Grant Thornton’s April edition of the Monthly Deal Digest provides a quick roundup of the key developments in Vietnam’s M&A market.
In this regular series, we analyze capital flows, the sectors attracting investor attention, and the market dynamics influencing investment behavior. Whether you are actively seeking opportunities or simply keeping an eye on the market, we hope these insights will help you stay up to date with the latest trends.
In brief of March 2026 momentum
- In March, Vietnam’s M&A market recorded 24 deals with an estimated total value of around USD 104 million.
- Industrial, Energy, Logistics and infrastructure were the most active sectors by deal volume, accounting for approximately 46% of total transactions during the period.
Foreign investors remained active, with notable participation from Singapore, Japan and Indonesia.
M&A Market Overview
In March 2026, the Vietnam M&A market recorded 24 transactions, of which only 10 disclosed deal values, totaling approximately USD 104 million. On a cumulative basis, Q1 2026 recorded 51 transactions, representing a 36% decline compared to the same period last year. However, total disclosed deal value reached approximately USD 659 million, up 24% year on year, indicating an increase in average deal size.
During the month, investment activity was observed across a wide range of sectors. Industrial led with 6 transactions, followed by logistics and infrastructure with 3 transactions, while Energy, Technology, Financials and Real estate each recorded 2 transactions.
In terms of deal value, Real estate, Energy and Industrial each contributed more than 30% of total disclosed value. Overall, while deal volume in March showed stronger activity compared to the first two months of the year, the average deal size remained relatively modest at approximately USD 10 million per transaction.
Foreign strategic investors continued to play an active role in the market, whereas financial investors and private equity funds remained relatively cautious, focusing on smaller-sized investments.
|
Sector |
Deal count by sector |
% Deal count by sector
|
Disclosed/Estimated deal value by sector (USD mil) (*)
|
% Deal value by sector |
|
Real estate |
2 |
8% |
(*) 34.7 |
33% |
|
Technology |
2 |
8% |
(*) 0.5 |
0% |
|
Construction and Engineering |
1 |
4% |
0.3 |
0% |
|
Energy |
2 |
8% |
(*) 33.1 |
32% |
|
Logistic & Infrastructure |
3 |
13% |
(*) 3.8 |
4% |
|
Industrials |
6 |
25% |
(*) 31.5 |
30% |
|
Financials |
2 |
8% |
(*) |
0% |
|
Healthcare |
1 |
4% |
(*) |
0% |
|
Hotel and Tourism |
1 |
4% |
(*) |
0% |
|
Others |
4 |
17% |
(*) |
0% |
|
Total |
24 |
100% |
(*) 103.9 |
100% |
Source: Capital IQ, Grant Thornton Research and analysis.
(*) The transaction values presented in the table include only disclosed or estimated values and do not represent the full value of all deals. Out of a total of 24 transactions in March, we were able to determine the value for 10 deals, while 14 deals had no available value information.
Notable M&A Transactions
Real Estate
- Vietnam Container Shipping Joint Stock Corporation (Viconship) has completed the acquisition of a 65% stake in Harbour City Co., Ltd. for approximately VND 914 billion, equivalent to USD 34.7 million. This transaction enables Viconship to gain controlling interest. The target company, established in 2025 with charter capital of over VND 1,406 billion, is currently developing an industrial real estate project in the Cat Bi Airport New Urban Area, Hai Phong, with a total area of approximately 6,000 sqm.
Energy
- Gresham House, a UK-based asset management firm, has signed an agreement to acquire 100% of Asia Clean Capital Vietnam (ACCV) through the Sustainable Asia Energy Transition Fund (SAETF), thereby expanding its presence in the rooftop solar segment in Vietnam. The transaction value was not disclosed. Established in 2020, ACCV specializes in developing and operating rooftop solar systems for industrial park clients and has developed nearly 200 MW of solar capacity to date.
- On 2 March 2026, Levanta Holding Pte. Ltd., a Southeast Asia-focused renewable energy platform backed by Actis, completed the acquisition of an 80% stake in HBRE Gia Lai Wind Power Joint Stock Company for USD 33.1 million. The target company is the developer of the HBRE Chu Prong Wind Power Project in Gia Lai, with a capacity of 50 MW. The project has been commercially operational since 31 October 2021 and sells electricity under a long-term power purchase agreement with Vietnam Electricity (EVN). The seller is a group of companies affiliated with Thailand’s Super Energy Corporation. Following the transaction, Levanta increased its total operating capacity in the region to approximately 400 MW and continues to expand its portfolio in Vietnam.
Logistics and Infrastructure
- APM Terminals, a port operator under the AP Moller Maersk Group, has acquired a 49% stake and become an operating partner at Hateco Hai Phong International Container Terminal. This transaction marks its entry into ownership of major deep-sea port infrastructure in Northern Vietnam. The target operates two berths in Lach Huyen area, capable of handling vessels of up to 18,000 TEU, serving as a key gateway for direct import export routes to Europe and North America. The transaction value was not disclosed.
