Vietnam M&A Spotlight April 2026

We are pleased to share the April 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

Investment in the infrastructure sector

• On 7 April 2026, Vietnam formally completed its leadership cycle for the 2026–2031 term. The National Assembly confirmed General Secretary Tô Lâm concurrently as State President; Mr Trần Thanh Mẫn continuing as Chairman of the National Assembly; and Mr Lê Minh Hưng as Prime Minister. The new leadership combines continuity with technocratic depth. Attention shifts to execution: economic reform, infrastructure delivery and regulatory stability — the dimensions global investors will watch most closely. Freshfields’ latest article identifies six forces shaping Vietnam's infrastructure investment landscape from 2026 through 2030 and the opportunities for foreign investors in Vietnam. Source: Six forces shaping investment in 2026–2030 and opportunities for foreign investors

MARKET UPDATES

Capital Markets

• Emerging market status confirmation. FTSE Russell confirmed on 8 April 2026 that it will upgrade Vietnam to emerging market status from frontier status in September 2026 based on ​an interim review, the final seal of approval for the long-awaited move. Vietnam ‌will be added to FTSE Russell's global equity indices beginning on September 21 in phases that will continue into 2027. The decision puts Vietnam on par with markets like India and China and ​follows market-friendly reforms by the Government. It will also allow many passively managed funds to buy shares of locally listed companies. Source: Reuters

Banking & Finance

• Vietnamese banks are embarking on a major capital-raising drive in 2026, as the sector prepares for tighter regulatory standards and a new growth cycle amid expectations that the country’s stock market will be upgraded to "secondary emerging" status. Source: The Investor
• Vietcombank. Vietnam’s largest listed lender Vietcombank plans to further raise capital and seek shareholder approval to establish a wholly-owned subsidiary at Vietnam’s International Financial Centre. Source: The Investor
• BIDV. BIDV completed private placement of its shares in March 2026, raising over 10,000 billion VND. 31 institutional investors participated in this offering. Of these, the State Capital Investment and Business Corporation (SCIC) received the largest allocation with nearly 90 million shares, increasing its ownership stake to 1.767% of BIDV's capital. Other notable investors include Dragon Capital Group, SSI Fund Management Company, Manulife Vietnam, Prudential Vietnam, Vietnam Enterprise Investments Limited and Amersham Industries Limited. Source: Baodautu
• SHBFinance. On 9 March 2026, the State Bank of Vietnam granted approval in principle for SHBFinance to change its legal form, laying the groundwork for the full transfer of ownership to Thailand's Krungsri. Source: Vietnam Investment Review
• HD SAISON Finance. On 24 March 2026, HDBank raised its equity interest in HD SAISON Finance Company from 50 per cent to 75 per cent, thereby securing majority control over the consumer finance subsidiary. The transaction is widely viewed as a strategic step linked to preparations for a potential initial public offering (IPO) of HD SAISON, which is reportedly targeted for late 2026. Source: vn
• Home Credit Vietnam. Thailand‑based Siam Commercial Bank (SCB) and Home Credit Vietnam have formally terminated their proposed transaction for SCB to acquire 100 per cent of Home Credit Vietnam, nearly two years after the deal was first announced. The transaction had been valued at around THB 31 billion (approximately VND 20.9 trillion), subject to contractual adjustments. SCB cited external factors and the inability to satisfy conditions precedent under the share purchase agreement within the required timeframe as the reason for the termination. Source: Vnexpress

Transportation

• Green mobility/ride‑hailing. Green and Smart Mobility (GSM), the electric ride‑hailing operator founded by Vietnamese billionaire Pham Nhat Vuong and part of the Vingroup ecosystem, has rebranded its flagship service from Xanh SM to Green SM as part of a broader effort to standardise its brand identity across international markets. GSM operates a fully electric mobility platform, including taxi and ride‑hailing services, and has expanded beyond Vietnam into markets such as Laos, Indonesia and the Philippines, with further regional expansion under consideration. It was reported that GSM has been exploring a potential IPO, with Hong Kong cited as a possible listing venue. Source: Vietnamnet and Vnbusiness

Port

• Hai Phong port. APM Terminals takes 49 per cent stake in Hateco terminal, and has become a minority shareholder and operating partner at the Hateco Haiphong International Container Terminal (HHIT), joining Hateco Group after three years of development partnership. HHIT is one of the largest deepwater ports in northern Vietnam, comprising two new deep-water berths at the Lach Huyen area of Hai Phong city. Source: Vietnam Investment Review
• Lien Chieu container port. Danang People’s Committee approved the results of the investor selection for the Lien Chieu container port. The winning bidder is a consortium comprising Hateco Group JSC, Hateco Port Co., Ltd., and APM Terminals B.V. of the Netherlands. Source: Vietnam Investment Review
• Can Gio transshipment port. On 13 April 2026, Ho Chi Minh City People's Committee approved the investor consortium for Can Gio International Transshipment Port. The venture has total capital of $4.96 billion, of which 15 per cent will come from investors and the remainder mobilised from other sources. According to the requirements set by the municipal people's committee, investors are not permitted to transfer the venture within 10 years from the land allocation. They must disburse at least VND50 trillion ($1.92 billion) in the first 10 years and complete the venture within 20 years. The venture will operate for 50 years. Source: Vietnam Investment Review

