On November 27th, the 16th M&A Vietnam Forum 2024, a platform for buying and selling Vietnamese businesses, was held by the Investment Newspaper.
Speaking at the forum, Mr. Nguyen Duc Tam, Deputy Minister of Planning and Investment, stated that the Vietnamese M&A market has been relatively quiet due to the absence of large-scale deals from foreign investors.
“However, as we have emphasized on several occasions, this lull is only temporary,” said the Deputy Minister.
Deputy Minister of Planning and Investment, Mr. Nguyen Duc Tam, speaks at the forum, November 27th – Photo: Organizer
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According to Mr. Tam, the fundamental factors of institutions, laws, mechanisms, policies, planning, and infrastructure, which were strengthened in 2024, will have a more noticeable impact on economic growth and development in 2025. “The growth drivers from both the supply and demand sides are also being strongly promoted,” he added.
The Deputy Minister believes that once the economy recovers and foreign investment flows into Vietnam accelerate, along with the growth of domestic enterprises, M&A activities will be activated.
Waiting for the Turning Point
“Vietnam is very attractive to Japanese investors,” said Mr. Tamotsu Majima, Senior Director of RECOF, a cross-border M&A consulting firm, during the forum’s discussion session.
 Senior Director of RECOF, Mr. Tamotsu Majima – Photo: Organizer
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Comparing Vietnam’s annual GDP growth rate of 6-7% with Japan’s current rate of just 1-2%, Mr. Majima expressed his expectation that Japanese buyers will become more active in the coming years, following a relatively quiet period. He suggested that the new cabinet term of the government in the Land of the Rising Sun could be a boost.
The RECOF leader also mentioned that Japanese businesses are sitting on thousands of billions of dollars in cash that needs to be disbursed, especially for publicly-traded companies, which will face pressure from shareholders to either find more efficient investment directions or pay dividends.
 Deputy General Director and Head of M&A Advisory Department at KPMG, Mr. Dinh The Anh – Photo: Organizer
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Speaking about some challenges facing the M&A market, Mr. Dinh The Anh, Deputy General Director and Head of M&A Advisory Department at KPMG, said that the valuation gap between buyers and sellers has been a bottleneck that has caused some deals to be canceled in recent years, especially in industries facing difficulties due to macroeconomic conditions and weak consumer demand.
In quiet business periods, sellers still aim for high prices, while buyers base their decisions on the latest data, leading to differing perceptions of valuation.
Overall, experts at the forum assessed that the continued improvement of the Vietnamese economy in 2025 will be a crucial turning point in addressing the valuation gap and creating a more favorable environment for potential M&A deals.
Thua Van
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“Vingroup and Masan’s Big Four Deals: Accounting for Nearly 60% of M&A Value in the First Three Quarters”
The domestic investors dominated the Vietnamese M&A market in the first three quarters of 2024, with the standout deal being Vingroup’s divestment from Vincom Retail, valued at approximately $982 million.
Many Chinese investors interested in acquiring Vietnamese businesses with existing orders to the United States.
There is a high level of interest from investors in countries such as Singapore, the United States, and China to provide funding or engage in mergers and acquisitions with promising Vietnamese businesses.
