Vietnam M&A Spotlight June 2026

MARKET UPDATES

Vietnam’s M&A market

• Vietnam M&A reaches $700 million in May. Vietnam's M&A market recorded 24 announced transactions in May 2026, with 22 deals carrying disclosed or estimable transaction value totalling $700.6 million, according to a report published by Grant Thornton Vietnam. Industrials, technology and healthcare were the most active sectors by deal volume, contributing nine transactions and approximately 38 per cent of deal count. Source: The Investor

Healthcare & Pharmaceuticals

• Expansion plans. Pharmacity, Vietnam's leading pharmaceutical retail chain, has raised money in an undisclosed funding round led by LeapFrog Investments, marking a new step in its expansion strategy in Vietnam. The company has a plan to add another 500 stores over the next three years to expand its coverage nationwide. Source: Vietnam Investment Review
• Nissha takes 60% in Vietnam MedTech player. Japan’s technology group Nissha has completed its acquisition of a 60 per cent stake in USM Healthcare Medical Devices Factory JSC, a Vietnam-based cardiovascular stent manufacturer, expanding its footprint in Southeast Asia. The acquisition value was undisclosed. Source: The Investor

Banking & Finance

• Exit move. KASIKORNBANK, one of Thailand’s largest commercial lenders, has exited its investment in Vietnamese B2B startup KiotViet, which serves small and medium-sized enterprises (SMEs). The company remains one of Vietnam's most widely adopted business management platforms for the SMEs segment. Source: Deal Street Asia

Consumer & Retail

• From farm to fortune. TH Group is reportedly in negotiations with international investment funds to sell approximately 30 per cent of its shares in order to raise up to $1 billion. The group has already approached several global private equity funds, including CVC Capital Partners. Source: Vietnam.vn
• From Dak Lak to the desert. LuLu Group International of the United Arab Emirates, a retail conglomerate operating more than 280 supermarkets across 22 countries, is exploring opportunities to expand business cooperation in Dak Lak province, central Vietnam. Among Vietnam’s emerging investment destinations, Dak Lak province is increasingly drawing attention from Middle Eastern investors and major corporations. Source: The Investor
• Retailers eyeing public markets, Part 1. Nearly 60 domestic and foreign investment funds have registered to buy 166 million shares in the IPO of Dien May Xanh, the electronics retail chain of Mobile World Group. Vietcap Securities is acting as the IPO advisor. Source: The Investor
• Retailers eyeing public markets, Part 2. Vietnam’s Masan Group revealed plans to file an IPO for WinCommerce, its grocery retail arm, targeting a market capitalisation of at least $10 billion. The listing is targeted for 2028–2029. Masan acquired WinCommerce from Vingroup in 2019. Source: Inside Retail

Aviation

• Increased airline opportunities for foreign investors. The Ministry of Construction has renewed a proposal to the Government recommending an increase in the foreign ownership cap in domestic airlines to a maximum of 49 per cent from the current 34 per cent, aiming to expand capital access while maintaining local control over aviation businesses. Source: Vietnam Investment Review

Real Estate

• Japanese and Thai investors in Ha Long. Marubeni Corporation has completed its acquisition of a 20 per cent stake in Amata Ha Long, a subsidiary of Thailand's Amata Corporation. Marubeni's investment is expected to strengthen Amata Ha Long's financial capacity, enhance governance standards, and improve its ability to attract Japanese technology firms to Song Khoai Industrial Park. Source: The Investor
• Portfolio expansion. Phat Dat Real Estate Development Corp. is seeking shareholder approval to acquire a stake in Lotte Properties HCMC, with an estimated transaction value of VND 10.4 trillion (approximately $400 million). The proposed acquisition marks one of the company’s largest investment transactions. Source: Vietnam Investment Review

Natural Resources

• Critical minerals. Masan High-Tech Materials, a global supplier of tungsten and other minerals, is reported to be in discussions with potential strategic and financial investors to sell a 5 per cent stake. The company’s key asset is the Nui Phao mine in northern Vietnam.  Source: Deal Street Asia
• Supporting the construction boom. Steel giant Hoa Phat Group has proposed the Government to allow it to restructure and develop the Thach Khe iron ore mine in Ha Tinh province, either independently or through a domestic consortium with other major domestic corporations. The group has indicated willingness to cooperate with major domestic corporations including Vinacomin and THACO. Source: Vietnam News