An update on M&A business in Vietnam
Freshfields Bruckhaus Deringer law firm offers an update on the merger and acquisition (M&A) business in Vietnam.

An illustration by VNSC.
IPO
Prized pearls. At the company’s AGM at the end of April, Vingroup announced plans for IPOs of hospitality arm Vinpearl and electric taxi subsidiary GSM.
Vingroup chairman Pham Nhat Vuong confirmed that Vingroup was in the process of listing Vinpearl and aiming for a successful IPO by year-end. Moreover, Vuong noted that Vingroup is considering listing GSM on an international market in the near future.
Big sale. Masan Group Corporation is reportedly considering listing its consumer unit in what could potentially be the country’s biggest-ever IPO. The conglomerate, based in Ho Chi Minh City, is reportedly working with banks including Jefferies Financial Group Inc., Morgan Stanley and UBS Group AG on an IPO of Masan Consumer Holdings that could raise $1-1.5 billion. The share sale may take place early next year if market conditions are suitable.
Retail
Upsizing – 1. Masan Group Corporation announced that it has successfully completed a $250-million equity raise from Bain Capital, a leading private investment firm with approximately $180 billion of assets under management.
Converted at VND25,356 per USD, the almost historically high USD/VND exchange rate, the investment results in a positive net cash impact of VND6.23 trillion ($245.7 million) for the company.
Banking
Upsizing – 2. Vietnamese lender Sacombank reportedly plans to sell a 33% stake by the end of the year, aiming to raise between $840 million and $880 million.
The bank, listed in Ho Chi Minh City, intends to offer the shares at VND34,500-36,000 dong ($1.36-1.4) each, significantly higher than the current trading price of VND28,400 per share.
Rescue operation. At Military Bank's AGM on 19 April 2024, CEO Pham Nhu Anh revealed that the bank has completed all necessary procedures for the compulsory transfer of a troubled bank, with a target completion date set for this year or 2025, contingent on government approval.
The identity of the troubled bank MB intends to acquire was not disclosed.
Healthcare
Medicine. Vietnam-based pharmacy chain Pharmacity is understood to have raised financing from US distressed asset investment firm Avenue Capital Group. The value of the financing was reported to be around $40 million.
Pharma divestment. Vietnam’s retailer FPT Digital Retail JSC is receptive to advisory pitches for the sale of up to 10% in its pharmacy chain subsidiary FPT Long Chau Pharma.
The company could offer between a 5% and 10% stake in FPT Long Chau to financial investors via a private placement later this year or within the first half of 2025. The deal size has not yet been fixed and is subject to negotiations with specific investors.
Adding hospitals to the portfolio. Private equity firm Warburg Pincus announced it is investing in Xuyen A private general hospital group. Warburg Pincus is the largest global private equity investor in Vietnam, and its investment in Xuyen A underscores the firm’s focus on the country’s rapidly emerging healthcare sector.
Xuyen A owns and operates a portfolio of four large-format, multi-speciality tertiary hospitals in the country.
Education
A galaxy of opportunity. Vietnamese edtech company Galaxy Education is understood to be in the market to raise about $10-20 million in fresh funding to scale its business across the country.
It is reported that the company has been in advanced talks with three overseas investors since the first quarter of 2024.
Young learners. Private equity firm Excelsior Capital Vietnam Partners has made an investment in Vietnam-based English language training company Kapla Vietnam.
It was established in 2022 and has since opened six outlets in Ho Chi Minh City. The transaction details were undisclosed.
Real Estate
Industrial divestment. The Vietnamese government has approved a plan to cut its holding in Becamex IDC, a leading industrial real estate developer, by 30.44%. Under a decision, signed by Deputy Prime Minister Le Minh Khai, the government's stake in Becamex IDC will be trimmed from 95.44 to 65% throughout 2025.
Becamex IDC is running seven IPs with a combined area of 4,700 hectares in Binh Duong province, a manufacturing hub in southern Vietnam.
Joining forces on data. Singapore-headquartered ST Telemedia Global Data Centres has announced a joint venture partnership with VNG Corporation, a leading technology company in Vietnam, for the development, construction and operation of data centre projects in Ho Chi Minh City.
Under the joint-venture partnership, a new facility will be established in HCMC and expected to become operational in the first half of 2026.
* Sources: FPT, ST Telemedia Group, Vietnamese and foreign media.
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