We’re pleased to share the July edition of our Vietnam Corporate M&A Spotlight newsletter. In this issue, we spotlight recent developments in Corporate and M&A activity across Vietnam’s most dynamic sectors—including technology, banking and finance, education, healthcare, consumer, industrial, manufacturing, real estate and transportation sectors.

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.

General update

• United States – Vietnam Leaders Confirm Progress on Trade Agreement. Senior leaders from the United States and Vietnam have confirmed that a trade agreement has been reached, following a phone conversation between U.S. President Donald Trump and Vietnamese Party General Secretary To Lam on 2 July. Delegations from both countries are currently engaged in negotiations to formalize the outcomes of the discussion. Following the call, President Trump announced that the United States would implement a 20% tariff on Vietnamese goods and a 40% tariff on transhipped goods. These rates represent a reduction from the 46% tariff initially proposed by the U.S. administration in early April. Source: WTO Center VCCI

Technology

• Vietnam Legalises Digital and Crypto Assets. On 14 June 2025, Vietnam’s National Assembly passed the Law on Digital Technology Industry, officially legalising digital and crypto assets for the first time. With a young, tech-savvy population and a proactive approach to blockchain innovation, Vietnam is emerging as one of Southeast Asia’s most promising digital asset markets. The new legal framework positions the country to become a regional leader in the digital economy. Source: Vietnam Investment Review
• G42 Plans a Mega Data Centre in VSIP Ho Chi Minh City. The Abu Dhabi state-backed firm G42 plans to partner with Vietnamese companies to develop a US$2 billion hyperscale data centre in Vietnam's business hub Ho Chi Minh City with FPT Corporation, VinaCapital, and Viet Thai Group. Source: Reuters
• SpaceX to Set Up a Wholly Foreign-Owned Business in Vietnam. SpaceX plans to invest approximately US$1.5 billion to deliver broadband internet services—particularly in remote, border, and island regions. In the first phase, the company is expected to build 10–15 ground stations across the country. Source: Vietnam Investment Review
• Rounds to Invest US$20 Million in Vietnam App Acquisitions. Rounds, a global machine learning-powered app optimizer, has announced plans to invest US$20 million in Vietnam in 2025. The investment—primarily targeting non-gaming apps—will be deployed through a dedicated fund focused on the Vietnamese market. Source: Vietnam News
• Vietnamese Generative AI Startup Raises US$10 Million. AI Hay, a platform combining social networking and generative AI developed by a Vietnamese engineer, has announced the successful completion of its Series A funding round with an investment of US$10 million. The round was led by venture capital firm Argor Capital, with continued participation from existing investors including Square Peg, Northstar Ventures, AppWorks, and Phoenix Holdings. With this latest funding, the total capital raised by the startup has surpassed US$18 million. Source: VnExpress
• AirX Carbon Debuts Next-gen NetZero Pallet. Vietnamese climate-tech company AirX Carbon has launched an upgraded version of its flagship NetZero Pallet — a carbon-negative, fully circular pallet made from agricultural waste such as coconut husk and coffee shell. Currently piloting in Coca-Cola’s automated warehouse system, the innovation highlights Vietnam’s growing leadership in sustainable logistics. Source: Vietnam Investment Review
• VNG Group Reaffirms US IPO Plans Despite Market Volatility. VNG Group, one of Vietnam’s leading technology firms, has reaffirmed its intention to pursue a listing on a US stock exchange, despite postponing its initial public offering (IPO) last year. The company’s CEO confirmed continued interest in an American listing, although no specific timeline has been set. Source: The Exchange Asia

