Real estate, industrials sectors lead in October M&A value in Vietnam

Grant Thornton analysts provide an insight to capital flows, the sectors attracting investor attention, and the market dynamics influencing the merger and acquisition (M&A) landscape in Vietnam in October.

In October 2025, Vietnam’s M&A market recorded 52 transactions with a total disclosed and estimated value of approximately $720.45 million. The leading sectors are real estate, energy, industrials, and financials.

In terms of disclosed/estimated value, the real estate and industrials sectors remained among the largest contributors, with transactions valued at approximately $225 million and $109 million, respectively. The energy sector showed a notable surge in both deal volume and value, reaching around $115 million, a significant increase compared with previous months.

From a volume perspective, the market showed greater sectoral diversification than in earlier months. Industrials accounted for the highest number of deals (10), followed by energy (7), while other sectors averaged around 4-5 transactions each.

Although October’s total deal value was roughly on par with September's, the composition and activity profile reflected clearer signs of market recovery. Most completed transactions were strategic M&A deals led by foreign investors, such as OCI Holdings (South Korea) acquiring a 65% stake in Elite Solar Power Wafer, and Sumitomo Corporation (Japan) purchasing a 49% stake in MEE, rather than domestic restructuring-driven deals.

At the same time, private equity funds began to re-enter the market after a prolonged period of caution, with several first-time investments in Vietnam, notably Ares Management’s investment in Medlatec and Emia’s investment in MyStorage, signaling renewed investor confidence in Vietnam’s medium- and long-term growth outlook.

M&A deal highlights

Real estate

Vincom Retail JSC (HOSE: VRE) has transferred 99.99% of its ownership in Vincom NCT Real Estate Co., Ltd., the company that owns Vincom Center Nguyen Chi Thanh, to Bao Quan Trading, Investment and Services Co., Ltd.

The transaction is valued at approximately $133 million. Following the deal, Vincom NCT is no longer a subsidiary of Vincom Retail. The transaction takes place as VRE continues to restructure its asset portfolio and pursue a strategy of developing large-scale megamalls integrated with Vinhomes’ major urban areas.

Recently, VRE has opened Vincom Mega Mall Ocean City (around 70,000 sqm) and Vincom Mega Mall Royal Island (over 55,000 sqm), while also planning new retail projects within the 2,870-hectare Can Gio coastal city development.

Industrials OCI Holdings, a leading South Korean energy and chemical conglomerate, through OCI ONE, a subsidiary of OCI TerraSus, has acquired a 65% stake in Elite Solar Power Wafer, a solar wafer manufacturing plant currently under construction in Vietnam.

The project has an initial capacity of 2.7 GW and a total investment of $120 million, of which OCI ONE’s equity contribution amounts to approximately $78 million. The plant can be expanded to 5.4 GW within six months with an additional $40 million investment, potentially more than doubling its revenue in the near future.

This acquisition enables OCI to directly supply polysilicon from its own plants to the Vietnam facility, target key export markets such as the U.S., and further enhance its manufacturing capacity and presence in Southeast Asia.

Logistic & infrastructure

MyStorage, a Vietnam-based technology-integrated self-storage service provider founded in 2019, has received a multi-million-dollar investment from Emerging Markets Investment Advisers (EMIA), a Singapore-based private equity firm.

MyStorage gained public attention after appearing on Shark Tank Vietnam in 2021 and currently operates four storage facilities in Ho Chi Minh City and Dong Nai. The investment aims to support MyStorage in expanding its domestic and international network, enhancing its digital platform to improve customer experience, and advancing ESG initiatives across its business operations.

Energy

Sumitomo Corporation (Japan) has completed the acquisition of a 49% stake in MEE JSC (Cuu Long Power Development and Consulting JSC) from GreenSpark Group.

MEE JSC owns the Dak Di 1 & 2 hydropower plants in Nam Tra My, Quang Nam province, with a total installed capacity of 48 MW. The plants commenced operation in 2022 and have a 20-year power purchase agreement (PPA) with Vietnam Electricity (EVN).

This marks Sumitomo’s first investment in Vietnam’s hydropower sector, signaling the group’s continued expansion in renewable energy. Previously, Sumitomo has been a major investor in industrial real estate, developing Thang Long Industrial Parks I (Hanoi, 1997), II (Hung Yen, 2006), and III (Vinh Phuc, 2015), and is currently planning Thang Long IV Industrial Park in Thanh Hoa, scheduled for 2025.

Levanta Holding Pte. Ltd. has acquired an 80% stake in HBRE Gia Lai Wind Power JSC from Super Energy Group and Super Wind Energy for a total consideration of $33.1 million. HBRE Gia Lai is the developer and operator of the HBRE Chu Prong wind power project in Gia Lai province, with an installed capacity of 50 MW, which has been commercially operational since 2021.

Verdant Energy Pte. Ltd. has completed the acquisition of a rooftop solar portfolio in Vietnam with a total capacity of 11 MW. The portfolio comprises installations across 10 shopping centers, generating over 11,700 MWh of clean energy annually and reducing approximately 8,100 tons of CO₂ emissions per year.

Verdant Energy, a leading renewable energy developer backed by AP Moller Capital, focuses on advancing sustainable growth through high-quality renewable projects across the Asia-Pacific region.

Platinum Victory Pte. Ltd., a Singapore-based investment fund and the largest shareholder of Refrigeration Electrical Engineering Corporation (HoSE: REE), has registered to purchase an additional 18,135,447 REE shares, with an estimated transaction value of approximately $43.6 million.

