Vibrant Acquisitions in the Real Estate Sector
Cát Bà Amatina, officially known as the Cai Gia – Cat Ba Tourism Urban Area Project, boasts a total investment of over 10.9 trillion VND. Strategically located in Cat Ba town and Tran Chau commune, Hai Phong City, this project is a testament to Vinaconex’s vision. Image: Vinaconex
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Vietnam Construction and Import-Export Corporation (Vinaconex, HOSE: VCG) has successfully divested its entire 51% stake in Vinaconex Tourism Investment and Development JSC (Vinaconex ITC, UPCoM: VCR), the developer behind the ambitious 176-hectare Cat Ba Amatina resort real estate project in Hai Phong City. The buyers are domestic entities, marking a significant shift in ownership.
While the transaction value remains undisclosed, Vinaconex previously recorded nearly 5.6 trillion VND in unfinished construction investments related to this project. In the financial reporting period coinciding with the deal, the company generated over 4.7 trillion VND in cash from investment recovery.
The Constrexim Complex project, spanning 2.5 hectares in the new Cau Giay urban area of Hanoi, is currently under construction on the vacant land of lot A1-2. Image: Vietstock
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Vietnam Minh Hoang Real Estate Investment and Construction JSC, an affiliate of Sun Group, has acquired the Constrexim Complex project from Vietnam Construction and Trade Investment Corporation (CTX Holdings, UPCoM: CTX). This project, originally planned for five towers ranging from 38 to 45 stories, has been rebranded as Sun Feliza Suites by Sun Group, which is now spearheading its commercialization.
According to CTX Holdings’ Q2/2025 consolidated financial report, the company received a deposit of 4.96 trillion VND (approximately 195 million USD). However, the total transaction value has not been publicly disclosed.
Masterise Group, a leading player in Vietnam’s real estate market, continues to expand its portfolio with strategic acquisitions and developments. Image: Masterise Group
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In February 2025, Bach Duong Real Estate Business LLC acquired 100% of the shares in Phuong Dong Real Estate Investment and Business LLC from Masterise Group for 365 million USD. Bach Duong is a subsidiary of Singapore’s UOB Bank. Details about the transaction and Phuong Dong’s specific real estate projects remain limited.
Vincom Retail’s Portfolio Restructuring
In October 2025, Vincom Retail finalized the transfer of its stake in Vincom Center Nguyen Chi Thanh. As a result, the Vincom brand will no longer be associated with this shopping center. Image: Vincom Retail
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Vincom Retail JSC (HOSE: VRE) has transferred 99.99% of its stake in Vincom NCT Real Estate LLC, the owner of Vincom Center Nguyen Chi Thanh, to Bao Quan Investment and Service Trading LLC. The transaction value exceeded 3.63 trillion VND.
This move aligns with Vincom Retail’s strategy to refocus its asset portfolio on developing large-scale shopping centers (megamalls) integrated with Vinhomes’ urban complexes. Recent launches include Vincom Mega Mall Ocean City (nearly 70,000 m²) and Vincom Mega Mall Royal Island (over 55,000 m²). Vincom Retail is also planning to invest in shopping centers within the Can Gio coastal tourism urban area megaproject.
Major Healthcare Deal
 MEDLATEC Thanh Xuan Polyclinic in Hanoi, operational since September 2019, exemplifies MEDLATEC’s commitment to expanding its healthcare network. Image: MEDLATEC
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In October 2025, MEDLATEC Group announced that Ares Asia Private Equity, part of the global asset management leader Ares Management Corporation, has become its strategic investor. This marks Ares Asia’s first healthcare investment in Vietnam.
According to Mergermarket, the fund acquired a 30% stake in MEDLATEC for approximately 150 million USD.
Founded in 1996 and headquartered in Hanoi, MEDLATEC is a leading private healthcare network in Vietnam, offering a comprehensive range of services including polyclinics, hospitals, and diagnostic laboratories.
MEDLATEC’s partnership with Ares signals a new phase focused on digital transformation, AI integration in diagnostics and treatment, expanding its network of international-standard hospitals and laboratories in key economic regions, and enhancing patient experience.
Pharmacy Chain Welcomes Strategic Investor
 A pharmacy within the FPT Long Chau network, showcasing its commitment to providing accessible and quality healthcare products. Image: FPT Long Chau
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In April 2025, Digital Retail Joint Stock Company (FPT Retail, HOSE: FRT) announced that Creador Sdn Bhd, a private equity firm, would acquire a 13% stake in FPT Long Chau, its pharmaceutical retail and vaccination chain. The 195 million USD deal (as per PwC) will be executed in two phases over a year, involving both new share issuance and purchases from individual shareholders.
