The judging panel highly regarded the deal based on four criteria: deal size, deal nature, deal significance, and deal effectiveness.
GELEX Group representative receiving the award for Outstanding M&A Deal of 2023-2024
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GEX was chosen for its M&A deal in the field of renewable energy with Sembcorp, a leading company from Singapore.
The process of this deal started in 2023 when GEX signed a cooperation agreement with Sembcorp Industries. In 2024, the two parties materialized their relationship by Sembcorp Industries acquiring shares or capital contributions in operating energy projects belonging to the Group. To date, 3/4 of the projects have completed the transfer.
Sembcorp Industries, a subsidiary of Sembcorp – a leading integrated energy and urban solutions provider headquartered in Singapore, is backed by Temasek Holding (the investment arm of the Singapore government) with a 49% stake. Sembcorp has invested in many countries around the world, is listed on the Singapore Stock Exchange, and is a member of the Straits Times Index (STI) – one of the top 30 largest listed companies on the Singapore stock market.
A GEX representative shared: “This is not just a financial transaction. At this point, GEX is only divesting a part of its investment portfolio to find and choose partners to accompany in the next projects. We are very much looking forward to partnering with capable investors. Collaborating with Sembcorp will enable GEX to maximize synergies and support each other to grow stronger in the Vietnamese and international markets, opening up new opportunities in the future.”
The deal took place amid the global and Vietnamese economies’ gradual recovery, and the M&A market is expected to bounce back after a quiet period.
According to KPMG Vietnam, as of October, there were 174 transactions recorded, with a total disclosed value of approximately $2 billion. While the number of transactions increased by about 21% over the same period last year, the total value decreased by 54%, indicating a significant decline. The main reason is the difficulties in the global economy, the high-interest rate environment, and investors’ caution due to prolonged instability. However, investors remain active but prioritize strategic transactions focused on value rather than speculative ones.
 Source: Report by KPMG Vietnam
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The M&A market in Vietnam is becoming an attractive destination not only for international investors but also for domestic investors. Large enterprises are taking advantage of the opportunity to expand their networks and seek strategic partners.
Also, according to KPMG, the rate of M&A deals involving domestic enterprises in 2024 reached 40%, significantly higher than in previous years. This reflects the maturity in the strategic thinking of Vietnamese enterprises. M&A has become an important tool to help enterprises innovate technology, expand their scale, develop products, and increase competitiveness in the international market.
This year, 15 enterprises with outstanding M&A deals in 2024 included VPBank‘s sale of 15% of its shares to the Sumitomo Mitsui Financial Group – SMBC (Japan); Sycamore, a subsidiary of CapitaLand (Singapore), successfully acquiring the Tan Thanh Binh Duong urban and residential project (belonging to the new city of Binh Duong) from Becamex IDC; Thomson Medical Group (Singapore) acquiring Far East Medical Vietnam (FEMV), the owner of FV Hospital; Gamuda Land acquiring a 3.7-ha project in Thu Duc City (Ho Chi Minh City) from CTCP Tam Luc to develop the Eaton luxury apartment project; Southeast Asia Commercial Joint Stock Bank (SeABank) selling its finance company to AEON Financial Service Co., Ltd. of Japan; and Tasco’s notable deal with Mitsui & Co. becoming a strategic shareholder of Tasco Auto, a subsidiary of Tasco…
This is a positive signal for the economy, as domestic enterprises are becoming more proactive in seeking cooperation and merger opportunities, affirming their maturity and the growing strength of the domestic enterprise sector.
It is forecasted that in 2025, when the economy recovers and foreign investment flows accelerate into Vietnam, along with the growth of domestic enterprises, M&A activities will also be strongly boosted.
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