The transaction is expected to take place between October 13 and November 11, 2025. Upon completion, Platinum Victory’s ownership stake in REE will increase from 41.64% to nearly 45% of the company’s charter capital.

Agricultural & livestock

Dabaco Vietnam Group JSC (HOSE: DBC) has approved the acquisition of an additional 2,500,000 shares, equivalent to a 41.67% stake in Thinh Phat Kim Son 1 JSC, to increase its charter capital and finance the construction of a high-tech pig farming complex in Bao Ha commune, Lao Cai province.

The project has a total investment capital of approximately VND560 billion and is scheduled for implementation from 2025 to 2027. Upon completion of the transaction, Dabaco Group will raise its ownership in Thinh Phat Kim Son 1 JSC to 88.18% of charter capital.

Consumer

Coolmate, a Vietnam-based direct-to-consumer (D2C) menswear brand, has successfully closed its Series C funding round. The round was led by Vertex Growth Fund (backed by Temasek), with participation from Cool Japan Fund (backed by the Japanese government), Youngone CVC (the venture arm of one of South Korea’s top three apparel conglomerates), and existing investors Vertex Ventures SEA & India and Kairous Capital.

The proceeds will be used to expand into women’s fashion (Go Women), develop offline retail channels (Go Offline), and accelerate international expansion (Go Global).

Healthcare

On October 23, 2025, Medlatec Group, one of Vietnam’s leading private healthcare providers, announced that Ares Asia Private Equity, a fund under Ares Management Corporation (NYSE: ARES), one of the world’s largest global alternative investment managers, has become its strategic investor.

This marks Ares Asia’s first investment in Vietnam’s healthcare sector and establishes Medlatec as the first domestic private healthcare group to receive investment from Ares. Founded in 1996, Medlatec operates an extensive healthcare network across Vietnam, including multi-specialty hospitals, clinics, and diagnostic laboratories.

The partnership with Ares will support Medlatec’s next growth phase, focusing on digital transformation and AI-driven diagnostics, expansion of internationally accredited hospitals and labs in key economic regions, and enhancement of customer experience.

Central Pharmaceutical Joint Stock Company N.3 (HOSE: VDP) announced that DSC Securities Corporation (HoSE: DSC) has become a major shareholder following a transaction on October 8, 2025, valued at approximately VND214 billion (around $8 million).

Before the transaction, DSC held just over 1 million VDP shares, equivalent to 4.92% of the company’s charter capital. After completing the purchase, DSC’s ownership increased to 19.77%, making it one of the largest shareholders of VIDIPHA, a long-established pharmaceutical manufacturer in Vietnam specializing in the production and distribution of generic drugs and healthcare products.

Utilities

Private Infrastructure Development Group (PIDG), through its member company InfraCo, has invested VND218.6 billion ($8.68 million) in Hoa Binh-Xuan Mai Water Company Limited, a project under AquaOne Group.

The investment will fund the construction of a 150,000 m³/day clean water treatment plant, including raw water intake, treatment, storage, and distribution facilities, to supply clean water to rural and peri-urban areas of Phu Tho province.

Previously, GuarantCo, another PIDG entity, had provided a VND875.1 billion ($34.5 million) guarantee for 20-year green bonds issued by Hoa Binh-Xuan Mai in 2024. This is the first component of the Xuan Mai Water Plant complex, while the second component, Xuan Mai-Hanoi, also received a VND317.2 billion ($12.5 million) guarantee and equity commitment from PIDG.

AquaOne, founded by Do Thi Kim Lien (Shark Lien), currently owns several large-scale water treatment plants across Vietnam, including Song Duong, Phu Yen, and Vam Co Dong.

Financials

Tien Phong Commercial Joint Stock Bank (TPBank, HoSE: TPB) will acquire additional shares in Tien Phong Securities Corporation (TPS, HoSE: ORS) through a private placement of 287.9 million shares at a price of VND12,500 per share, with a total transaction value of nearly VND3.6 trillion (approximately $137 million).

Following the transaction, TPBank’s ownership in TPS will increase from 9.01% to 51%, giving it a controlling stake, while TPS’s charter capital will rise from VND3.34 trillion to over VND6.24 trillion.

The proceeds will be used to strengthen TPS’s core business operations, with 60% allocated to margin lending, 30% to proprietary trading, and 10% to other investment activities.

Formerly known as Phuong Dong Securities, TPS was established in 2006 and became part of the TPBank ecosystem in 2019, when it was officially renamed Tien Phong Securities Corporation.

Other notable information

On October 1 in Hanoi, De Heus Group, a global leader in animal feed production, signed an agreement to acquire 100% of CJ Feed & Care (South Korea) for a total consideration of approximately $852.27 million.

Under the agreement, De Heus will take over all of CJ Feed & Care’s operations in Vietnam, Indonesia, South Korea, Cambodia, and the Philippines, including 17 animal feed factories, of which seven are located in Vietnam with a total capacity exceeding 1 million tons per year.

Having entered the Vietnamese market in 2008, De Heus has continuously expanded its footprint and strengthened its position through a series of strategic mergers and acquisitions.

Notably, in 2021, the group acquired the entire feed business of Masan Group (including Proconco/Cám Con Cò and ANCO), thereby becoming the largest animal feed producer in Vietnam.