Grant Thornton’s June 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 June 2026 momentum
- In June, Vietnam’s M&A market recorded 33 transactions, with total value of disclosed transactions estimated at approximately USD 1 billion.
- Real Estate, Consumer, Financials, and Construction & Engineering led the market by transaction volume, contributing a total of 17 deals and accounting for approximately 52% of total transactions during the period.
- In terms of value, the market was driven by large-scale transactions in Hotel & Tourism, Real Estate, and Financials sectors, as strategic investors and investment funds continued to play a leading role, while small- and medium-sized transactions remained concentrated among domestic investors and minority stake deals.
M&A market overview
In June 2026, Vietnam’s M&A market recorded a total of 33 announced transactions. Among these, 29 deals had disclosed or estimable transaction values, with a total size of approximately USD 1 billion.
M&A activity during the month was vibrant across multiple sectors. By transaction volume, Real Estate led with 6 deals, followed by Consumer with 5 deals, together contributing approximately 33% of total transactions. Technology, Construction & Engineering, Financials, and Utilities sectors each recorded 3 deals, equivalent to approximately 36% of total transactions during the month.
In terms of transaction value, the market was led by large-scale transactions in Real Estate and Hotel & Tourism sectors, with total values of approximately USD 322.3 million and USD 313.5 million, respectively, together contributing 63% of total transaction value in June. The Financials sector followed with a value of approximately USD 271 million, accounting for nearly 27% of total market transaction value.
(*) 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 33 transactions recorded in June, values were identified for 29 deals, while the remaining 4 transactions did not disclose deal value information.
Overall, in the first six months of 2026, Vietnam’s M&A market recorded 126 announced transactions, with disclosed or estimable deal value totaling approximately USD 2.43 billion. Among these, 89 transactions had disclosed or estimable values, implying an average deal value of approximately USD 27 million.
Most of the deal value in the first half of 2026 was concentrated in the second quarter. May and June accounted for approximately 71% of the total deal value during the period. Compared to the same period last year, although the number of transactions declined by around 20%, the total disclosed or estimable deal value still increased by 14% to USD 2.5 billion. The average deal value in the first six months of 2026 reached approximately USD 28 million per transaction.
Number and value of transactions by month in 2026
M&A transaction highlights
Hotel & Tourism
- Vinpearl Joint Stock Company (HOSE: VPL) successfully raised USD 255 million from SeaTown Private Credit Fund III, a fund managed by SeaTown Holdings International, together with the Oman Investment Authority (OIA) and the Vietnam-Oman Investment Fund (VOI). The transaction was carried out through convertible dividend preference shares (CDPS) issued by Vinpearl. The proceeds will be used to strengthen financial capacity, support long-term development strategy, and expand the tourism and resort ecosystem.
- Diamond Crown Homes Co., Ltd., a member of the DOJI Group ecosystem, indirectly acquired control of Xuan Phu Hai Construction Joint Stock Company, the developer of the Grand Mercure Hoi An project, through a series of transactions valued at approximately VND 1,520 billion (USD 58.5 million). The transaction was carried out through the acquisition of Friends Investment and Construction Co., Ltd., which had previously acquired a 49% equity stake in Xuan Phu Hai from Vinahud.
Real Estate
- Phat Dat Real Estate Development Corporation (HOSE: PDR) approved the acquisition of 35% of equity stake in Lotte Properties HCMC Co., Ltd. for approximately VND 7,666 billion (equivalent to USD 295 million). Upon completion, Phat Dat plans to contribute an additional approximately VND 2,727 billion (USD 105 million) to maintain its 35% ownership in subsequent capital increases. Lotte Properties HCMC is the developer of the Lotte Eco Smart City Thu Thiem project, a 7.54-hectare urban complex in the Thu Thiem New Urban Area, Ho Chi Minh City, comprising Grade A office space, a shopping mall, hotel, luxury apartments, and integrated amenities.
Consumer
- VietinBank Capital purchased 9.35 million shares of PetroVietnam General Services Corporation (Petrosetco - HOSE: PET) for an estimated value of approximately VND 495.55 billion (around USD 19 million), increasing its ownership to 13.45% and becoming a major shareholder of the company. Petrosetco operates across four core business segments, including technology distribution (mobile phones, computers, tablets, and other consumer electronics), logistics, catering services, and real estate. The technology distribution segment serves as the company's primary growth driver and contributes the majority of its revenue.
Financials
- Mr. Pham Nhat Vuong purchased more than 146.2 million shares of Loc Phat Vietnam Joint Stock Commercial Bank (LPBank - HOSE: LPB) for an estimated value of approximately VND 6,725 billion, equivalent to USD 259 million. Following the transaction, Mr. Vuong owns 4.894% of LPBank’s charter capital, becoming the bank’s second-largest shareholder after Vietnam Post Corporation (VNPost), which owns 6.53%. LPBank is one of Vietnam’s joint stock commercial banks, providing retail banking, corporate banking, and digital financial services.
Utilities
- BNE Investment Joint Stock Company and Xuan Cau Holdings Joint Stock Company purchased 14.2 million and 8.58 million shares, respectively, of Vietnam Water and Environment Investment Corporation (Viwaseen- UPCoM: VIW), with a total estimated value of approximately USD 26.2 million. Following the transactions, BNE and Xuan Cau Holdings hold 24.47% and 14.79% of Viwaseen’s charter capital, respectively. Earlier in May 2026, An Quy Hung Holding Joint Stock Company acquired 23% of Viwaseen’s charter capital. This series of transactions forms part of the divestment roadmap of Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex - HOSE: VCG), reducing its ownership in Viwaseen from 86.01% to 25%.
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.
- LPBank Securities Joint Stock Company (LPBS) completed its IPO of 141.86 million shares at VND 30,000 per share to 1,005 domestic investors, raising more than VND 4,256 billion (approximately USD 164 million). Following the IPO, LPBS’s charter capital increased from VND 12,668 billion to nearly VND 14,087 billion. The proceeds will be used to expand margin lending activities, invest in financial products, increase the proprietary trading portfolio, and invest in information technology infrastructure.
- The International Finance Corporation (IFC), a member of the World Bank Group, is proposing an USD 86 million senior loan to Southeast Asia Commercial Joint Stock Bank (SeABank). If approved, the loan will be used to expand credit for micro, small, and medium-sized enterprises, particularly women-owned businesses, while also supporting home loans for low- and middle-income customers. Previously, IFC provided a USD 150 million financing package to SeABank to promote green finance and blue finance, including investment in blue bonds and green bonds and enhanced lending to small and medium-sized enterprises.
