Vietnam’s M&A market is entering a recovery phase, with increasingly positive signals across the deal landscape. Grant Thornton Vietnam is pleased to introduce “Vietnam M&A Market Overview and 2026 Outlook”, providing an in-depth analysis of Vietnam’s M&A market performance in 2025 and our forward-looking perspectives for 2026.
For the full year, Vietnam recorded 367 transactions with total announced deal value of approximately USD 8.7 billion, up 26% year-on-year. Despite several large restructuring-driven transactions, the market continued to exhibit a predominantly mid-market profile, with average deal sizes broadly stable and activity led primarily by strategic buyers.
In terms of investor composition, domestic investors and regional strategic buyers remained the most active participants in 2025. Domestic investors accounted for nearly half of total deal value, driven by corporate restructuring and balance-sheet–driven strategic M&A. Among foreign investors, Thailand, South Korea, and Japan continued to lead inbound activity, reflecting Vietnam’s entrenched position within regional consumption and manufacturing value chains. Notably, Chinese investors emerged as a more visible presence, marking a gradual shift from greenfield investments toward selective strategic acquisitions.
Looking ahead to 2026, Vietnam enters the year with strong macroeconomic momentum, underpinned by resilient exports, robust FDI inflows, large-scale infrastructure investment, and a series of structural reforms enacted in 2025. Policy initiatives aimed at enhancing private-sector development, improving
regulatory predictability, and raising financial transparency standards are expected to materially improve deal executability and investor confidence. Capital market upgrades, renewed IPO momentum, and the anticipated FTSE Emerging Market upgrade further strengthen exit pathways and valuation support for M&A participants.
The recovery is expected to remain selective and mid-market–led, with strategic buyers continuing to dominate deal activity as financial investors maintain a disciplined pace of capital deployment. At the same time, a convergence of succession pressures among founder-led family businesses, exit requirements from private equity investments made during the 2019–2020 vintage, and an anticipated pipeline of state divestment programs is set to unlock a broader pool of actionable opportunities.
Healthcare, Energy, Education, Industrials & Logistics sectors are expected to remain the primary focus of M&A activity in 2026, supported by structural demand drivers, supply-chain realignment, and policy tailwinds. While external risks including global demand volatility, geopolitical uncertainty, and shifting monetary conditions are likely to shape valuation discipline and deal structuring, these factors are not expected to derail the broader recovery.
Overall, Vietnam’s M&A outlook for 2026 remains constructive, characterized by disciplined capital deployment, sector selectivity, and a continued shift toward high-quality, strategically driven transactions.
Vietnam M&A Market Overview and 2026 Outlook
