Industrials, technology top Vietnamese sectors in M&A transaction volume

Vietnam’s M&A market recorded 24 transactions in May, with industrials, technology and healthcare sectors being the most active sectors in terms of transaction volume, writes Grant Thornton analysts.

In May, Vietnam’s M&A market recorded a total of 24 announced transactions. Among these, 22 deals had disclosed or estimable transaction value, totaling $700.6 million.

M&A activity remained robust and well-diversified across sectors. Industrials led the market by deal volume with four transactions, representing approximately 17% of total deal count, followed by technology with three transactions, accounting for 13% of total announced deals. The healthcare, financials, energy and utilities sectors also recorded steady activity, with two transactions recorded in each sector.

In terms of investor composition, domestic investors maintained a stable presence across traditional and strategic sectors. In contrast, foreign capital predominantly targeted venture, growth, and impact-oriented investments from Singapore and the UK, rather than large-scale private equity deals from Japan and South Korea observed in prior periods.

This shift was reflected in transactions such as LeapFrog Investments’ stake in Pharmacity and Stride’s funding round involving UOB Venture Management, TRIREC, Clime Capital Management, and Lightrock.

M&A transaction highlights

Industrials

* VinFast Auto announced its plan to divest its entire stake in VinFast Production and Trading Joint Stock Company (VFTP) to a consortium of investors in a transaction valued at approximately VND13,300 billion ($530 million).

The acquiring consortium comprises Future Investment Research and Development JSC (49.0%), Ngoc Quy Trading Investment and Development Co., Ltd. (46.5%), and Pham Nhat Vuong (4.4%).

This initial structure is expected to be followed by internal transfers, ultimately resulting in Future Investment becoming the controlling shareholder with a 95.5% stake. The transaction forms part of VinFast’s broader restructuring strategy aimed at streamlining operations and transitioning toward an asset-light business model by separating manufacturing activities from its other core operations.

* Thai Hung Trading JSC acquired an additional 11.5 million shares in B.C.H JSC (UPCoM: BCA), raising its ownership from 25.97% to 49.07%. The transaction value is estimated at approximately VND314 billion ($12.1 million).

The acquisition continues Thai Hung’s ownership expansion strategy in B.C.H throughout 2025-2026. Established in 2004, B.C.H operates in the sourcing, processing, and trading of scrap metal, steel scrap, coke coal, and related inputs for the steel industry.

Energy

Stride, a clean energy technology platform providing financing solutions for rooftop solar and energy storage systems in Vietnam, raised $15 million in a Series B funding round. The round was co-led by Lightrock and TRIREC, with participation from existing investors Clime Capital Management and UOB Venture Management.

As part of the transaction, Stride issued convertible preferred shares to investors. The proceeds will support the expansion of solar energy solutions and accelerate Vietnam’s clean energy transition.

Healthcare

* Pharmacity successfully raised $50 million to $80 million in a funding round led by new investor LeapFrog Investments, an impact investment fund focused on healthcare and financial services in emerging markets. The transaction was structured through the issuance of convertible preferred shares. The new capital is expected to support business expansion, strengthen the company’s financial position and reinforce its market presence in Vietnam’s pharmaceutical retail sector.

* Tasco Pharma acquired approximately 1.5 million shares of Pharmedic Pharmaceutical Medicinal JSC (HoSE: PMC), with an estimated aggregate value of VND199 billion ($ 7.7 million). Following the acquisition, Tasco Pharma increased its ownership to approximately 15.89% and became the third-largest shareholder of Pharmedic. The transaction coincided with a significant divestment by Vietnam Pharmaceutical Investment and Trading JSC, which reduced its stake from 15.89% to 4.29%. Tasco Pharma effectively replaced this shareholder within Pharmedic’s major investor group.

Utilities

Thu Dau Mot Water JSC and Biwelco Investment and Construction JSC acquired 48% stake in Phu Yen Water Supply and Sewerage JSC (UPCoM: PWS). The acquisition was completed through two negotiated transactions conducted on May 21 and May 26, 2026, with an estimated total value of VND613 billion ($23.6 million).

Following the transactions, each investor holds approximately 24% of PWS. Both acquirers maintain close ties with Binh Duong Water - Environment Corporation (Biwase, HoSE: BWE), where TDM is the largest shareholder, while Biwelco, a former subsidiary, is now a major shareholder with a 10% stake.

The acquisition aligns with the group’s broader strategy to expand its footprint in Vietnam’s water utilities sector, following its earlier investment in Ninh Thuan Water Supply and Sewerage JSC in 2026.

Technology

SoBanHang, a digital business management platform serving micro-enterprises, raised approximately $3.8 million in a pre-Series A round led by Hong Leong Bank, with participation from OSK-SBI Venture Partners and existing investors FEBE Ventures and Antler.

The funding will support expansion of its digital ecosystem for micro-businesses across Southeast Asia and strengthen its position in merchant enablement and embedded finance solutions in Vietnam.

Founded in 2021 by brothers Hai Long Bui and Hai Nam Bui, SoBanHang provides a mobile-based platform helping small businesses manage sales, customer transactions, inventory, and overall business performance more efficiently.

Other notable updates

Note: The following items are not included in the deal volume and deal value summarized above and are provided for reference and market update purposes only

* Dien May Xanh Investment JSC (DMX) has received approval from the State Securities Commission of Vietnam for its public offering. The company plans to issue 179.5 million ordinary shares at an expected offering price of VND80,000 ($3.04) per share. If fully subscribed, the offering is expected to raise approximately VND14.36 trillion ($552 million), making it the largest IPO in Vietnam in the past five years.

* Samsung Electronics Vietnam Thai Nguyen (SEVT) became the first company in Vietnam to officially procure renewable energy through the Direct Power Purchase Agreement (DPPA) mechanism. Under the agreement, SEVT will purchase approximately 70 GWh of solar power annually from the Duc Hue 2 Solar Power Plant (Tay Ninh), equivalent to the annual electricity consumption of around 17,000 households.

The arrangement is expected to reduce Samsung’s carbon emissions by approximately 46,000 tons of CO2 per year while supporting the group’s sustainability and clean energy objectives. The transaction marks a significant milestone in the implementation of Vietnam’s DPPA framework, paving the way for large electricity consumers, particularly foreign-invested manufacturers, to directly source renewable energy from project developers and further stimulate investment in the country’s renewable energy sector.