We’re pleased to share the June edition of our Vietnam M&A Spotlight newsletter. In this issue, we spotlight recent developments in Corporate and M&A activity across Vietnam’s most dynamic sectors—including real estate, technology, financial services, education, healthcare, energy, and infrastructure.

Whether you're actively exploring new opportunities or simply keeping a close eye on market trends, we hope you find these insights both timely and helpful.  

Real estate

• Grand Ho Tram’s US$1 Billion Mega Expansion. On 15 May 2025, the Grand Ho Tram broke ground on a new US$1 billion expansion, marking a significant milestone in its ambition to become a world-class integrated tourism destination in Vietnam. The project is backed by Lodgis Hospitality Holdings, a joint venture between Warburg Pincus and VinaCapital. Source: Lodgis website
   
• CapitaLand Development – Vinhomes Strategic Partnership. On 6 May 2025, CapitaLand Development and Vinhomes signed a strategic partnership agreement, laying the groundwork for future joint ventures in large-scale urban developments. CapitaLand has a strong track record within Vinhomes' townships, including successful projects such as Lumi Hanoi in Vinhomes Smart City and The Senique Hanoi in Vinhomes Ocean Park. Source: The Investor

Financial services

• US$30m funding in F88 by Lendable. On 21 May 2025, F88, a leading consumer finance firm in Vietnam, secured an additional US$30 million in funding from Lendable, a London-based financial institution. With this latest round, Lendable’s total investment in F88 has reached nearly US$70 million. Source: The Investor

• Techcombank–Vingroup Insurance Partnership. Techcombank has announced plans to partner with Vingroup to establish a new life insurance company with a total capital of US$50.8 million. Techcombank will contribute US$40.6 million, securing an 80% stake in the new entity, while the remaining 20% will be held by Vingroup and other investors. Source: The Investor

• Chubb’s Acquisition of Liberty Mutual’s Insurance Businesses in Vietnam and Thailand. Chubb has announced its acquisition of Liberty Mutual’s insurance operations in Vietnam and Thailand. The transactions are expected to close by the second quarter of 2025 in Thailand, and by late 2025 or early 2026 in Vietnam, subject to regulatory approvals and customary closing conditions. Source: Vietnam Investment Review

• Restructuring of Saigon Joint Stock Commercial Bank (SCB). The State Bank of Vietnam (SBV) is reportedly finalizing a restructuring plan for SCB, which has been under SBV supervision since a run on deposits followed the October 2022 arrest of real estate tycoon Truong My Lan. It has been reported that Sun Group proposed a rescue plan involving full reimbursement - over a 15-year period - of nearly US$26 billion that the central bank has injected into SCB since the crisis began. Source: Reuters & Vietnam.vn

Technology

• Excelsior Capital’s Investment in SotaTek. On 22 May 2025, SotaTek confirmed an investment from Excelsior Capital via its official website. Founded in 2015, SotaTek is a fast-growing technology outsourcing company headquartered in Vietnam. The firm employs over 1,000 professionals in Hanoi and operates additional offices in Tokyo, Osaka, California, Texas, Sydney, and Seoul, delivering advanced software development solutions to multinational clients. Source: Sotatek website

• Sumitomo Corporation and SBI Holdings Invest in FPT Smart Cloud Japan. On 22 April 2025, Sumitomo Corporation and SBI Holdings each acquired a 20% stake in FPT Smart Cloud Japan, a subsidiary of FPT Group. Established in late 2024, FPT Smart Cloud Japan aims to expand the company’s AI infrastructure and data center operations. Source: Nikkei Asia

• Golden Gate Ventures to Expand Investments in Vietnamese AI Startups. Golden Gate Ventures has announced plans to increase its investments in Vietnam’s AI startup ecosystem. The firm has already backed two AI ventures in the country—one currently in stealth mode and the other, Bootloader, a computer vision AI startup based in Ho Chi Minh City. It is now actively sourcing more B2B-focused AI opportunities, particularly those that combine strong Vietnamese technical talent with regional go-to-market potential. Source: Vietnam Investment Review

• GEM’s Investment Commitment in Meey Group. On 13 May 2025, Global Emerging Markets (GEM) signed an investment agreement with Meey Group, a Vietnamese proptech firm. GEM has committed to invest up to US$80 million to support Meey Group’s expansion and strategic objectives, including its pathway toward an IPO in the United States. Source: Vietnam Investment Review

• Lalamove Enters Vietnam’s Ride-Hailing Market. Lalamove has expanded into Vietnam’s motorbike and car ride-hailing sector after eight years of operating exclusively as a delivery service. Founded in Hong Kong in 2013, Lalamove now operates in 14 markets across Asia, Latin America, Europe, the Middle East, and Africa. Source: Vnexpress International

• AnyMind Acquires Vietnamese Social Commerce Agency Vibula. On 25 April 2025, AnyMind Group, a technology company focused on the business supply chain, announced its agreement to acquire Vibula, a Vietnamese social and live commerce agency. Vibula supports e-commerce businesses across sectors such as health and beauty, food and beverage, fashion, and home appliances, offering services in social commerce marketing, e-commerce store management, campaign management, and multichannel networks. Source: Vietnam Investment Review

• KT and Viettel to Collaborate on AI Data Centre in Vietnam. On 26 May 2025, KT (formerly Korea Telecom) announced plans to collaborate with Viettel to establish an AI data centre in Vietnam. The facility will serve as a strategic hub for developing AI solutions and cultivating talent to support the expansion of AI infrastructure across the Southeast Asian market. Source: The Investor

