Industrials, technology record biggest August M&A values in Vietnam

Real estate, technology, industrial manufacturing, and financial services remained the leading sectors both in terms of merger & acquisition (M&A) deal count and transaction value in Vietnam in August, according to Grant Thornton Vietnam.

Vietnam’s M&A market recorded 18 transactions in the month with total announced and estimated value reaching around $2.23 billion.

From a value perspective, August significantly outperformed July despite having fewer transactions, largely driven by VinFast’s $1.5 billion restructuring deal, alongside two strategic deals in technology and industrial manufacturing, each exceeding $200 million.

In terms of volume, real estate maintained its momentum and remained the most active sector. It was followed by technology, industrial manufacturing, and financial services, which continued to attract strong interest from foreign investors, particularly from Japan and South Korea, the consultancy firm reported.

Another noteworthy point is that August did not record any direct investments from funds. Instead, the market saw announcements related to successful fundraising or capital commitment plans.

With available capital on the rise, Grant Thornton said it expects to see more fund-driven investment transactions emerging in Q4 this year.

Below are the M&A deals that Grant Thornton highlighted in its report.

Real estate

SSG Group in August acquired 11.92% of shares in Seaprodex (SEA) from Red Capital and Gelex. The transaction was executed via private placement on August 22, with a total value of approximately VND507 billion ($20 million).

Post transaction, State Capital Investment Corporation (SCIC) remains the controlling shareholder with a 63-64% stake, while SSG becomes the second-largest shareholder in Seaprodex.

Known for its high-end real estate projects such as Saigon Pearl and Thao Dien Pearl, SSG’s participation in Seaprodex reflects its strategy to capitalize on the prime land bank held by the company.

In another case, Gelex Infrastructure JSC, a subsidiary of Gelex Group (HoSE: GEX), acquired the entire equity interest of Savico (HOSE: SVC, a subsidiary of Tasco – HNX: HUT) in the 29.83 ha Can Gio high-end residential project in Ho Chi Minh City.

The project originated from a 2002 business cooperation contract between Savico and Fideco, under a 50-50 capital contribution. The deal was carried out through a public auction, with a total transaction value of VND619.44 billion ($24.5 million).

Another deal is Viet Minh Hoang Real Estate Investment and Construction JSC, a Sun Group-related company acquired the Constrexim Complex Project (2.5 ha, Lot A1-2, Cau Giay New Urban Area, Hanoi) from CTX Holdings.

The project is planned for five towers ranging from 38-45 floors. Following the transaction, Sun Group renamed the project Sun Feliza Suites and launched commercialization plans.

According to CTX Holdings’ consolidated Q2/2025 financial statements, the company recorded a deposit of VND4,964 billion ($195 million), although the total transaction value has not been disclosed.

Technology

On August 29, Appirits Inc. (TSE: 4174) announced an agreement to acquire 100% of Bunbu Joint Stock Company from individual shareholders, with a total transaction value of approximately $241 million, comprising $66.6 million in cash and $174.4 million in earn-out payments.

Founded in 2010, Bunbu specializes in developing web, mobile, and AI systems for Japanese clients, and reported $105.5 million in revenue and $41.0 million in net profit in 2024.

The acquisition forms part of Appirits’s VISION2030 strategy, aimed at enhancing technical capabilities and human resources through M&A, leveraging Vietnam’s technology talent pool to improve service quality, optimize costs, and expand its international footprint.

Industrials

HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a member of the HD Hyundai ecosystem, has acquired 100% of Doosan Vina from Doosan Enerbility in a transaction valued at approximately $210 million.

Established in 2006 in the Quang Ngai province-based Dung Quat Economic Zone, Doosan Vina manufactures equipment for thermal power plants, LNG modules, and port cranes.

Following the acquisition, HD Hyundai plans to build a new facility on the Doosan Vina site to produce LNG and ammonia eco-friendly storage tanks, while developing the unit into a regional hub for port crane manufacturing.

For Doosan Enerbility, the divestment of Doosan Vina is part of its portfolio restructuring strategy, allowing it to focus resources on new energy sectors such as small modular reactors (SMRs), gas turbines, and hydrogen.

Another significant deal is one related to Vingroup's electric vehicle arm VinFast. On August 14, VinFast Auto Ltd. announced the establishment of Novatech JSC, a research and development subsidiary, and transferred 62% of its charter capital to billionaire Pham Nhat Vuong for approximately $1.5 billion.

After the transaction, Vuong holds 62.32% of Novatech’s charter capital, while VinFast retains 37.64%, but controls 99.9% of voting rights. This restructuring deal separates the R&D segment from VinFast to strengthen financial resources, while positioning Novatech as an independent technology hub within the Vingroup ecosystem.

Education

Asia Business Builders (ABB), together with Gakken Holdings, has completed a strategic investment in QIG, a leading provider of learning management systems (LMS) in Vietnam.

Founded in 2012, QIG has built a digital ecosystem serving schools, training institutions, and enterprises, with its flagship LMS platform widely adopted across both public and private education sectors.

The transaction marks a renewed collaboration following Gakken’s equity investment in DTP Education three years ago.

Financials

Daiwa Securities announced plans to purchase nearly 16 million shares of SSI through a private placement at VND31,300 ($1.25) per share, with a total value of over VND497 billion ($19.9 million).

Currently, Daiwa is SSI’s largest shareholder with 301 million shares (15.25% stake); after the transaction, its holding will increase to more than 317 million shares.

The deal is expected to take place between August 29 and September 26, 2025. Established in 1902, Daiwa Securities Group is one of Japan’s “Big Four” securities firms, operating in brokerage, investment, and asset management.

Other notable information

Swiss Investment Fund for Emerging Markets (SIFEM) has committed $20 million to Excelsior Capital Vietnam Partners II (ECVP II) – Excelsior Capital’s second Vietnam-focused fund with a total size of $200 million.

The investment will support ECVP II’s strategy of targeting small and medium-sized enterprises in the consumer, education, healthcare, logistics, and technology sectors, while reaffirming SIFEM’s confidence in the long-term growth potential of Vietnam’s private sector.

IFC is considering an investment of up to $200 million in a privately placed five-year sustainability bond issued by VPBank. The proceeds would be used to finance climate-related projects, SME lending, and to promote best practices in sustainable bond standards within Vietnam’s banking sector.

Nguyen Cong Ai, a partner with KPMG Vietnam, in late 2024 had commented that Vietnam's M&A market is expected to thrive in 2025, fueled by GDP growth, e-commerce expansion, and infrastructure development.