We zoom in on where capital is flowing, which sectors are gaining momentum, and the strategic themes influencing investor behavior. Whether you're actively pursuing opportunities or simply tracking trends, we hope these insights keep you one step ahead.
In brief of July-2025 momentum
- Vietnam’s M&A landscape in July recorded 34 completed transactions with an estimated total value of USD786 million.
- The top five sectors attracting the most interest from both domestic and foreign investors were Real Estate, Technology, Logistics & Infrastructure, Energy, and Health Care.
- Market momentum is expected to remain strong, supported by robust FDI inflows recorded in the first half of 2025.
M&A Market Overview
In July, Vietnam’s M&A market recorded a total of 34 completed transactions, with the total disclosed and estimated deal value reaching approximately USD 786 million. Real Estate, Technology, Energy, Logistics & Infrastructure, and Health Care were the top five sectors recording the highest M&A activity in terms of both deal count and deal value.
In the first half of 2025 in general, and July in particular, the M&A activities in the real estate segment have seen a strong rebound after a period of subdued activity. The main drivers behind this recovery have been the positive signals from the macroeconomic environment, which reinforce the market’s capacity to absorb real estate products, and the implementation of the Land Law, effective from August 2024, which has helped improving market transparency and creating momentum for growth.
Sharing similar growth momentum with the real estate sector, Logistics & Infrastructure and Construction & Engineering have also been highly active, benefiting from Vietnam’s expanding trade flows, infrastructure upgrade projects, and public–private partnerships.
Meanwhile, Health Care, Energy, and Technology continue to attract robust interest from both domestic and foreign investors. These sectors have been consistent hotspots in recent years, with July 2025 seeing a sustained level of deal-making as investors seek opportunities in areas aligned with long-term consumption trends, clean energy transition, and digital transformation.
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Source: Capital IQ, Grant Thornton Research and analysis.
M&A Deal Highlights
Real estate
- Vinaconex Group completed the sale of a 70% stake in Vinaconex ITC (VCR), developer of the 172-hectare Cat Ba Amatina urban-tourism project in Hai Phong to three domestic investors: Hanoi An Pha (23.06%), Imperia An Phu (24.1%), and Silver Field International Business JSC (22.5%). While the transactions were conducted via private placements with undisclosed Value, based on VCR’s share price at the valuation date, the estimated deal value for the 70% stake ranges from USD 250 million to USD 300 million. Following the transactions, Vinaconex retains 24.5% interest but is expected to fully exit in the near term.
- UOA Vietnam Pte. Ltd., a subsidiary of United Overseas Australia Ltd (UOA Group), has acquired a 100% equity stake in VIAS Hong Ngoc Bao JSC for USD68 million. The Target company owns the development rights to a prime 2,000 m² land plot in District 1, Ho Chi Minh City, planned for a ~20,000 m² commercial office project. The acquisition gives UOA Vietnam full control over the asset and represents a strategic move to expand its real estate portfolio in Vietnam.
Technology
- North America–based GS Microelectronics (GSME) has acquired Sinble Technology Vietnam, the Vietnam arm of a Singapore chip design startup. The acquisition boosts GSME’s design capabilities for TSMC’s advanced semiconductor technologies, with a particular focus on high-performance computing (HPC) and AI applications. It also strengthens the company’s technical footprint in Asia, enhancing its ability to serve global clients.
- Vietnamese Q&A-focused AI platform AI Hay has closed a USD10 million Series A round led by Argor Capital, bringing its total funding to over USD18 million. The fresh capital will be used to expand a hyper-local suite of AI tools tailored for Vietnam’s 100 million population, aiming to deliver more intelligent, localized, and user-friendly digital experiences.
- Motorcycle e-commerce platform OKXE Vietnam has raised USD14.5 million from Kwangju Bank, JB Financial Group, and The Invention Lab. The proceeds will fund store expansion in Hanoi and Ho Chi Minh City, and AI-driven initiatives in pricing, vehicle inspection, after-sales services, and insurance — part of OKXE’s ambition to become a leading digital two-wheeler platform in Southeast Asia.
Logistics & Infrastructure
- Vietnam’s leading electronic toll collection (ETC) operator VETC received USD19.2 million investment from International Finance Corporation (IFC) in form of a five-year convertible bond with a 5% annual coupon. The capital will help expand VETC’s ETC network, upgrade smart traffic infrastructure, and develop cashless payment platforms. VETC, a subsidiary of Tasco Group, currently operates 133 toll stations with ~75% of the national market share. In addition, the parent company will provide another USD 19.2 million in equity to accelerate growth.
Education
- Vietnam’s edtech player, Galaxy Education, has secured nearly USD10 million in a funding round led by East Ventures, alongside other investors. Operating well-known platforms such as HOCMAI and FUNiX, the company serves over 8 million learners across Vietnam and 34 countries. Having achieved positive EBITDA since April 2024, Galaxy plans to use the new capital to accelerate the nationwide rollout of its AI-powered ESL program — targeting underserved public schools — to address teacher shortages and enhance learning outcomes.
Health Care
- Dale Investment Holdings, a Singapore-based firm affiliated with Asia’s largest healthcare-focused PE fund Quadria Capital, has acquired a 73.15% stake in Tam Tri Medical JSC, a private hospital chain in Vietnam, comprising a 37.8% stake from VinaCapital’s Vietnam Opportunity Fund (VOF) and the remainder from other shareholders. While the deal value was not disclosed, based on public information that VOF’s stake as of April 2025 represented 5.5% of its NAV, valued at around USD51 million, the transaction is estimated at between USD100–120 million. This falls squarely within Dale Investment Holdings’ typical investment ticket size.
Energy
- UK-based EnQuest PLC has completed the acquisition of Harbour Energy’s Vietnam business, which includes a 53.125% interest in the producing Chim Sáo and Dừa oil fields offshore Vung Tau for USD85.1 million. Leveraging its expertise in managing late-life assets, EnQuest plans to expand the development area and optimise operations, aiming to extend the fields’ productive life beyond November 2030.
