Grant Thornton’s September 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 September 2026 momentum
- In September, Vietnam’s M&A market recorded 30 deals, with total value of disclosed/estimable transactions of approximately USD 1.74 billion.
- In terms of deal volume, Logistics & Infrastructure, Real Estate, Consumer, Industrials and Financials sectors recorded a total of 16 deals, accounting for approximately 53% of all transactions during the month.
- Overall, the market was driven by a major related-party transaction in the Real Estate sector, valued at approximately USD 1.2 billion and accounting for 69% of total disclosed/estimated transaction value for the month.
M&A Market Overview
In September 2026, Vietnam’s M&A market recorded 30 announced transactions. Among these, only 23 deals had disclosed or estimable transaction values, with an aggregate value of approximately USD 1.74 billion.
September M&A activity was driven by restructuring and related-party transactions, with 4 deals contributing approximately USD 1.23 billion and accounting for 70.7% of total transaction value. The most notable transaction was VinFast Vietnam Joint Stock Company’s agreement to acquire 100% of the equity interests in Ngoc Hoi Real Estate Investment Joint Stock Company for approximately USD 1.2 billion.
In terms of transaction volume, Logistics & Infrastructure led with 4 deals, accounting for 14% of transactions during the month. Real Estate, Consumer, Industrials and Financials each recorded 3 deals, together accounting for 40% of announced transactions.
Excluding restructuring and related-party transactions, Consumer and Metals & Mining were the leading sectors in September, recording total deal values of approximately USD 183.8 million and USD 124.8 million, respectively, and together accounting for 61% of total disclosed/estimable transaction value. Notable transactions included the transfer of shares in Thanh Thanh Cong – Bien Hoa Joint Stock Company, valued at nearly USD 179 million, and Elmet Group’s acquisition of a 4.99% stake in Masan High-Tech Materials Corporation at approximately USD 138 million. The F&B sector ranked third, with a transaction value of approximately USD 88.4 million, equivalent to 18% of the market’s total deal value.
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 30 transactions recorded in September, values were identified for 23 deals, while the remaining 7 transactions did not disclose deal value information.
M&A transaction highlights
Real Estate
- VinFast Vietnam Joint Stock Company signed an agreement to acquire 100% of the equity interests in Ngoc Hoi Real Estate Investment Joint Stock Company for approximately USD 1.2 billion. Ngoc Hoi holds a 20% economic interest in the consortium developing the Hanoi International Sports Urban Area, led by Vinhomes.
- Chuong Duong Corporation (HOSE: CDC) approved the acquisition of a 49% stake in Trieu Duong Trading Investment and Development Joint Stock Company for a maximum consideration of VND 294 billion, equivalent to approximately USD 11.3 million. Trieu Duong was established on 30 September 2026 with charter capital of VND 600 billion, held by Nguyen Hai Nam, Delta Trading Investment Development Co., Ltd., and Nguyen Khanh Hoang, with stakes of 84%, 15% and 1%, respectively. Following the transaction, CDC will become Trieu Duong’s largest shareholder. CDC operates in civil and industrial construction, real estate development, and infrastructure construction. Its notable projects include the Chuong Duong Home social housing project, the Central Garden mixed-use high-rise complex, and Long Son International Port.
Logistics & Infrastructure
- CMC Joint Stock Company (HOSE: CVT) approved the acquisition of a 99.9% equity in TTL Holdings Investment Company Limited, the transaction value was not disclosed. Previously, TTL Holdings planned to acquire more than 25% of the shares in Thang Long Joint Stock Corporation (HNX: TTL) from TNG Investment and Construction Company Limited, a shareholder holding approximately 50.5% of TTL’s capital. The transaction is viewed as part of an ownership restructuring within the broader Tasco-DNP ecosystem associated with Mr. Vu Dinh Do, Chairman of Tasco Joint Stock Company (HNX: HUT). Specifically, CMC is a subsidiary of DNP Holdings, while TNG Investment and Construction is also connected to this ecosystem through Mr. Pham Quoc Khanh, TNG’s largest shareholder. Mr. Khanh has also been a major shareholder of DNP Holdings since 2014 and is a founding shareholder of VII Holding, a major shareholder of Tasco.
Consumer
- Thanh Thanh Cong Investment Joint Stock Company (TTC Investment) and Ms. Huynh Bich Ngoc registered to sell a combined total of more than 200 million shares in Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS, HOSE: SBT), with an estimated value of approximately VND 4.649 trillion (equivalent to approximately USD 178.8 million). Of this total, TTC Investment registered to sell 137.74 million shares (15.2%), while Ms. Huynh Bich Ngoc registered to sell 65.76 million shares (7.2%). The transactions are expected to be executed through negotiated transactions between 8 September and 7 October 2026. 11 million shares held by Ms. Ngoc will be transferred to Ms. Dang Huynh Uc My, while Mr. Thai Van Chuyen, SBT’s Chief Executive Officer, registered to purchase an additional 15.5 million shares. Following the transactions, TTC Group will no longer hold shares in TTC AgriS, while Ms. Ngoc’s ownership will fall to 0.23%.[VN1] [HB2]
Metals & Mining
- Elmet Group completed the acquisition of 55.14 million shares in Masan High-Tech Materials Corporation (UPCoM: MSR) from Masan Horizon Company Limited, representing 4.99% of its charter capital, for a total transaction value of approximately VND 3,240 billion (approximately USD 138 million). The transaction forms part of a plan to restructure MSR’s ownership in preparation for a listing on the Ho Chi Minh Stock Exchange. MSR operates the Nui Phao polymetallic mine and a tungsten processing plant in Thai Nguyen. Elmet Group is a US company specialising in the processing of strategic materials and the manufacture of precision components from tungsten, molybdenum and other specialty metals for the aerospace, defense, semiconductor, energy and industrial sectors. The two parties have maintained a supply chain partnership for more than 12 years. The deal enables Elmet to extend its value chain from MSR’s mineral resources and tungsten processing operations through to materials and components.
