M&A Monthly Deal Digest – 5/2026

Grant Thornton’s May 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 May 2026 momentum 

• In May, Vietnam’s M&A market recorded 24 transactions, with total value of disclosed transactions estimated at approximately USD 700.6 million. 
• Industrials, Technology and Healthcare sectors were the most active sectors in terms of transaction volume, contributing a total of 9 deals and accounting for 38% of total transactions during the period. 
• In terms of value, the market was predominantly driven by a USD 530 million strategic restructuring transaction, while foreign investors remained active through a series of small- and mid-sized investments across multiple sectors. 

M&A market overview 

In May 2026, Vietnam’s M&A market recorded a total of 24 announced transactions. Among these, 22 deals had disclosed or estimable transaction value, totaling USD 700.6 million. 

M&A activity remained robust and well-diversified across sectors. Industrials led the market by deal volume with 4 transactions, representing approximately 17% of total deal count, followed by Technology with 3 transactions, representing 13% of total announced deals. The Healthcare, Financials, Energy and Utilities sectors also recorded steady activity, with 2 transactions recorded in each sector. 

In terms of investor composition, domestic investors maintained a stable presence across traditional and strategic sectors. In contrast, foreign capital predominantly targeted venture, growth, and impact-oriented investments from Singapore and the UK, rather than large-scale private equity deals from Japan and South Korea observed in prior periods. This shift was reflected in transactions such as LeapFrog Investments’ stake in Pharmacity and Stride’s funding round involving UOB Venture Management, TRIREC, Clime Capital Management, and Lightrock.

M&A transaction highlights 

Industrials

• VinFast Auto announced its plan to divest its entire stake in VinFast Production and Trading Joint Stock Company (VFTP) to a consortium of investors in a transaction valued at approximately VND 13.3 thousand billion (USD 530 million). The acquiring consortium comprises Future Investment Research and Development JSC (49.0%), Ngoc Quy Trading Investment and Development Co., Ltd. (46.5%), and Mr. Pham Nhat Vuong (4.4%). This initial structure is expected to be followed by internal transfers, ultimately resulting in Future Investment becoming the controlling shareholder with a 95.5% stake. The transaction forms part of VinFast’s broader restructuring strategy aimed at streamlining operations and transitioning toward an asset-light business model by separating manufacturing activities from its other core operations. 
• Thai Hung Trading JSC acquired an additional 11.5 million shares in B.C.H JSC (UPCOM: BCA), raising its ownership from 25.97% to 49.07%. The transaction value is estimated at approximately VND 314 billion (USD 12.1 million). The acquisition continues Thai Hung’s ownership expansion strategy in B.C.H throughout 2025-2026. Established in 2004, B.C.H operates in the sourcing, processing, and trading of scrap metal, steel scrap, coke coal, and related inputs for the steel industry.  

Energy 

• Stride, a clean energy technology platform providing financing solutions for rooftop solar and energy storage systems in Vietnam, raised USD 15 million in a Series B funding round. The round was co-led by Lightrock and TRIREC, with participation from existing investors Clime Capital Management and UOB Venture Management. As part of the transaction, Stride issued convertible preferred shares to investors. The proceeds will support the expansion of solar energy solutions and accelerate Vietnam’s clean energy transition. 

Healthcare 

• Pharmacity successfully raised USD 50 million to USD 80 million in a funding round led by new investor LeapFrog Investments, an impact investment fund focused on healthcare and financial services in emerging markets. The transaction was structured through the issuance of convertible preferred shares. The new capital is expected to support business expansion, strengthen the company’s financial position and reinforce its market presence in Vietnam’s pharmaceutical retail sector.
• Tasco Pharma acquired approximately 1.5 million shares of Pharmedic Pharmaceutical Medicinal JSC (HOSE: PMC), with an estimated aggregate value of VND 199 billion (USD 7.7 million). Following the acquisition, Tasco Pharma increased its ownership to approximately 15.89% and became the third-largest shareholder of Pharmedic. The transaction coincided with a significant divestment by Vietnam Pharmaceutical Investment and Trading JSC, which reduced its stake from 15.89% to 4.29%. Tasco Pharma effectively replaced this shareholder within Pharmedic’s major investor group. 

Utilities 

• Thu Dau Mot Water JSC and Biwelco Investment and Construction JSC acquired 48% stake in Phu Yen Water Supply and Sewerage JSC (UPCOM: PWS). The acquisition was completed through two negotiated transactions conducted on 21 May and 26 May 2026, with an estimated total value of VND 613 billion (USD 23.6 million). Following the transactions, each investor holds approximately 24% of PWS. Both acquirers maintain close ties with Binh Duong Water - Environment Corporation (Biwase, HOSE: BWE), where TDM is the largest shareholder, while Biwelco, a former subsidiary, is now a major shareholder with a 10% stake. The acquisition aligns with the group’s broader strategy to expand its footprint in Vietnam’s water utilities sector, following its earlier investment in Ninh Thuan Water Supply and Sewerage JSC in 2026. 

Technology 

• SoBanHang, a digital business management platform serving micro-enterprises, raised approximately USD 3.8 million in a pre-Series A round led by Hong Leong Bank, with participation from OSK-SBI Venture Partners and existing investors FEBE Ventures and Antler. The funding will support expansion of its digital ecosystem for micro-businesses across Southeast Asia and strengthen its position in merchant enablement and embedded finance solutions in Vietnam. Founded in 2021 by brothers Hai Long Bui and Hai Nam Bui, SoBanHang provides a mobile-based platform helping small businesses manage sales, customer transactions, inventory, and overall business performance more efficiently. 

Other notable updates

• Dien May Xanh Investment JSC (DMX) has received approval from the State Securities Commission of Vietnam for its public offering. The company plans to issue 179.5 million ordinary shares at an expected offering price of VND 80,000 per share. If fully subscribed, the offering is expected to raise approximately VND 14.36 trillion (USD 552 million), making it the largest IPO in Vietnam in the past five years. 
• Samsung Electronics Vietnam Thai Nguyen (SEVT) became the first company in Vietnam to officially procure renewable energy through the Direct Power Purchase Agreement (DPPA) mechanism. Under the agreement, SEVT will purchase approximately 70 GWh of solar power annually from the Duc Hue 2 Solar Power Plant (Tay Ninh), equivalent to the annual electricity consumption of around 17,000 households. The arrangement is expected to reduce Samsung’s carbon emissions by approximately 46,000 tonnes of CO₂ per year while supporting the group’s sustainability and clean energy objectives. The transaction marks a significant milestone in the implementation of Vietnam’s DPPA framework, paving the way for large electricity consumers, particularly foreign-invested manufacturers, to directly source renewable energy from project developers and further stimulate investment in the country’s renewable energy sector.