M&A the best path for new investors to enter Vietnam: Keppel exec
Mergers and acquisitions (M&A) are the most effective entry strategy for new investors entering Vietnam, according to Lee Leong Seng, head of property development/residential real estate (Vietnam) at Keppel Ltd.
Seng shared the above information at an M&A Vietnam forum held on Wednesday in Ho Chi Minh City.
He emphasized that successful investments require time and effort to secure quality assets. Reflecting on his own experience, he advised new investors to leverage M&A to accelerate their market entry and establish partnerships that would be otherwise time-consuming to develop independently.

Illustration courtesy of Taca Consulting.
Dinh The Anh, head of corporate finance consulting at KPMG Vietnam, noted a resurgence of buyers in the market, ranging from individual investors to private equity (PE) and venture capital funds.
Strategic investors from Japan and South Korea, who had been relatively quiet in 2023, are also returning, with South Korean investors showing significant confidence in Vietnam’s market prospects, he noted.
When asked what are the main legal changes that affect foreign investors, Vo Ha Duyen, a partner at Vilaf law firm, said that Vietnam is going through a dynamic period in terms of laws and regulations on investment processes, taxes, construction, and specific industry sectors.
Speaking of positive points, she said most of the proposed changes simplify the process and procedures to reduce the burden on investors, for example, supporting investments related to technology, green, renewable energy, and ESG.
Firstly, the Telecommunications Law tends to be more investor-friendly, opening up opportunities for foreign investors in internet telecom services and cloud computing.
These are complicated techniques, but applications such as WhatsApp and WeChat are 100% open and can be owned by foreigners according to the Telecommunications Law.
Telecom services are classified as not subject to too many laws, and may not need to apply for a telecom operating license. They are not subject to too much management, promoting the telecommunications sector and attracting foreign investors, Duyen highlighted.
Second, regarding the CPTPP agreement, in early 2024, in Vietnam's commitment under this agreement, Vietnam has removed the foreign ownership limit for e-gaming services, or retail services related to foreign investors.
Regarding local laws, previously, in e-gaming services, foreign investors were only allowed to own less than 51%, but this was later changed to 100% ownership. In particular, economic tests were also removed for subjects under the CPTPP.
Third, regarding energy, Vietnam has recently issued the direct power purchase agreement (DPPA) mechanism that the market has long been waiting for and has begun to deliver on its promises.

Speakers speak at an M&A Vietnam forum held on November 27, 2024 in Ho Chi Minh City. Photo courtesy of the forum.
Although the implementation is still waiting for further guidance documents from the Ministry of Industry and Trade and the Vietnam Electricity (EVN), it has raised expectations in the market, especially for new renewable energy projects, she added.
Tamotsu Majima, senior director at Recof Corporation, said Vietnam offers substantial opportunities for Japanese investors looking for high-growth markets amid domestic stagnation.
With favorable legal reforms and a dynamic market environment, Vietnam’s M&A landscape is poised to become a gateway for international investors seeking to capitalize on the country’s economic growth and expanding sectors.
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