Established in 2011 and headquartered in Malaysia, Creador manages over 3 billion USD in assets, focusing on long-term investments in South Asia and Southeast Asia.
This transaction marks FPT Long Chau’s first external capital raise. Since acquiring a four-store pharmacy chain in 2017, FPT Retail has transformed it into a network of 2,320 pharmacies and 203 vaccination centers by Q3/2025.
Blockbuster Deal in the Livestock Industry
Meat Master, a brand established by CJ Vina Agri (a subsidiary of South Korea’s CJ Feed & Care) in late 2020, represents the company’s commitment to delivering high-quality meat products. Image: CJ Vina Agri
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On October 1st, in Hanoi, De Heus (Netherlands), a leader in animal feed production, signed an agreement to acquire 100% of CJ Feed & Care for over 850 million USD.
De Heus will take over CJ Feed & Care’s operations in Vietnam, Indonesia, South Korea, Cambodia, and the Philippines, including 17 feed mills. Seven of these mills, with a combined capacity of over 1 million tons/year, are located in Vietnam.
Since entering Vietnam in 2008, De Heus has consistently expanded through mergers and acquisitions. In 2021, the company acquired Masan’s entire animal feed division (Proconco/Cám Con Cò and ANCO), becoming Vietnam’s largest animal feed producer.
Da Lat Flower Giant Expands Its Reach
Dalat Hasfarm’s chrysanthemum harvesting in their greenhouses showcases their commitment to sustainable and high-quality flower production. Image: Dalat Hasfarm
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Hasfarm Holdings, the parent company of Dalat Hasfarm, has acquired 100% of Lynch Group (Australia) for approximately 270 million AUD (178 million USD).
Lynch, a listed company specializing in fresh flowers, potted plants, and flower distribution, operates across major markets like Australia and China, with an integrated model spanning production to distribution.
Headquartered in Hong Kong, Hasfarm Holdings began its journey in Vietnam, where Dalat Hasfarm remains its primary production hub. Between 2010 and 2017, the group significantly expanded its operations in Japan, China, and Indonesia through strategic acquisitions.
Japanese Firm Acquires Digital Capabilities
 Bunbu’s operations, as depicted in this image, highlight its expertise in developing web, mobile, and AI solutions for Japanese clients. Image: Bunbusoft
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In late August 2025, Japan’s Appirits announced a 241 million USD acquisition of Bunbu JSC from individual shareholders. The deal includes 66.6 million USD in cash and 174.4 million USD in earn-out payments.
Founded in 2010, Bunbu specializes in web, mobile, and AI development for Japanese clients. Based in Hanoi, the company reported 105.5 million USD in revenue and 41 million USD in net profit in 2024.
According to Grant Thornton, this acquisition is part of Appirits’ VISION2030 strategy to enhance technical capabilities and workforce through M&A. By leveraging Vietnam’s tech resources, Appirits aims to improve service quality, optimize costs, and expand its global presence.
Hyundai Acquires Industrial Assets
The Doosan Vina factory complex in Dung Quat Economic Zone, Quang Ngai Province, symbolizes its role as a key manufacturer of industrial equipment. Image: Doosan Vina
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HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, has acquired 100% of Doosan Vina from Doosan Enerbility for approximately 210 million USD.
Established in 2006 within the Dung Quat Economic Zone, Quang Ngai Province, Doosan Vina manufactures equipment for thermal power plants, LNG modules, and port cranes.
Following the acquisition, HD Hyundai plans to construct a new factory within Doosan Vina’s premises to produce environmentally friendly LNG and ammonia tanks. The company also aims to develop Doosan Vina into a regional hub for port crane manufacturing.
For Doosan Enerbility, divesting from Doosan Vina is part of its portfolio restructuring strategy, allowing it to focus on new energy sectors such as small modular reactors (SMR), gas turbines, and hydrogen.
Stationery Giant Changes Hands
Thien Long Group’s stationery display at an exhibition highlights its diverse range of products and commitment to quality. Image: Thien Long Group
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In early December 2025, Japan’s Kokuyo announced its acquisition of a 65% stake in Thien Long Group (HOSE: TLG) through two transactions: purchasing 46.8% from the founder and associates, and a public tender offer for 18.2%. The deal is valued at 27.6 billion yen, approximately 4.7 trillion VND (based on 82,000 VND/share).
Two Thien Long affiliates, Phuong Nam Bookstore chain and PEGA stationery distributor, are excluded from the transaction.
Founded in 1981, Thien Long Group has evolved from a small pen workshop into Vietnam’s leading manufacturer of writing instruments and stationery. Kokuyo, with over a century of history, is a major player in stationery, furniture, and mail-order solutions, known for its Campus brand.
– 10:08 16/12/2025
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Top 100 Global Chinese Conglomerate Eyes Investment Opportunities in Quang Tri
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