Vietnam emerges as a major technological investment hub in Southeast Asia. Despite global uncertainty, the rise of artificial intelligence and innovation is revitalizing mergers and acquisitions for the year 2026.
Foreign capital is flowing into real estate through mergers and acquisitions (M&A) M&A in Vietnam: focus on innovation and start-ups M&A, a strategic springboard for Vietnamese companies
After a period of slowdown, investments through mergers and acquisitions (M&A) are once again turning towards the technology sector and start-ups, energizing the domestic market with large-scale and high-value transactions.
The weight of local players While complete annual figures have not yet been released, Vietnam recorded approximately 220 M&A operations in the first ten months of 2025, with a disclosed total value of about $2.3 billion. Recently, a report from Grant Thornton showed that the market saw 31 transactions in the month of December alone, with a disclosed and estimated value of around $1.3 billion.
These numbers reflect the momentum of recovery and restructuring of businesses in the fastest-growing economy in Southeast Asia. Vietnamese investors have continued to play a pivotal role in the market, accounting for over 30% of the total value of announced deals ($712 million). They were followed by foreign investors, with regional and Western flows dominating: Singapore ($613 million), Japan ($214 million), the United States ($150 million), and South Korea ($122 million). The ongoing presence of foreign investors confirms their enduring confidence in Vietnam’s medium and long-term growth prospects.
M&As have been distributed more evenly across key sectors. The three sectors that attracted the most capital were real estate (27%), driven by liquidity improvement; materials (20%), fueled by supply chain localization; and healthcare (10%) due to increasing demand from the middle class. These three groups alone accounted for over 50% of the total transaction value. Several large-scale transactions marked the year 2025, including the acquisition of Eastern (a member of Masterise Group) by Bach Duong Company ($365 million) in real estate, the restructuring of Hyosung Vina ($277 million), and the acquisition of Postal Financial Company (PTF) by AEON ($162 million).
According to audit firm KPMG, in 2026, capital flows are expected to shift towards sectors characterized by clear demand, sustainable operational performance, and transparent growth trajectory. The three areas considered the most promising for attracting capital are healthcare, education and training, and essential B2B services such as logistics, waste treatment, ESG (environmental, social, and governance) energy, and industrial services.
New investment criteria Investors will favor companies with transparent governance, clear finances, and sustainable profits. Although the total volume of transactions has decreased, their quality and strategic value are increasing. As the legal framework becomes more transparent and market liquidity improves, Vietnam is gradually establishing itself as one of the most attractive M&A destinations in Southeast Asia, both medium and long term.
Nguyen Duc Kien, former director of the Prime Minister’s Economic Advisory Group, stated that the era of deep globalization is reshaping the role of bilateral agreements focused on national interests and supply chain security. This structural shift has created what he described as an “extended period of uncertainty” in policy-making and business strategy.
Traditional economic centers, such as the United States and the European Union, are adapting to the rapid rise of BRICS+ countries and emerging economies, thus fragmenting the global balance of economic power. “For Vietnamese enterprises, this represents both considerable challenges and opportunities,” he said. Challenges include increased competitive pressure, rising capital costs, and increasingly stringent requirements in terms of digital transformation and governance standards.
However, opportunities exist for companies capable of quickly restructuring, expanding their activities, and leveraging capital and technology through strategic M&A operations. He believes that M&As contribute to asset reallocation, technology transfer, governance harmonization, and competitiveness enhancement. Instead of allowing social resources to fragment or waste, mergers and acquisitions create mechanisms for efficient restructuring that improve the overall quality of economic growth.
As the year 2026 promises a wealth of opportunities and challenges, mergers and acquisitions are increasingly seen as a key lever for business restructuring and economic recovery in Vietnam. Within a transparent institutional framework and under the impetus of long-term investors, M&As can transcend isolated transactions and become a true driver of sustainable growth.
Thao Linh/CVN
