invention Lab for its motorcycle e-commerce platform.

Other deals took place in education and healthcare. Vietnamese edtech company Galaxy Education secured nearly $10 million in a funding round led by East Ventures and other investors. Meanwhile, Singapore-based Dale Investment Holdings, affiliated with Asia’s largest healthcare-focused private equity fund Quadria Capital, acquired a more than 73 per cent stake in Tam Tri Medical, a private hospital chain in Vietnam, including a near 38 per cent stake from VinaCapital’s Vietnam Opportunity Fund and the remainder from other shareholders.

In the energy sector, UK-based EnQuest PLC completed the acquisition of Harbour Energy’s Vietnam business, including a 53 per cent stake in the Chim Sao and Dua oil fields offshore Vung Tau, for just over $85 million.

M&A market braces for policy slowdown The wave of dealmaking activities in Vietnam may face a slowdown amid unpredictable policies that will have a knock-on effect.

M&A outlook remains cautiously optimistic This year, the Vietnamese government set a GDP growth target of over 8 per cent, with the economy expected to reach $500 billion in size.

Real estate M&A: from nascent recovery to sustainable growth After a period of relative dormancy, Vietnam’s real estate dealmaking market is demonstrating a significant recovery in 2025.