M&A activity rises to $786m in July

M&A activity rises to $786m in July

The revival of M&A activity can be attributed to several factors, including a positive macroeconomic environment that enhances the market's absorption capacity for real estate products.

A building developed by Vinaconex Group in Hà Nội. — Photo vinaconex.com.vn

The mergers and acquisitions (M&A) landscape in Việt Nam experienced a significant uptick in July, with 34 completed transactions amounting to an impressive total of nearly US$786 million. 

This surge, reported by independent CPA firm Grant Thornton, highlights a renewed vigour in the market, particularly across key sectors such as real estate, technology, energy, logistics and healthcare.

According to Grant Thornton's report, the revival of M&A activity in July and the first half of 2025 can be attributed to several factors, including a positive macroeconomic environment that enhances the market's absorption capacity for real estate products. 

The implementation of the Land Law, effective from August 2024, has also contributed to increased transparency and growth potential in the sector.

In the real estate segment, notable transactions included Vinaconex Group's sale of a 70 per cent stake in Vinaconex ITC to three domestic investors, including Hanoi An Pha Real Estate Transaction Company (23.1 per cent), Imperia An Phu Company (24.1 per cent) and Silver Field International Business JSC (22.5 per cent). 

This deal involved the development of the Cát Bà Amatina project, a significant urban tourism initiative in Hải Phòng City.

The deal was executed through a private placement and the specific value was not disclosed. 

However, based on the stock price of Vinaconex ITC at the time of valuation, the estimated worth of the 70 per cent stake is approximately $250–300 million. After the transaction, Vinaconex will hold a 24.5 per cent stake but plans to divest completely in the near future.

Another remarkable transaction was UOA Vietnam Pte. Ltd.'s acquisition of 100 per cent of Ruby Strip Investment Company Ltd. for $68 million on July 16. 

This strategic move allows UOA Vietnam to control prime real estate in HCM City, further expanding its portfolio in Việt Nam.

The technology sector also saw dynamic activity, with three major deals reported. GS Microelectronics (GSME), a North American firm, acquired Sinble Technology Vietnam, enhancing its semiconductor design capabilities. 

This deal allows GSME to strengthen its design capabilities for TSMC's advanced semiconductor technologies, especially in high-performance computing and AI applications. It also expands the company's technical presence in Asia, enhancing its capacity to serve customers worldwide.

Additionally, AI Hay, an AI-driven Q&A platform, secured $10 million in Series A funding to bolster its localised AI tools for the Vietnamese market.

The new funding will be allocated to expand the hyper-localised AI toolkit designed for Việt Nam’s 100 million citizens, aiming to deliver a smarter, more locally relevant and user-friendly digital experience.

In a separate development, the motorcycle e-commerce platform OKXE Vietnam successfully raised $14.5 million from Kwangju Bank, JB Financial Group and The Invention Lab on July 28.

The funds will be used to expand the company's store network in Hà Nội and HCM City, as well as to implement AI-driven initiatives in pricing, vehicle inspection, after-sales service and insurance. 

This is part of OKXE's strategy to establish itself as the leading digital platform for two-wheelers in Southeast Asia.

The logistics and infrastructure sectors are witnessing growth as well, with VETC, a leader in Việt Nam’s electronic toll collection, securing a $19.2 million investment from the International Finance Corporation (IFC) to expand its operations.

This funding will be used to expand the ETC network, enhance smart traffic infrastructure and develop a cashless payment platform. Currently, VETC, a subsidiary of Tasco Group, operates 133 toll stations, which represent about 75 per cent of the national market share.

Healthcare and energy sectors continue to draw interest from both domestic and foreign investors. 

Singapore-based Dale Investment Holdings, in partnership with Quadria Capital, acquired a majority stake in Tam Tri Medical JSC, a private hospital chain in Việt Nam, while EnQuest PLC completed its purchase of Harbour Energy's Vietnamese business, securing significant offshore oil assets.

In the education sector, on July 9, Việt Nam’s Galaxy Education, an edtech company, secured nearly $10 million in a funding round led by East Ventures, with contributions from other investors. 

Galaxy operates popular platforms like HOCMAI and FUNiX, providing educational services to over eight million learners across Việt Nam and 34 countries worldwide. 

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