We are pleased to share the January 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.

Publications

• We are pleased to announce that we have recently published a new blog called “Vietnam’s evolving merger control regime: key trends from the VCC’s most recent report’. With dealmakers increasingly factoring merger control clearance in Vietnam, the blog tracks recent filing trends and looks ahead to the future of Vietnam’s competition regime. Source: Freshfields site
• We are also pleased to share that Eric Johnson, Partner of our Hanoi office and Christine Khuat, Associate of our Ho Chi Minh City office, have been quoted in a local media, highlighting our insights on domestic M&A trends in Vietnam. Source: Vietnam Investment Review

Market Updates

Sales by the State

• Hard to sell – Part 1. The Ministry of Finance has proposed new policies to speed up the divestment of nearly 40 State-owned enterprises of the State Capital Investment Corporation. Source: Vietnam News
• Hard to sell – Part 2. Vietnam Posts and Telecommunications Group (VNPT) plans to auction its entire holding of 188.7 million shares in Vietnam Maritime Commercial Joint Stock Bank (MSB), equivalent to just over 6 per cent of the bank’s charter capital, as part of its mandated restructuring roadmap. The group has previously attempted to exit the bank several times but was unable to complete the divestment. Source: Vietnam News

Banking & Finance

• A financial hub. Vietnam officially launched its International Financial Centre (IFC) in the central city of Da Nang, marking a major regulatory milestone in the country’s strategy to deepen its integration into global financial markets. The country has adopted a “one centre, two destinations” model for the IFC, with hubs in Ho Chi Minh City and Da Nang. Source: The Investor

Healthcare

• Biotech. DKSH announced on 24 December 2025 that it had signed an agreement to acquire Biomedic, a Vietnamese distributor of testing, diagnosis, and screening solutions in areas including oncology, obstetrics and gynaecology, infectious diseases, and forensics, expanding its scientific solutions business in Vietnam and strengthening its life sciences and healthcare presence. Source: Vietnam Investment Review

Insurance

• InsurTech. Vietnamese insurtech startup Saladin has raised an undisclosed amount in Series A funding led by SBI Ven Capital through its joint fund with Kyobo Securities from South Korea and NTUitive from Singapore. Source: Vietnam Investment Review
• A new life. Japanese life insurer Asahi Life has reached an agreement to acquire Vietnamese MVI Life, expanding its presence in the Southeast Asian country. MVI Life, formerly known as Aviva Vietnam, was acquired by Manulife in 2021. Since the acquisition, MVI Life has operated independently as a separate life insurance entity, fully distinct from Manulife Vietnam. Source: The Investor

Technology

• IPO. The board of directors of Mobile World Investment Corporation, a leading retailer in Vietnam, has okayed a plan for subsidiary Dien May Xanh Investment JSC to conduct an IPO and stock market listing. The plan is expected to be rolled out in 2026. Source: The Investor
• Out of non-core. Thailand’s Central Retail has decided to sell electronics retail chain Nguyen Kim to rival chain Pico for THB1.1 billion (US$36 million). Central Retail first acquired a 49 per cent stake in Nguyen Kim in 2015 before buying it out in 2019. Source: VN Express International

Consumer

• Milk. Singapore-listed Jardine Cycle & Carriage Limited has reportedly completed the sale of more than 96 million shares, equivalent to a 4.6 per cent stake, in Vietnam’s dairy giant Vinamilk. The buyer is F&N Dairy Investments Pte. Ltd., part of the Fraser and Neave (F&N) group. Source: The Investor
• Coffee. Café Amazon, the largest coffee chain in Thailand, has shut down all 12 outlets in Vietnam after five years. The chain is now shifting its focus to Laos, the Philippines, Japan, Oman and Bahrain through a franchise model. Source: VN Express International
• Stationary. Japanese conglomerate Kokuyo announced that it is moving ahead with plans to acquire a controlling stake in Thien Long Group, Vietnam's largest stationery manufacturer, through a combination of a share purchase and public tender offer. The deal is valued at an estimated US$177 million. Source: Vietnam Investment Review

Aviation

• Departure. Tourism company Vietravel plans to sell its entire 14.1 per cent stake in Vietravel Airlines. The identity of the investor has not been revealed. Vietravel Airlines was set up in 2020 and its first commercial flight was in early 2021, when it became Vietnam’s sixth airline and the third privately owned one. Source: VN Express International

Logistics

• AI JV. Singapore-based shipping company Ocean Network Express and MTI Ltd. have established a joint venture company based in Ho Chi Minh City that will apply AI to support digital transformation in container shipping operations and business models. Source: Vietnam Investment Review
• Exit. SSJ Consulting (Vietnam), a subsidiary of Sumitomo Corporation, has sold 10 million shares in port operator and logistics group Gemadept, cutting its stake below the threshold for major shareholders. Gemadept is the only listed company in Vietnam that owns and operates a port system spanning from the North to the South. Source: The Investor