Banking and finance

• International Financial Centre in HCMC–Danang. Vietnam will establish a single international financial center (IFC) operating across both Ho Chi Minh City and Danang, following a newly approved National Assembly’s resolution. The initiative will pilot innovations such as digital assets and regulatory sandboxes under controlled conditions, aiming to enhance Vietnam’s global financial integration. Approved products and services in the IFC will include commodity and derivative trading platforms, carbon credits, cultural and art assets, precious metals, and green financial instruments. Source: Vietnam News
• Techcombank, Vingroup to Launch Life Insurance Venture. The Ministry of Finance has approved the establishment of TCLife, a joint venture between Techcombank and Vingroup. TCLife will offer life insurance, health insurance, reinsurance, and other related services in accordance with local regulations. The company will have a charter capital of approximately US$49.7 million, with Techcombank holding an 80% ownership stake and the remaining 20% owned by entities within the Vingroup ecosystem. Source: Vietnam News
• AEON Financial Announces Invalidation of M&A Deal with Vietnam’s SeABank. AEON Financial Service Co., Ltd., a financial subsidiary of Japan’s AEON Group, has declared its acquisition of Vietnamese finance company PTF from SeABank invalid. The decision follows the discovery of inappropriate accounting transactions after the deal’s completion. Source: Tuoi Tre Newspaper
• SHB Bank Increases Charter Capital to US$1.76 billion. SHB received approval from Vietnam's State Bank to raise its charter capital to VND45.942 trillion (US$1.76 billion) after issuing a 13% share dividend, maintaining its position among the top 5 largest private banks in Vietnam. Source: The Investor
• Vietnam’s Eximbank Relocates Headquarters to Hanoi. The State Bank of Vietnam has approved Eximbank’s plan to move its headquarters from Ho Chi Minh City to Hanoi. The bank aims to tap into the more dynamic northern market and strengthen its national footprint. Source: The Investor

Education and healthcare

• Healthcare M&As Surge in Vietnam. Despite a global downturn in healthcare M&A activity, Vietnam’s market has witnessed major deals in the first half of 2025. Source: The Investor
• Quadria-linked Dale Investment Acquires 73% Stake in Tam Tri Hospital Chain. Singapore-based Dale Investment Holdings, closely affiliated with healthcare-focused private equity firm Quadria Capital, has acquired a 73.15% stake in Vietnam’s Tam Tri Medical hospital chain. The acquisition follows the full divestment by the Vietnam Opportunity Fund (VOF), managed by VinaCapital. Source: The Investor
• Quadria Capital Marks Strategic Shift with Majority Stakes, Deeper Involvement. From minority deals to majority stakes, healthcare-focused investor Quadria Capital is reshaping its strategy by working with company managements to build business plans that deliver stronger results. Source: Deal Street Asia
• Makara Capital Partners Plans Major Investment in Vietnam. Singapore-based investment firm Makara Capital Partners has expressed interest in mobilizing between US$ 5 billion and US$ 7 billion for potential investments in Vietnam. The firm is exploring opportunities across several sectors, including the biological and pharmaceutical industries, as well as the IFC project. Source: The Investor
• Vingroup Seeks Private Loan to Acquire KKR’s Stake in Vinschool.
  Vietnamese conglomerate Vingroup is seeking a private credit loan of approximately US$300 million to acquire KKR’s 38% stake in its education subsidiary, Vinschool. If successful, the transaction would mark KKR’s full exit from the investment and consolidate Vingroup’s ownership of the school network. Source: The Business Times
• Galaxy Education Secures US$10 Million to Advance AI-Powered Learning. Vietnamese edtech firm Galaxy Education has raised US$10 million in funding from East Ventures and other investors. Central to the company’s strategy is its proprietary ICAN platform, which leverages AI agents to personalize learning experiences for students while providing real-time adaptive support for teachers. Source: Vietnam Investment Review

Consumer

• Thien Long Group Acquires Controlling Stake in Phuong Nam Bookstore. Thien Long Group has taken a controlling stake in Phuong Nam Bookstore, which operates nearly 50 retail locations across Vietnam. These outlets are primarily situated in high-traffic areas such as shopping centres and popular tourist destinations in Ho Chi Minh City. The acquisition is expected to significantly enhance Thien Long’s distribution capabilities, enabling deeper market penetration and stronger consumer engagement. Source: Vietnam News

Infrastructure and Energy

• Enquest Completed Acquisition of Harbour Energy’s Vietnam Business. On 10 July 2025, EnQuest PLC announced that it had completed the acquisition of Harbour Energy’s business in Vietnam, which holds a 53.125% equity interest in (and operatorship of) the Chim Sao and Dua production fields (‘Block 12W’). The headline value of the transaction is US$85.1 million and, net of interim period cash flows (generated since the effective date of 1 January 2024), the consideration paid by EnQuest was circa US$25.7 million. Source: Enquest
• Sumitomo Eyes More Opportunities in Vietnam. The corporation is preparing for the implementation of the north Hanoi smart city, and the west Thanh Hoa industrial park, while proposing investment for the Van Phong No.2 LNG-fuelled power plant. Source: The Investor
• Vingroup Seeks Shareholder Approval for Business Expansion. As part of its ongoing strategy to diversify operations, Vingroup has sought shareholder approval to expand into new business areas. During its Annual General Meeting in April, shareholders approved the addition of 13 new business sectors, including maritime transport support services, cargo handling, electricity transmission, and online retail, among others. Source: Vietnam News
• Sembcorp’s Acquisition of 49MW Hydropower Asset Faces Delay. The acquisition, led by Sembcorp’s wholly owned subsidiary, Sembcorp Solar Vietnam, has encountered delays pending government approvals expected by the end of 2025. The 49MW hydropower plant is part of a larger 245MW renewable energy portfolio that Sembcorp agreed to acquire from Gelex Group JSC. Source: Vietnam Investment Review