Energy

• Oil refinery. PetroVietnam (PVN) remains keen to proceed with the sale of a stake in Binh Son Refining and Petrochemical (BSR). PVN currently holds a 92.12 per cent interest in BSR and is working on a plan to divest more than a 2 per cent stake in order to meet the requirements for transferring BSR’s listing to the Ho Chi Minh City Stock Exchange this year. Earlier 2023, reports indicated that PVN may review a larger stake sale that would reduce its ownership in BSR from 92.12 to 49 per cent. BSR currently has a market capitalisation of approximately VND 135.7 trillion ($5.2 billion). Source: Vietstock
• On 11 March 2026, Gresham House, a UK-headquartered specialist alternative asset manager focused on sustainable investments acquired Vietnamese on-site renewable energy developer Asia Clean Capital Vietnam. Source: The Investor

Mineral

• Masan High-Tech Materials. Masan plans to reduce its ownership in Masan High-Tech Materials (MSR) to below 90 per cent and continue seeking a strategic investor, as part of efforts to meet public company requirements and prepare for a potential listing upgrade. Masan Vision will sell up to 5 per cent of MSR’s outstanding shares - equivalent to nearly 56 million shares - over a period of up to 12 months. The stake reduction is not only aimed at regulatory compliance but also serves as an initial step toward a potential listing on the Ho Chi Minh Stock Exchange, as outlined in MSR’s 2026 AGM documents. At the same time, Masan will continue to pursue strategic investors for MSR which is one of the world’s largest tungsten producers outside China. Its core assets include the Nui Phao polymetallic mine and an integrated tungsten processing facility, Vonfram Masan. Source: The Investor

Technology

• Timo. Indonesian fintech firm Kredivo has acquired Vietnamese digital bank Timo as part of its strategy to expand banking services in the country and the region. The acquisition will allow Kredivo to integrate lending with banking services as competition intensifies among Southeast Asia’s fintech players. Source: Vietnam Investment Review
• It is reported that Vietnamese fintech firm MoMo is exploring strategic options, including ‌bringing in new investors, that could value the company at more than $2 billion. The digital payments company, which has been profitable ​since 2024, has engaged Jefferies and Morgan Stanley to run the process ​after receiving interest from strategic and financial investors. Source: Reuters

Consumer

• Food & beverage. Highlands Coffee is preparing for a potential IPO, with a target to complete the IPO by Q1 2027, as the coffee chain evaluates options to support its next phase of growth. It is reported that Jollibee Foods Corporation, the majority investor in Highlands Coffee, has appointed Morgan Stanley and Ho Chi Minh City Securities Corporation (HSC) as financial advisers in connection with the proposed IPO. Preparatory work is currently underway, although the transaction remains subject to market conditions and final internal approvals. Source: Bloomberg Businessweek
• Indonesia’s PT Sari Murni Abadi, known for its Momogi snack brand, has completed the acquisition of a 99.13 per cent stake in Vietnam's Bibica Corporation from The PAN Group, significantly expanding its Southeast Asian footprint, as announced on 26 March 2026. The deal, which involves transferring Bibica Capital Co., Ltd. to Momogi Group, marks PAN's exit after eight years to focus on core agriculture and food sectors. Source: Pan Group
• Heineken will phase down its large-scale production in Singapore by the end of 2027 and shift it to breweries in Vietnam and Malaysia. Source: The Investor
• Electronics – Part 1. Thailand-based retail conglomerate Central Retail has completed the divestment of its stake in Vietnamese electronics chain Nguyen Kim to PICO Holdings, valuing the business at approximately $36 million. The group has recognised an asset impairment loss of over $208 million. Source: Vietnam Investment Review
• Electronics – Part 2. Electronics retail chain Dien May Xanh, under Mobile World Investment Corp, plans an IPO by selling 180 million shares, or a 16 per cent stake. Source: Vietnam Investment Review

Hospitality

• Fresh funding. Vietnam-based hospitality startup M Village is in advanced talks to close a new funding round with the participation of a Japanese investor. M Village last raised funding in a $10-million Series B round from the Singapore subsidiary of Chinese online travel group Trip.com (formerly Ctrip) in 2024. Source: Deal Street Asia