Vietnam's M&A market enters more selective phase

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Global M&A is becoming a more concentrated market as AI reshapes both where capital is deployed and how transactions are executed.

According to PwC’s Global M&A Industry Trends: 2026 Mid-Year Outlook, released on July 29, global deal value is expected to reach approximately $4 trillion in 2026, driven by a smaller number of larger strategic transactions and growing investment in AI-related infrastructure.

The outlook points to an increasingly bifurcated M&A market. Well-capitalised buyers are pursuing scale, resilience and transformation through large strategic transactions, while many other dealmakers continue to navigate financing constraints, valuation gaps and broader macroeconomic uncertainty. These dynamics are becoming increasingly relevant for Vietnam as businesses and investors make decisions around growth, transformation and capital allocation in a rapidly evolving market environment.

A notable distinction is emerging between global and Asia-Pacific dealmaking. While Asia-Pacific accounted for 37 per cent of global deal volume and 16 per cent of global deal value in early 2026, the region is also less reliant on megadeals to drive activity. PwC's analysis shows a narrower gap between total deal value and deal value excluding megadeals in Asia-Pacific than globally, suggesting a broader base of strategic transactions rather than a handful of blockbuster deals.

Vietnam's M&A market shares many of these characteristics, with investors continuing to prioritise business quality, strategic fit and long-term value creation over transaction size alone. Recent investments in companies such as Imexpharm, Bibica and Thien Long highlight the attractiveness of established Vietnamese platforms and brands.

Beyond pharmaceuticals and consumer sectors, investor interest is expanding into infrastructure, logistics, energy transition and high-tech manufacturing. Investments in companies such as Pharmacity and Dat Bike highlight growing interest in opportunities linked to healthcare, digitalisation and sustainability.

This momentum is also being supported by the government's economic policy direction, including frameworks such as Resolutions 68 and 79, which may help create a more conducive environment for private sector participation, infrastructure development and broader investment activity.

Tiong Hooi Ong, partner of PwC Vietnam, said, “The next phase of Vietnam's M&A market may see investors becoming more selective, focusing on assets aligned with long-term themes such as consumer demand, digital transformation, infrastructure and sustainability. This is a sign of deepening investor confidence in Vietnam, not just as a growth market, but as a place where multiple investment models and value creation strategies can succeed.”

Vietnam is also seeing growing momentum behind the infrastructure that underpins the AI economy. Recent investments and announced plans relating to large-scale data centres, cloud infrastructure and AI capabilities reflect a broader push to strengthen the country's digital foundation and support rapidly increasing computing demand.

“Looking ahead, the key question for dealmakers is no longer whether AI will reshape investment priorities, but how quickly. As capital increasingly flows towards AI-enabled businesses and the infrastructure that supports them, organisations will need to make deliberate choices about where to invest, partner and compete. In this environment, disciplined capital allocation may prove just as important as deal execution itself," Ong said.

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