VinFast’s Nasdaq debut features world’s biggest merger: UNCTAD
The Nasdaq listing of Vietnamese EV maker VinFast via a $23 billion reverse merger with a US-based SPAC was the biggest merger & acquisition (M&A) deal in the world in 2023.
The United Nations Trade and Development (UNCTAD) highlighted the information in its World Investment Report 2024 released last week.
VinFast Auto is the carmaking arm of Vietnam's leading private conglomerate Vingroup.
VinFast makes its Nasdaq debut, August 15, 2023. Photo courtesy of Vietnam News Agency.
Overall, the value of M&A deals in developing economies dropped by $31 billion year-on-year to $76 billion in 2023, resulting in about half of the global FDI inflows, the report said.
In 2023, global M&A sales reached $378 billion, down 46% year-on-year, with 6,717 deals, down 13%. The automotive industry bucked the trend with a sales value of $31 billion, up 273% year-on-year. The VinFast deal accounted “for a large part of the uptick in the automobile sector.”
Reviewing the manufacturing sector in 2023, the UNCTAD report noted that major multinational enterprises (MNEs) have halved their greenfield investments in China since 2019.
“Among major MNEs, Hon Hai Precision Industry (Foxconn) and Samsung Electronics have reassessed their manufacturing footprint in China because of ongoing trade tensions. Those two have started investing in new manufacturing facilities in their home markets and in other countries such as Vietnam, India and Mexico. Notably, Foxconn tripled the number of manufacturing projects in Vietnam,” the report highlighted.
According to UNCTAD data, FDI inflows in Vietnam reached $18.5 billion in 2023, up from $15.5 billion in 2018, $16.1 billion in 2019, $15.8 billion in 2020, $15.7 billion in 2021, and $17.9 billion in 2022.
As a result, Vietnam’s figure, per UNCTAD, was the third-highest in Southeast Asia, behind Singapore with $159.7 billion and Indonesia with $21.6 billion.
Source: UN Trade and Development (UNCTAD)
Global FDI flows slipped 2% to $1.3 trillion in 2023, as trade and geopolitical tensions weighed on a slowing global economy. The report underscored that the headline figure exceeded -10% when excluding a few European conduit economies that registered large swings in investment flows.
FDI flows to developing countries dropped 7% to $867 billion in 2023, the report said.
- Related News
- Read More
Foxconn doubles investment in central Vietnam province to $200 mln
Fu Wing Interconnect Technology (Nghe An) Co. Ltd., a subsidiary of Foxconn, has doubled its investment in the central Vietnam province of Nghe An to $200 million.
Industries - Sat, January 18, 2025 | 4:07 pm GMT+7
WB revises up Vietnam’s 2025 GDP growth forecast to 6.6%
Vietnam’s GDP growth can reach 6.6% in 2025, the World Bank said in the newly-released January edition of its “Global Economic Prospects” report.
Economy - Sat, January 18, 2025 | 10:36 am GMT+7
Poland’s leading pharma group Adamed keen to expand in Vietnam: exec
Adamed Pharma, a leading pharmaceutical and biotechnology group in Poland, plans to expand its investment in Vietnam, said Malgorzata Adamkiewicz, president of the company’s supervisory board.
Industries - Sat, January 18, 2025 | 10:16 am GMT+7
PM calls on Polish companies to expand investments in Vietnam
Vietnamese Prime Minister Pham Minh Chinh has asked Polish companies to increase their investments in Vietnam, capitalizing on the EU-Vietnam Free Trade Agreement (EVFTA).
Industries - Sat, January 18, 2025 | 10:07 am GMT+7
Ethics, ambition critical for startup founders to succeed: Go Global Holdings exec
The global investment landscape offers abundant opportunities for Vietnamese brands to expand internationally, but startups must prioritize self-improvement and readiness, says Nguyen Phi Van, chairwoman of Go Global Holdings, a company specializing in franchising.
