M&A Deal Digest

Grant Thornton’s October 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 October 2026 momentum

• In October, Vietnam’s M&A market recorded 24 transactions, with the total value of transactions with disclosed or estimable values reaching approximately USD 997.4 million.
• In terms of deal volume, the Consumer, Financials, Real Estate and Industrials sectors recorded a total of 14 transactions, accounting for approximately 58% of all deals during the month.
• By transaction value, Real Estate and Consumer stood out as the market's two leading sectors, with combined deal value of nearly USD 844 million, representing 85% of total disclosed/estimable transaction value. Notably, the value of the Consumer sector was primarily driven by a related-party transaction valued at approximately USD 392.3 million, equivalent to around 39% of the October M&A market.

M&A market overview

In October 2026, Vietnam’s M&A market recorded a total of 24 announced transactions. Of these, only 19 deals had disclosed or estimable transaction values, with an aggregate value of approximately USD 997.4 million.

In terms of deal volume, Consumer and Financials led with 4 transactions each sector, collectively accounting for 33% of total deals during the month. Real Estate and Industrials each recorded 3 transactions, contributing a combined 25% of announced deals.

Notably, restructuring transactions and related-party deals remained significant, with 5 transactions totaling an estimated USD 434.7 million, equivalent to 44% of the total disclosed/estimable deal value during the month. The most notable transaction was Lepus Investment Corporation, a subsidiary of Masan Group Corporation, completing the acquisition of 73 million shares in Masan Consumer Corporation (HOSE: MCH), with an estimated transaction value of USD 392.3 million.

Excluding restructuring and related-party transactions, the market recorded 19 independent deals with a total estimated value of USD 562.7 million. Real Estate remained the leading sector, accounting for approximately USD 429.5 million, equivalent to 76% of the total value of independent transactions.

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 24 transactions recorded in October, values were identified for 19 deals, while the remaining 5 transactions did not disclose deal value information.

M&A transaction highlights

Real Estate 

• Hoa Phat Group Joint Stock Company (HOSE: HPG) completed its strategic investment in Song Hong Future Group Joint Stock Company through a share swap transaction, whereby Hoa Phat acquired 799.5 million newly issued shares in Song Hong Future Group, at a value of approximately VND 9,915 billion (equivalent to approximately USD 381 million), in exchange for 778.4 million shares held in Hoa Phat Real Estate Development Joint Stock Company. Following the transaction, Hoa Phat holds a 25.13% stake in Song Hong Future Group, while Song Hong Future Group becomes the controlling shareholder of Hoa Phat Real Estate Development, holding approximately 73.5% of its shares. Song Hong Future Group is currently involved in the development of several large-scale urban projects in Hanoi, including the Multi-Purpose Urban Area in Thu Lam – Dong Anh, the Multi-Purpose Urban Area in Linh Nam Ward, and the Linh Nam Resettlement Urban Area.
• Sai Gon Thuong Tin Real Estate Joint Stock Company (TTC Land, HOSE: SCR) won an auction for 27.54 million shares, representing 51% of the charter capital of Tin Nghia – A Chau Investment Joint Stock Company (TNAC), at an estimated minimum transaction value of VND 1,001 billion (approximately USD 38.5 million), based on the auction’s starting price. The 51% stake was previously held by Tin Nghia Corporation (UPCoM: TID). Following the transaction, TTC Land will increase its ownership in TNAC from 36.63% to 87.63%. Tin Nghia – A Chau is the developer of the Tan Van Islet project in Bien Hoa Ward, Dong Nai Province, bordering Ho Chi Minh City. The project covers more than 48 hectares and is marketed under the name Kim Quy Island.

Consumer

• Lepus Investment Corporation completed the acquisition of 73 million shares in Masan Consumer Corporation (HOSE: MCH), representing a 5.584% stake, through negotiated and order-matching transactions conducted between October 9 and October 23, 2026. The transaction value was not officially disclosed; however, based on the market price of VND 140,000 per share at the time of completion, the deal is estimated at approximately VND 10,200 billion (equivalent to USD 392.3 million). Lepus, which operates in investment management consulting, is a subsidiary of Masan Group Corporation (HOSE: MSN), in which Masan holds a 98% economic interest. Following the transaction, Masan Group's economic interest in Masan Consumer increased from approximately 69.4% to 74.9%.
• Tien Phong Securities Joint Stock Company (TPS, HOSE: ORS) and T&N Financial Group Joint Stock Company registered to subscribe for 8.2 million and 6.8 million shares, respectively, in Nafoods Group Joint Stock Company’s (HOSE: NAF) private placement of 15 million shares. Based on the offering price of VND 36,500 per share, the total proceeds from the placement are estimated at VND 547.5 billion (approximately USD 21 million). Upon completion, TPS and T&N Financial Group are expected to hold 10.76% and 8.93% of Nafoods Group’s charter capital, respectively. Nafoods Group plans to use the proceeds to repay borrowings at the parent company and provide capital to its subsidiaries to settle their debts.
• Oriental Consultants Global (OC Global), a Japanese infrastructure consulting company, made a strategic investment in ECONUTI Food Joint Stock Company following the signing of a strategic cooperation memorandum of understanding between the two parties in October 2025. The transaction value was not disclosed. ECONUTI is engaged in the manufacture and bottling of beverages, with a factory located in Tan Duc Industrial Park, Tay Ninh Province. According to OC Global, the investment will give the Japanese company access to agricultural products such as cashew nuts and coconuts, while leveraging its Vietnamese partner’s original design manufacturing (ODM) capabilities.