F&B
- JSF Investments Pte. Ltd., a subsidiary of Jollibee Foods Corporation, signed an agreement to sell an 11% stake in SF Vung Tau Joint Stock Company, the owner of Highlands Coffee, to Viet Thai International Joint Stock Company (VTI) for approximately VND 2,300 billion, equivalent to approximately USD 88 million. Following the transaction, VTI will increase its ownership from 40% to 51% and become the controlling shareholder, while Jollibee will retain a 49% stake. Jollibee first invested in Highlands in 2012, paying USD 25 million for a 50% stake, and subsequently increased its ownership to 60% in 2017.
Financials
- Bolt Holdings Joint Stock Company and Mr. Chu Tuan An, the Chairman of UP Securities Joint Stock Company (UPCoM: UPS), registered to subscribe for more than 62.6 million shares and 5 million shares, respectively, in UPS’s private placement, for an aggregate value of approximately VND 676.6 billion (approximately USD 26 million). Following the transaction, Bolt Holdings is expected to hold 62.82% of UPS’s charter capital and become its controlling shareholder. Before the issuance, Mr. Cao Tan Thanh was UPS’s largest shareholder, with a 72.33% stake, and was also one of the three founding shareholders of Bolt Holdings. Bolt Holdings was established in 2024 and operates primarily in real estate, with initial charter capital of VND 10 billion; Mr. Do Hoang Minh contributed 80%, while Mr. Dinh Van Hiep and Mr. Cao Tan Thanh each contributed 10%.
Energy
- REE Energy Company Limited (REE Energy) divested its entire holding of over 8 million shares in Su Pan 2 Hydropower Joint Stock Company (UPCoM: SP2) to Ha Thanh Energy Development Joint Stock Company for an estimated value of approximately VND 282 billion, equivalent to USD 10.8 million. Following the transaction, Ha Thanh Energy became SP2’s largest shareholder, with a 39.12% stake. Established in 2006, SP2 owns the Su Pan 2 Hydropower Project in Lao Cai Province, with an installed capacity of 34.5 MW and a total investment of VND 1,245 billion.
Agriculture & Livestock
- BAF Viet Nam Agriculture Joint Stock Company (HOSE: BAF) will acquire a 75% stake in the charter capital of Hung Phat Farm Mot Company Limited from Mr. Nguyen Tran Tuan Cuong for VND 162 billion (approximately USD 6.2 million). Following the transaction, BAF will increase its ownership in the company from 25% to 100%. Hung Phat Farm Mot is one of the entities associated with BAF’s strategy to expand high-tech livestock farming in Gia Lai. In June 2026, BAF commenced construction of the Hung Phat Farm Mot project, with capacity for 5,000 sows and 60,000 fattening pigs, and expected annual output of approximately 150,000 market hogs.
Others
- Sojitz Corporation completed the acquisition of more than 14.9 million shares in Taseco Air Services Joint Stock Company (Taseco Airs, HOSE: AST) for approximately VND 1,053 billion (equivalent to around USD 40.5 million). Following completion, Sojitz holds 27.64% of the company’s charter capital and becomes its second-largest shareholder, after the controlling shareholder, Taseco Group, which holds 51%. Taseco Airs currently provides a range of services, including retail, duty-free shops, food and beverage services, business-class lounges, advertising, logistics, and airline catering at major airports including Noi Bai, Tan Son Nhat, Da Nang and Phu Quoc. Sojitz is a diversified Japanese trading corporation that has operated in Vietnam since 1986, with a business ecosystem spanning energy and industry through to retail chains and consumer goods.
- Mekong Capital completed the sale of its entire investment in Mutosi Group Joint Stock Company to Ariston Group, a multinational group specialising in heating and water solutions, the deal value was not disclosed. Following the transaction, Ariston Group will hold 83% of Mutosi’s charter capital, while the management team will continue to hold a 17% equity stake. Previously, Mekong Capital invested USD 10 million in Mutosi through Mekong Enterprise Fund IV (MEF IV) in 2021 and brought Mr. Adrian Micu, former President and Chief Executive Officer of Haier U.S. and former global Chief Technology Officer of Whirlpool, onto the Board of Directors to help strengthen the company’s corporate governance capabilities and optimise its manufacturing operations.