M&A Monthly Deal Digest – 4/2026

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 April 2026 momentum

• In April, Vietnam’s M&A market recorded 18 transactions, with the total value of disclosed transactions estimated at approximately USD 69.9 million.
• Consumer Goods, Construction & Engineering, Logistics & Infrastructure, and Energy sectors led the market in terms of transaction volume, contributing a total of 9 deals and accounting for approximately 56% of total transactions during the period. 
• The market was driven by strategic investors, including both domestic and foreign investors.

M&A market overview

In April 2026, the Vietnamese M&A market recorded a total of 18 announced transactions. Among these, only 11 deals had disclosed or estimable transaction values, totaling approximately USD 69.9 million. However, we believe the actual scale of M&A capital inflows during the month was significantly higher, as several large-scale transactions did not disclose their deal values.

Notably, capital inflows continued to be concentrated in the energy and core infrastructure sectors, highlighted by Nebula Energy Group’s acquisition of a 51% stake in Cai Mep LNG Terminal Co., Ltd. and REE Energy’s acquisition of a 100% stake in Phu Cuong Wind Power Corporation. Although the transaction values of these deals were not officially disclosed and therefore are not reflected in the statistical table below, we estimate that, if fully accounted for, these strategic transactions could have pushed the total M&A market value in April beyond USD 300 million, indicating that market activity remained resilient.

In terms of deal count, M&A activity was relatively evenly distributed across sectors. Construction & Engineering and Consumer Goods were the most active sectors, each recording 3 transactions and collectively accounting for approximately 33% of total announced deals during the month. 
In addition, the Energy, Logistics & Infrastructure, and Healthcare sectors also showed positive activity levels, with 2 transactions recorded in each sector.

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 18 transactions recorded in April, values were identified for 11 deals, while the remaining 7 transactions did not disclose deal value information.

M&A transaction highlights

Energy

• Nebula Energy (USA), through its subsidiary AG&P LNG, signed an agreement to acquire the remaining 51% stake in Cai Mep LNG Terminal Co., Ltd. from Hai Linh Co., Ltd., increasing its ownership to 100%. The transaction gives AG&P LNG full control over one of the few LNG terminals in Vietnam with completed infrastructure and regulatory approvals for LNG import operations. The terminal currently has a Phase 1 capacity of 3 million tonnes per annum (“MTPA”), with expansion potential to 6 MTPA, and is expected to play a strategic role in supplying LNG to gas-fired power projects in Southern Vietnam.
• REE Energy Co., Ltd. approved a plan to acquire up to 100% of the shares in Phu Cuong Wind Power Joint Stock Corporation, thereby taking over the Phu Cuong 1A and 1B wind power plants in Can Tho with a combined installed capacity of 200 MW. The project has a total investment capital of approximately VND 9,140 billion (equivalent to around USD 400 million) and was previously developed through a joint venture between Mainstream Renewable Power and Phu Cuong Group.

Consumer Goods

• Congalsa SL, a Spanish food group, completed the acquisition of Lenger Seafoods Vietnam Co., Ltd., strengthening its presence in the Asian seafood supply chain. Headquartered in Nam Dinh, the target company specializes in clam processing and exports, with annual revenue exceeding EUR 16 million and a workforce of more than 200 employees. The transaction value was not disclosed.

Healthcare

• Dawn Medical Technologies, a medical technology commercialization platform within the CBC Group ecosystem, completed the acquisition of a controlling stake in Pinnacle Health Medical Equipment Joint Stock Company. Established in 2015, Pinnacle Health is one of Vietnam’s leading medical equipment distributors, providing integrated solutions ranging from sales and marketing to regulatory compliance support. The transaction marks CBC Group’s first expansion into the medical technology sector in Southeast Asia. The deal value was not disclosed.
• DSC Securities Joint Stock Corporation increased its ownership in Vietnam Medicinal Materials Joint Stock Company (HNX: DVM) from 7.88% to 13.9% after acquiring more than 2.8 million shares in April 2026. The transaction further reflects DSC’s strategy to expand its investments in the healthcare and pharmaceutical sectors, following its earlier investments in Vidipha Pharmaceutical and Codupha Central Pharmaceutical. Established in 2011, DVM (VIETMEC) specializes in the production and distribution of medicinal herbs, traditional medicine products, and healthcare products.

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.

• Farmnet Co., Ltd., the trading arm of agricultural technology platform TechCoop, secured a USD 11.75 million loan from Symbiotics, a Swiss investment organization. The financing will be used to support working capital needs, expand nationwide agricultural procurement and distribution activities, and prepare for TechCoop’s planned Series B fundraising round by the end of 2026.  
• Google Labs’ AI Futures Fund established a strategic partnership with Saigon AI Hub to launch Vietnam’s first Applied AI Lab. Beyond providing access to Google’s advanced AI technologies, the initiative is expected to accelerate the commercialization of AI research and attract additional venture capital into Vietnam’s domestic AI startup ecosystem.