Consumer

• Excelsior Capital Invests in Local Restaurant Operator Aladdin. Excelsior Capital has invested in Aladdin, a Vietnamese restaurant operator that currently runs over 50 outlets and serves approximately four million customers annually. Aladdin owns several popular brands, including Bò Tơ Quán Mộc, Longwang Steam Hotpot Restaurant, and An Vũ Rice Paper Restaurant. Source: Deal Street Asia

• Highlands Coffee Explores IPO Plans. On 24 April 2025, CEO David Thai confirmed that Highlands Coffee is actively in discussions with bankers and exploring potential stock exchange listings in Singapore, Hong Kong, the Abu Dhabi Securities Exchange, and the United States. Founded in 1999, Highlands Coffee is Vietnam’s largest coffee chain and has expanded rapidly since Jollibee Foods Corp acquired a controlling stake in 2012 for US$25 million. The brand now holds over 30% of the local coffee chain market.  Source: Inside Retail Asia

• Navis Capital Partners Divests from Godaco Seafood. On 27 May 2025, Navis Capital Partners announced the sale of its controlling stake in Godaco Seafood JSC through a management buyout. Godaco is a leading seafood producer and processor in Vietnam, operating a fully integrated platform that includes an in-house feed mill, aquaculture farms, primary and value-added processing plants, and cold storage facilities. Source: Vietnam Investment Review
• Every Half Coffee Roasters Secures US$3 Million in Pre-Series A Funding. On 23 May 2025, Every Half Coffee Roasters announced it had raised US$3 million in its Pre-Series A funding round. The investment was led by Openspace Ventures and DSG Consumer Partners, both of whom are continuing their support. Every Half currently operates 14 stores across Ho Chi Minh City. Source: Vietnam Investment Review

Hospital and healthcare

• Mekong Capital Invests in TNH Hospital Group. On 10 March 2025, Mekong Enterprise Fund IV, managed by Mekong Capital, announced its investment in TNH Hospital Group, one of Vietnam’s pioneering private hospital systems. TNH delivers high-quality medical services at affordable costs and is listed on the HOSE. This marks Mekong Capital’s first investment in the hospital sector. Source: Mekong Capital

• Livzon Acquires Controlling Stake in Imexpharm. On 27 May 2025, China's Livzon Pharmaceutical Group announced the acquisition of a 64.81% stake in Imexpharm from SK Investment Vina III Pte. Ltd (under SK Group), Sunrise Kim Investment JSC, and KBA Investment JSC. Following the transaction, Livzon becomes the largest shareholder, holding a controlling interest in Imexpharm. Source: Vietnam Investment Review
• Creador Acquires 13% Stake in FPT Long Chau Investment. On 28 April 2025, Creador was reported to have acquired a 13% stake in FPT Long Chau Investment JSC, one of Vietnam’s largest pharmacy chains and a subsidiary of FPT Retail. Long Chau has demonstrated remarkable growth, expanding from just four stores in 2017 to over 2,000 pharmacies and more than 140 vaccination centres nationwide. This marks Long Chau’s first-ever fundraising round and Creador’s second investment in Vietnam. Source: The Investor

Education 

• Gaw Capital Partners Invests in Vietnam-Based K–12 Education Group. On 5 March, private equity firm Gaw Capital Partners has announced a strategic investment in NPX Point Avenue, a K-12 education group providing innovative and high-quality educational solutions in Hanoi. The investment covers True North International School (TNIS) and Point Avenue, both under the umbrella of the NPX Point Avenue group. Source: The Asset
• KKR To Divest from Equest. KKR said to seek exit from Vietnamese education group EQuest. KKR’s first investment in EQuest in June 2021 was said to be in the region of US$100 million. Source: Deal Street Asia

Industry

• TMT Motors to Invest in 30,000 EV Charging Stations. On 29 April 2025, TMT Motors Corporation announced plans to invest directly or form joint ventures with domestic and international partners to deploy at least 30,000 EV charging stations across Vietnam. In addition to infrastructure development, TMT will also manufacture, assemble, and sell two- and three-wheeled electric vehicles for both passenger and cargo transport. Source: Tuoi Tre News

• Dragon Capital Divests from Duc Giang Chemical Group. On 20 May 2025, Dragon Capital announced the reduction of its ownership in Duc Giang Chemical Group to 6.96% through a divestment executed by two of its associated funds: Amersham Industries Limited and Norges Bank. In addition to its core chemical operations, Duc Giang is expanding into real estate, including a 5.4-hectare residential development project in Long Bien District, Hanoi. Source: Vietnam News

• Binh Son Refining and Petrochemical Plans Capital Hike for Dung Quat Expansion. On 24 April 2025, Binh Son Refining and Petrochemical JSC (BSR) announced plans to raise capital to support the expansion of the Dung Quat Oil Refinery. The refinery, a flagship project in Vietnam, represents a total investment of approximately US$3 billion and has a processing capacity of 6.5 million tonnes of crude oil per year. Source: The Investor

• Sumitomo Corporation Divests 50% Stake in Van Phong Power Company. On 1 May 2025, Sumitomo Corporation announced its plan to transfer 50% of its equity interest in Van Phong Power Company, the owner of the 1,320MW Van Phong 1 BOT Thermal Power Plant located in Khanh Hoa province. Source: Vietnam Investment Review

Logistics

Seedcom to Divest from Scommerce. Seedcom is understood to be seeking an exit from last-mile logistics services provider Scommerce as part of its restructuring plan. The retail firm is seeking a secondary sale of nearly a 15 per cent stake in Scommerce and has appointed SSI Securities as its advisor. Source: Deal Street Asia