Vietnam M&A: A Selective Market with Growing Strategic Opportunity

Vietnam is entering a new phase of growth. Long established as a manufacturing base and export hub, the country is attracting broader international investment as its domestic economy expands and investment moves into higher-value industries.

The economy grew 8.0% in 2025 and is expected to remain among Southeast Asia’s fastest growing over 2026-2030. Vietnam’s recent upgrade from Frontier to Secondary Emerging Market status under FTSE Russell adds another marker of that progress, following a series of reforms aimed at improving foreign investor access and bringing market infrastructure closer to international standards. At the same time, the government is placing greater emphasis on private enterprises as a central engine of the country’s next stage of growth, with reforms aimed at removing regulatory and administrative bottlenecks, improving access to capital and land, and creating a more predictable environment for businesses to invest and grow.

That backdrop continues to draw international interest, particularly from companies looking for growth, manufacturing capacity and a stronger position in Southeast Asia.

Vietnam recorded 367 announced transactions worth approximately US$8.7 billion in 2025. M&A activity has continued into 2026, with 192 transactions announced through August and disclosed or estimable deal value of approximately US$3.1 billion. Strategic buyers remain a significant driver of the market, with activity across industrials, technology, healthcare, consumer, energy and logistics.

What buyers are looking for

For strategic buyers, the appeal of a Vietnamese business often lies in what is already difficult to replicate: an established brand, distribution network, manufacturing base, customer relationships or market position.

US-based Elmet Group recently agreed to invest approximately US$125 million for a 4.99% stake in Masan High-Tech Materials alongside a long-term tungsten supply partnership. Italy’s Ariston Group acquired 83% of Mutosi, adding an established water-purification business with local manufacturing and distribution. Spain’s Congalsa acquired Lenger Seafoods Vietnam, a processing and export platform serving international seafood markets. Asian strategic buyers remain active as well, with India’s Marico acquiring 75% of digital-first beauty business Skinetiq and Japan’s Kokuyo agreed to acquired control of Thien Long, using the Vietnamese stationery leader’s brand, distribution and manufacturing base as a platform for broader Southeast Asian growth.

Together, these deals reflect international buyers’ growing appreciation of Vietnam beyond low-cost production, with greater interest in businesses offering established brands, capabilities and market positions.

A changing ownership landscape

While international buyers are finding more reasons to look at Vietnam, more Vietnamese owners are finding reasons to consider a transaction. Vietnam’s private sector remains heavily founder-led and family-owned. As the first generation of entrepreneurs approaches succession, more owners are considering who will own the business next, who will run it, how the next stage of growth will be funded and what comes next strategically – bringing in a strategic partner, selling a minority stake or pursuing a full exit.

At the same time, private equity investments made around 2018-2020 are reaching a natural exit window. Together, these ownership cycles are bringing more established businesses into consideration for transactions, including companies that may never formally come to market.

Healthcare remains active across hospitals/clinics, pharmaceuticals, and medical equipment/supplies, while branded consumer businesses, particularly in FMCG and services, continue to attract strategic interest. Education is also attracting interest, particularly established K-12 operators with proven scale and strong market positioning.

Industrials and logistics are being shaped by a different set of forces. Supply chain diversification, tariffs and geopolitical uncertainty continue to influence where international companies manufacture and source across Asia, strengthening the case for acquiring existing capacity and local capabilities in Vietnam.

Access still matters

As Vietnam enters its next phase of growth, the M&A opportunity is broadening, but much of it will not be immediately visible. Capturing that opportunity will require more than a clear investment thesis. It will require local access, informed origination and the ability to build trust with business owners long before a transaction formally begins.

CDI Global Vietnam combines international transaction experience with deep local market knowledge and networks. We help international buyers identify the right privately owned companies, approach the right decision makers, assess genuine shareholder appetite, and navigate the nuances of a deal in Vietnam from first approach through execution.

As competition for quality assets grows, the ability to originate opportunities and engage owners early will become an increasingly important part of successful M&A in Vietnam.

By: Dang Pham, CDI Global Partner