On the afternoon of December 9th, the Vietnam M&A Forum 2025, organized by the Finance and Investment Newspaper under the theme “New Position – New Opportunities,” took place amidst the stable Vietnamese M&A market, contrasting the subdued tone of Southeast Asia for most of 2025.
The Role of Private Enterprises in M&A Activities
In 2025, M&A activities in Southeast Asia faced challenges such as tightened financial markets, valuation expectation gaps, and geopolitical-legal risks, making investors cautious. However, Vietnam maintained stability through large-scale, selective deals, with strong participation from regional strategic investors.
According to KPMG, in the first 10 months of the year, Vietnam recorded 218 deals worth 2.3 billion USD, reflecting a trend of careful valuation and cautious pricing, especially in sectors facing margin pressures or slow growth. Notable deals focused on real estate, materials, finance, and healthcare. Several large deals valued at 1-1.5 billion USD are nearing completion, expected to boost the 2026-2027 period.
Foreign capital accounted for 30% of total transaction value, with significant contributions from Singapore, Japan, the US, and South Korea leading the largest deals of the year.
Speaking at the forum, Mr. Tran Quoc Phuong, Deputy Minister of Finance, emphasized that M&A activities contribute to mobilizing resources for the economy. Vietnamese investors continue to play a crucial role in the M&A market.
As the global economy stabilizes and Vietnam’s economy grows, it is increasingly seen as a safe and attractive market for domestic and international investors. Notably, in the electronics and semiconductor sectors, NVIDIA and Qualcomm have acquired stakes in domestic corporations to develop R&D and AI initiatives in Vietnam.
Mr. Tran Quoc Phuong, Deputy Minister of Finance, speaking at the M&A Forum 2025 on the afternoon of December 9th, 2025, in Ho Chi Minh City.
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Resolution 68-NQ/TW by the Politburo on private economic development offers unprecedented opportunities for domestic private enterprises to accelerate growth. More foreign companies are partnering with Vietnamese firms for investment and business plans, making private enterprises a key driver of Vietnam’s M&A market.
Vietnam is entering a new development phase, aiming for double-digit growth in 2026-2030. To achieve this, mobilizing all societal resources for investment is crucial, with foreign investment playing a significant role.
The Deputy Minister mentioned ongoing efforts to develop new-generation foreign investment and capital attraction schemes, focusing on institutional policies and legal reforms in land, planning, investment, and taxation. These measures aim to improve the business environment, attract high-quality investment, and foster private sector growth.
The Shift to Core Value in M&A Trends
Mr. Michael Dwyer, Head of Transaction Advisory at KPMG Vietnam, noted that global private capital remains robust, especially in Asia-Pacific, but fundraising is selective. Vietnam shows clear differentiation.
High-quality, mid-to-large enterprises with transparent governance, proven profitability, reasonable valuations, risk-sharing structures, and sustainable cash flow will attract strong interest. Weaker companies face longer transaction processes or capital restructuring needs.
Healthcare, education, B2B, and essential services (logistics, waste management, energy/ESG, industrial services, consumer finance) are seen as sustainable cash flow sectors. Healthcare benefits from rising middle-class demand, while education is driven by demographics and skill enhancement needs.
Stalled deals in recent years have pressured valuations, forcing companies to reassess. As the market matures, pricing and investment fundamentals will become more rational. Improved legal frameworks will boost investor confidence and market liquidity.
In 2026, Mr. Michael Dwyer predicts M&A activities will prioritize quality over quantity. The market will become more disciplined and selective. With partners delivering long-term value and liquidity, Vietnam will remain an attractive Southeast Asian market.
– 15:48 09/12/2025
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