Financials

• Bank of Ayudhya (Krungsri, Thailand) completed the acquisition of the remaining 50% stake in Saigon - Hanoi Commercial Joint Stock Bank Finance Company Limited (SHBFinance) from Saigon - Hanoi Commercial Joint Stock Bank (SHB, HOSE: SHB), thereby increasing its ownership to 100%. The transaction value for the remaining stake was not officially disclosed; however, based on the estimated total consideration of VND 3,600 billion for the acquisition of the entire stake in SHBFinance, the value of this transaction is estimated at approximately VND 1,800 billion (equivalent to USD 69 million). Previously, SHB had transferred the initial 50% stake in SHBFinance to Krungsri in June 2023. Krungsri is a member of Japan's Mitsubishi UFJ Financial Group (MUFG). The full acquisition of SHBFinance enables Krungsri to expand its consumer finance operations in Vietnam and strengthen its presence in the Southeast Asian consumer finance market.
• LPS Securities Joint Stock Company (HOSE: LPS) approved an investment in newly issued shares as part of a charter capital increase by Sacom Crypto Asset Exchange Joint Stock Company (SCEX), with a capital contribution of approximately VND 750 billion (equivalent to approximately USD 28.8 million). Following the transaction, LPS will maintain a 15% ownership stake in SCEX, bringing its cumulative investment to VND 1,500 billion. SCEX, formerly known as Loc Phat Vietnam Crypto Asset Exchange Joint Stock Company (LPEX), was established to develop a crypto-asset trading platform in Vietnam and is currently completing the requirements for an operating license. The investment is part of LPS’s strategy to expand its asset management product portfolio, with exposure to crypto assets expected to contribute to a more comprehensive financial services ecosystem.

Textiles

• Fountain Set Holdings Limited (Hong Kong), through its subsidiary Ocean Textile Investment Limited, announced plans to acquire an 81% stake in Lian-Ta-Hsing Vietnam Company Limited from Lian-Ta-Hsing International for an estimated value of nearly USD 28 million (approximately VND 724 billion). Lian-Ta-Hsing Vietnam manufactures knitted fabrics and provides textile finishing services, operating a factory in Phuoc Dong Industrial Park, Tay Ninh Province. The transaction is intended to help Fountain Set expand its manufacturing capacity in Vietnam, leverage existing facilities and capitalize on the trend of textile and garment supply chains shifting to Southeast Asia.

Industrials

• Interflex, a flexible printed circuit board manufacturer under Young Poong Group (South Korea), agreed to acquire the remaining 10.68% stake in Korea Circuit Vina Company Limited from Korea Circuit, an affiliate within the same group, for KRW 12.3 billion (approximately USD 9.1 million). Following the transaction, Korea Circuit Vina will become a wholly owned subsidiary of Interflex. Korea Circuit Vina manufactures printed circuit boards (PCBs/FPCBs) and operates a factory in Dong Soc Industrial Cluster, Vinh Tuong Commune, Phu Tho Province.
• Brookland Group & Partners Limited completed its first investment in Miza Joint Stock Company (HOSE: MZG), a Vietnamese manufacturer of recycled packaging. This marks the first step in a structured equity investment agreement with a total potential value of up to USD 5 million. The transaction comes as Vietnam’s recycling industry faces new opportunities. Mandatory recycling requirements under the Extended Producer Responsibility (EPR) policy framework were introduced in 2020 and are expected to become more stringent in the coming years, alongside a proposal requiring packaging to contain a certain proportion of recycled materials by 2030.

Hotel & Tourism

• Hai Phat Investment Joint Stock Company (HOSE: HPX) completed the transfer of its entire 100% equity interest in Heritage Real Estate Vietnam One Member Company Limited to Mr. Tran Viet Son, the company’s Chairman. The transaction value was not disclosed. Heritage Real Estate Vietnam is the developer of the Vinh My resort tourism project in Hue City. The project has received in-principle investment approval from the People’s Committee of Hue City and covers 39.58 hectares, with expected total investment capital of more than VND 1,656 billion.

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.

• Power Generation Joint Stock Company 3 (EVNGENCO3, HOSE: PGV) approved a plan to contribute capital to establish a new company to invest in the Buon Kuop Hydropower Reservoir Floating Solar Power Plant Project in Lam Dong Province. PGV expects to contribute VND 235.52 billion, equivalent to a 64% stake in the project company’s charter capital. The new company is expected to operate in renewable power generation and electricity trading, as well as investment in and management of investments in solar power projects in Lam Dong Province, power generation facilities and related business activities.
• Private Infrastructure Development Group (PIDG), through InfraCo, completed its divestment from Dat Bike, a Vietnamese electric motorbike manufacturer, after Dat Bike repaid a USD 4 million convertible loan. The loan was disbursed by InfraCo Asia in August 2024 to support factory expansion, battery manufacturing upgrades and increased automation.