Manufacturing

• SCGP Acquires Full Ownership of Duy Tan Plastics. SCG Packaging Public Company Limited (SCGP) has acquired an additional 30% stake in Duy Tan JSC, Vietnam’s leading producer of rigid plastic packaging products. The US$108.8 million investment brings SCGP’s total ownership to 100%, marking a full buyout of the company. Source: Vietnam Investment Review

Real Estate

• Vietnam Approves US$2-billion Casino Project in Northern Island. Vietnam has approved a US$2 billion luxury resort complex with a pilot casino for locals in the Van Don Special Economic Zone, Quang Ninh Province. The 244-hectare complex will include a casino, luxury hotels, conference centres, entertainment areas, villas, resorts, beaches, parks, and schools. The Quang Ninh authorities will select a qualified investor and oversee project progress, capital mobilization, community impact, and ensure fair benefit sharing among stakeholders. Source: Hanoi Times
• KIDO Group Seeks Equity Partners for Real Estate Projects. KIDO Group is actively seeking equity partners to co-develop its real estate portfolio in Vietnam. KIDO has accumulated substantial land reserves over the years. In alignment with government policy aimed at preventing land underutilization, the group has submitted applications to local authorities to initiate development projects on these sites. Source: The Investor
• Vinaconex Plans to Divest 51% Stake in Northern Vietnam Resort Developer. Under its decision, the number of shares to be transferred is 107.1 million, equivalent to 51% of the total. The sale will be conducted via direct negotiation with interested investors. Source: The Investor
• Keppel Land to Entirely Divest from Nam Long. In a notice sent to the Ho Chi Minh Stock Exchange, Ibeworth Pte Ltd, a company under Keppel Land, announced that it will sell over 29.4 million Nam Long Group shares to restructure its portfolio after a decade of being strategic shareholder. Source: The Investor
• Can Gio Emerges as Growth Engine for Ho Chi Minh City. With over US$20 billion in expected investment over the coming years, Can Gio district is becoming a new magnet for capital inflows in infrastructure, logistics, real estate, and also urban transport. Source: Vietnam Investment Review

Transportation

• HCM City Seeks Special Mechanisms to Attract Investment for Can Gio Port. Ho Chi Minh City is pursuing special policy mechanisms to attract investors to the Can Gio port project. Recognized as a strategic priority under Vietnam’s national maritime economic development policy, the port is expected to significantly boost foreign investment and position Vietnam as a key regional and global transshipment hub. Source: VietnamPlus
• Germany’s Siemens Eyes Vietnam’s High-Speed Railway Project. German engineering giant Siemens has expressed strong interest in participating in Vietnam’s ambitious North–South high-speed railway project. The proposal was presented by Siemens’ Chief Technology and Strategy Officer, Peter Körte, during a meeting with Prime Minister Pham Minh Chinh at the World Economic Forum in Tianjin. The 1,541-kilometre railway—approved by Vietnam’s National Assembly in late 2024—is expected to cost around US$67 billion and will connect Hanoi and Ho Chi Minh City, passing through 20 provinces. Source: VnExpress
• Geely’s Global Production Halt Raises Questions Over Tasco Joint Venture. China’s Geely Auto has announced a suspension of all global car production, casting uncertainty over its high-profile joint venture in Vietnam with local partner Tasco. The move could have significant implications for the venture’s future plans and timelines. Source: Vietnam Investment Review
• Gozo Express, Indel Petro Launch Vietnam’s First Integrated Gas and Logistics S GOZO Express is expanding its express delivery services in Vietnam, including the launch of integrated gas and logistics stations called "Gozo Station". These stations combine fuel refuelling with parcel drop-off and delivery, aiming to create convenient one-stop locations within existing petrol stations. Source: The Investor