- CJ Logistics Hong Kong Holdings Limited has signed an agreement to acquire the remaining 49.10% stake in Gemadept Logistics Holding Co Ltd from Gemadept Corporation. Upon completion, CJ Logistics Hong Kong Holdings Limited will increase its ownership to 100%, converting the entity from a joint venture into a wholly owned subsidiary. This transaction strengthens its control and enables full integration of its Vietnam logistics platform into the group’s regional ecosystem. The transaction value was not disclosed.
Industrial
- Hoshizaki Vietnam Co., Ltd. has agreed to acquire an additional 48.62% stake in Asia Refrigeration Industry Joint Stock Company (ARICO) from Searefico Corporation (HOSE: SRF) on 26 March 2026, increasing its total ownership to 99.62%. The transaction is expected to generate synergies through the integration of ARICO’s refrigeration manufacturing operations into Hoshizaki’s global supply chain and distribution network, while enhancing operational efficiency and strengthening its presence in Vietnam as one of Japan’s leading commercial kitchen and refrigeration equipment manufacturers.
- Norfund, the Norwegian Investment Fund for Developing Countries, has invested USD 4 million in equity into Circular Plastics Vietnam via its parent company, Circular Plastics International in Singapore, to finance a recycling plant in Southern Vietnam near Ho Chi Minh City. The investment supports capacity expansion to 31,000 tonnes of PET flakes and 14,000 tonnes of food-grade rPET pellets annually, serving both domestic demand and exports to Europe. Established in 2019 and present in Vietnam since 2023, Circular Plastics Vietnam operates in plastic recycling under a circular economy model. Norfund is a Norwegian government-owned fund focusing on long-term investments in sustainable businesses in emerging markets.
Hospitality & Tourism
- Mr. Suchad Chiaranussati, founder of SC Capital Partners (Singapore), has completed the acquisition of Serenity Holding Co., Ltd., the entity directly operating the premium resort chain Fusion Hotel Group in Vietnam. The transaction was completed on 17 March 2026, with the deal value undisclosed. This marks a significant milestone for Fusion as it enters its next phase of expansion, leveraging SC Capital Partners’ investment management platform and sector expertise. Under the plan, Fusion’s portfolio will be integrated with two other brands, HMJ (Japan) and Topotels (Indonesia). This strategic alliance is expected to manage a portfolio of approximately 16,000 rooms across four key high-growth markets in Asia, supported by a team of over 100 hospitality professionals.
Financial
- Kredivo Group, an Indonesia-based fintech platform offering buy now pay later (BNPL) services, has completed the acquisition of Timo digital bank in Vietnam as part of its regional expansion into banking. The transaction value was not disclosed. Following the acquisition, Kredivo plans to invest approximately USD 15 million in Vietnam over the next three years to develop digital financial products. Established in 2015, Timo is one of the pioneering digital banking platforms in Vietnam, operating through partnerships with traditional banks. The Timo brand will be retained, while Kredivo’s lending technology will be integrated into the platform to build a comprehensive financial ecosystem combining consumer credit and digital banking services.
Other notable information
Note: The following items are not included in the deal count and value summarized above; they are for reference and informational purposes only.
- Ho Chi Minh City has announced plans to establish a venture capital fund with a total size of USD 20 million. The fund is intended to address funding gaps faced by startups and accelerate the commercialization of technology. Its investment focus will prioritize companies operating in key sectors such as artificial intelligence (AI), big data and robotics.
- Siam Commercial Bank (SCB), the core entity of Thailand’s SCBX Group, has officially confirmed the termination of its agreement to acquire a 100% stake in Home Credit Vietnam. The transaction had been expected to reach a value of approximately THB 31 billion, equivalent to VND 20,973 billion, reflecting the Thai investor’s strategic ambition to expand its footprint in the Southeast Asian consumer finance market. However, the deal was cancelled as certain conditions precedent under the share purchase agreement were not fulfilled within the agreed timeline due to objective factors beyond the parties’ control. Established in Vietnam in 2009 under PPF Group, Home Credit is currently the second largest player in the consumer finance segment, serving approximately 17 million customers with a workforce of around 6,000 employees.
- Platinum Victory (Singapore), a subsidiary of Jardine Cycle & Carriage (JC&C), which is part of the UK-based Jardine Matheson Group, has registered to divest more than 52.5 million shares in Vinamilk between 9 March and 7 April 2026 via put-through and order-matching transactions. Upon completion, Platinum Victory will fully exit its remaining stake in Vinamilk. The transaction is expected to generate proceeds of over VND 3,400 billion. This divestment follows an earlier transaction in late December 2025, when Platinum Victory sold more than 96 million VNM shares to F&N Dairy Investments Pte Ltd, a subsidiary of Fraser and Neave, controlled by Thai billionaire Charoen Sirivadhanabhakdi through Thai Beverage (ThaiBev).
