Grant Thornton’s August 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 August 2026 momentum
- In August, Vietnam’s M&A market recorded 35 transactions, with total value of disclosed or estimable transactions of approximately USD 427 million.
- In terms of deal volume, Real estate, Healthcare, Technology and Construction & Engineering accounted for 18 transactions, representing approximately 51% of the total deals recorded in August.
- In terms of transaction value, Real Estate was the largest contributor, with an aggregate transaction value of approximately USD 293.5 million, accounting for 69% of the total disclosed/estimable deal value recorded during the month.
M&A market overview
In August, Vietnam’s M&A market recorded a total of 35 transactions. Among these, 28 deals had disclosed or estimable transaction values with an aggregate deal value of approximately USD 427 million.
By deal volume, Real estate led with 06 deals, accounting for approximately 17% of total announced transactions. Healthcare, Technology, and Construction & Engineering each recorded 4 deals, equivalent to 33% of total transactions during the month.
By deal value, Real estate dominated the market with an aggregate transaction value of USD 293.5 million, accounting for 69% of total transaction value. A notable transaction was Keppel’s divestment of its entire 40% stake in Empire City LLC for USD 270 million, marking one of the largest real estate transactions announced year-to-date. Industrials and Hotel & Tourism followed, with transaction value of USD 29.3 million and USD 26 million, contributing approximately 13% of total market value.
Source: Capital IQ, Grant Thornton research and analysis.
(*) The transaction values presented in the table include only disclosed or estimable deal values and therefore do not represent the total value of all announced transactions. Of the 35 transactions recorded in August, values were identified for 28 deals, while the remaining 7 transactions did not disclose deal value information.
M&A transaction highlights
Real Estate
- Singapore-based Keppel Ltd. has inked a deal to sell its entire 40-percent stake in the Empire City LLC, the developer of the Empire City project in the Thu Thiem New Urban Area, for USD 270 million (approximately VND 7 thousand billion). The transaction involves the sale of 20% stake to Denver Power Vietnam Company Limited and the remaining 20% to Golden Axis Company Limited, an entity owned by Tran Thai Lands Co., Ltd. and Tien Phuoc Real Estate JSC. Prior to the transaction, Denver Power held a 30% stake in Empire City, while Tien Phuoc Lands and Tran Thai Real Estate each owned 15%. Empire City is a mixed-use urban development in Thu Thiem, Ho Chi Minh City, with a reported total investment of approximately USD 1.2 billion. The transaction marks a significant divestment by Keppel from the project following more than a decade of development.
Consumer
- C.P Vietnam acquired 76.57% stake in Les Vergers Du Mekong Joint Stock Company for approximately VND 235.1 billion, equivalent to about USD 9 million. Les Vergers Du Mekong is a beverage and processed food manufacturer known for its Le Fruit juice brand, offering fruit juices, fruit purées, jams, coffee, and tea products serving both retail and foodservice channels.
- Evertrust Investment Joint Stock Company acquired 49.49% stake in Phuong Nam Culture Joint Stock Company (HOSE: PNC) from Tan Luc Southern Trading and Service Company Limited, a subsidiary of Thien Long Group, through a negotiated transaction valued at approximately VND 144 billion (equivalent to USD 5.6 million). Phuong Nam Culture Joint Stock Company operates the Phuong Nam Bookstore chain, focusing on book and cultural product distribution and retail.
Healthcare
- Anh Sang International Eye Care System announced the completion of a strategic investment received from NSQ Capital, a Singapore-based investment fund. The transaction value was not disclosed. Anh Sang operates a network of eye hospitals and specialist ophthalmology clinics across Vietnam. The investment is expected to enhance professional expertise, training human resources, applying technology, and expanding access to ophthalmic services nationwide.
Hotel & Tourism
- Modern Village Lifestyle (M Village) successfully raised USD 26 million in a round of funding led by Mizuho Asia Partners through Grand Mia Pte. Ltd., with continued participation from existing shareholder Trip.com. Mizuho Asia Partners invested USD 18 million, while Trip.com contributed an additional USD 8 million. Founded in 2021 by Nguyen Hai Ninh, co-founder and former CEO of The Coffee House beverage chain, M Village is an urban hospitality platform currently operating 53 properties nationwide, with an ecosystem comprising M Village Hotel, Express by M Village, Savvy, and the Signature and Grand Signature resort brands. The company plans to expand its portfolio with brands such as Prestige, targeting the luxury resort segment, and Harmony Living Suites, a premium serviced apartment concept designed for long-term stays.
Industrials
- Inzi Display Co., Ltd., a South Korean manufacturer of display and automotive components, agreed to acquire a 100% stake in NEX VINA Company Limited from Nexplus Co., Ltd. for KRW 16.82 billion, equivalent to approximately USD 28.7 million. NEX VINA operates in Vietnam in the manufacturing and processing of metal products and components, primarily serving the mobile phone, electronics, and automotive industries. The transaction is expected to be completed on 31 August 2026.
Financial Services
- Phu Hung Securities Corporation (UPCoM: PHS) completed a private placement of 50 million shares to four strategic investors, namely CX Technology Vietnam Joint Stock Company, New Beam International Inc., Freshfields Capital Corporation, and New Life Trading and Service Company Limited, successfully raising VND 500 billion (equivalent to approximately USD 19.2 million). Following the transaction, the three foreign investors - New Beam International Inc., Freshfields Capital Corporation, and CX Technology Vietnam Joint Stock Company - collectively hold a combined ownership stake of 36.87%. The company plans to use the proceeds to expand margin lending activities, provide additional resources for proprietary trading, and develop other financial and securities services.
Other notable updates
Note: The following items are not included in the deal volume and deal value summarized above and are provided for reference and market update purposes only.
- A consortium comprising Saigon Telecommunications Technology Joint Stock Company (SAIGONTEL), World Harmony Company Limited (WVU), and SAIF Eagle II Investment Company Limited submitted a Letter of Interest (LOI) to explore investment in an Artificial Intelligence Data Center complex at Nam Tan Tap Industrial Park, Tay Ninh Province. The project is planned on a site of approximately 20 hectares and is intended to meet Tier IV data center standards, with operational availability of 99.999% and a target computing load capacity of 200 MW. In the initial phase, the consortium expects to develop 100 MW of capacity with a total investment of approximately USD 3.5 billion.
- Nissha Co. Ltd. decided to divest its investment in USM Healthcare Medical Devices Factory Joint Stock Company following the discovery of accounting irregularities related to circular transactions before the acquisition. Under the agreement, Nissha will sell its 60% stake to Vo Xuan Boi Lam, founder, general director and board member of USM Healthcare.