Companies - Sat, January 18, 2025 | 9:00 am GMT+7
Scandal-hit Tan Hoang Minh Group eyes $592 mln ecotourism project in central Vietnam
Real estate developer Tan Hoang Minh Group has proposed the central province of Quang Binh allow it to study the building of a VND15 trillion ($592 million) ecotourism area in Le Thu district.
Real Estate - Sat, January 18, 2025 | 8:00 am GMT+7
Germany energy firm wpd plans $180 mln wind power project in central Vietnam
Germany’s energy company wpd plans to invest VND4,600 billion ($181.62 million) in building a 143 MW wind power plant in Vietnam’s central coastal province of Binh Dinh.
Energy - Fri, January 17, 2025 | 10:21 pm GMT+7
BRICS – new key export market of Indonesia
Indonesia’s non-oil and gas exports to the five major BRICS nations reached $84.37 billion in 2024, accounting for nearly 34% of the country’s total non-oil and gas export value, according to the country’s Central Statistics Agency (BPS).
Southeast Asia - Fri, January 17, 2025 | 9:54 pm GMT+7
Vietnam refinery operator BSR hits $2.6 bln valuation in bourse debut
Binh Son Refining and Petrochemical JSC, the operator of Vietnam’s first oil refinery Dung Quat, officially listed over 3.1 billion BSR shares on the Ho Chi Minh Stock Exchange (HoSE) on Friday, marking a rare "blockbuster" debut on the major bourse in recent years.
Companies - Fri, January 17, 2025 | 6:59 pm GMT+7
Two remaining weak Vietnamese banks transferred to VPBank, HDBank
The State Bank of Vietnam, the country's central bank, on Friday announced the mandatory transfers of two "weak" private banks under its special control, GPBank and DongA Bank, to VPBank and HDBank respectively.
Banking - Fri, January 17, 2025 | 4:32 pm GMT+7
DPPA not applied to non-manufacturing consumers, Vietnam ministry insists
Vietnam’s Ministry of Industry and Trade does not plan to extend the direct power purchase agreement (DPPA) mechanism to non-manufacturing consumers using the national grid.
Energy - Fri, January 17, 2025 | 3:50 pm GMT+7
Two foreign giants eye luxury marina, resort projects in central Vietnam
Swiss investment fund Finance Suisse and the world’s leading superyacht builder Palmer Johnson are looking for opportunities to invest in a super-luxury marina and a resort in the south-central Vietnam province of Binh Dinh.
Industries - Fri, January 17, 2025 | 3:18 pm GMT+7
Int’l investment funds interested in Danang’s financial center: city leader
International investors and financial investment funds from the U.S., Singapore, the Middle East, and Switzerland are highly interested in developing a financial center in Danang, says Ho Ky Minh, the central city’s Vice Chairman.
Economy - Fri, January 17, 2025 | 12:49 pm GMT+7
Samsung’s ex-HR head Na Ki-hong to lead Samsung Vietnam from next month
Na Ki-hong, deputy CEO of Samsung Vietnam and former human resources head at Samsung Electronics, will succeed Choi Joo Ho as CEO of Samsung Vietnam from February.
Companies - Fri, January 17, 2025 | 12:41 pm GMT+7
Vietnam, Poland agree to consider elevating relations to strategic partnership
Vietnamese Prime Minister Pham Minh Chinh and his Polish counterpart Donald Tusk have agreed that the two sides should consider upgrading relations to a strategic partnership soon, on the basis of high political trust and positive results of the 75-year traditional friendship.
Politics - Fri, January 17, 2025 | 10:59 am GMT+7
Japan’s Erex to operate wood pellet plant in northern Vietnam next month
Japan's renewable energy firm Erex is conducting trial production at its wood pellet plant in Vietnam’s northern mountainous province of Tuyen Quang and will put it into official operation in February.
Energy - Fri, January 17, 2025 | 10:54 am GMT+7
