M&A Monthly Deal Digest December

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 December 2025 momentum

• In December, Vietnam’s M&A market recorded 31 deals with an estimated total value of around USD 1,306 million.
• The Consumer sector remains the leading contributor in terms of both transaction volume and deal value, reflecting its role in supporting long-term strategic objectives as well as portfolio realignment initiatives undertaken by industry participants.
• Foreign investors persistently demonstrate outstanding interest in Vietnamese market, as evidenced by their active engagement in domestic M&A activities, with especially prominent participation from investors originating from Japan and Thailand. 

M&A Market Overview

In December 2025, Vietnam’s M&A market recorded 31 deals with a total disclosed and estimated value of approximately USD 1,306 million. 

The Consumer sector assumed a leading role in the market in December, ranking first in both the number and value of announced transactions. Notable deals included Kokuyo’s acquisition of Thien Long, with an estimated transaction value of about USD 185 million, Thailand-based Fraser and Neave (F&N) additional purchase of shares in Vinamilk, valued at around USD 228 million. These transactions reflect an M&A trend primarily driven by strategic expansion objectives. 

In addition, a number of large-scale transactions were executed with a primary focus on corporate restructuring, most notably the transfer of the MM Mega Market Vietnam retail chain among entities within Thailand’s diversified private conglomerate, TTC group, with an estimated value of approximately USD 715 million. 

Apart from that, foreign investors continued to act as the principal catalyst for market activity, with particularly prominent participation from Japanese and Thai investors in the transactions recorded during the period. 

Source: Capital IQ, Grant Thornton Research and analysis.

(*) The transaction values presented in the table include only disclosed or estimated values and do not represent the full value of all deals. Out of a total of 31 transactions in December, we were able to determine the value for 12 deals, while 19 deals had no available value information.

Notable M&A transactions

Consumer 

• In early December, Kokuyo Corporation (Japan) announced the acquisition of a total 65.01% equity stake in Thien Long Group (stock ticker: TLG) for an estimated transaction value of USD 185 million (equivalent to around VND 4,700 trillion). The acquisition is tructured to be implemented in two phases. In the first phase, Kokuyo will acquire the entire equity stake held by Thien Long An Thinh Investment Joint Stock Company, which currently owns 46.82% of TLG. In the second phase, Kokuyo will conduct a public tender offer to acquire an additional 18.19% of TLG shares from other shareholders. Kokuyo has been present in the Vietnamese market for many years through its well-known stationery products, including notebooks, various pen lines, markers, gel pens, and Campus-branded educational and office supplies. The acquisition of a controlling stake in Thiên Long Group is expected to create strong momentum for the Japanese conglomerate to rapidly expand and secure a significant market share in Vietnam.
  
  
• C-Distribution Asia Pte. Ltd., a subsidiary of Berli Jucker Public Company Limited (SET: BJC), will acquire TCC Land International (Singapore) Pte. Ltd, the entity holding 100% of the equity interests in MM Mega Market Vietnam, from Golden Land International Pte. Ltd. The transaction is valued at approximately THB 22.5 billion, equivalent to around USD 715 million. TCC Group is a diversified private conglomerate controlled by Thai billionaire Charoen Sirivadhanabhakdi, with BJC serving as the group’s primary operating platform  in the consumer and distribution segments. The transaction is intended to facilitate an internal ownership restructuring within TCC Group. Previously, in 2016, TCC Holdings acquired 100% of Metro Cash & Carry Vietnam Co., Ltd. from Germany’s METRO Group.
  
  
• Thailand’s retail conglomerate, Central Retail Corporation, has executed an agreement to divest its entire stake in Nguyen Kim Trading Joint Stock Company, one of Vietnam’s long-standing consumer electronics retail brands to Pico Holdings Joint Stock Company for approximately USD 36 million (equivalent to over VND 900 billion). Thus, after investing more than USD 200 million over the past 10 years to acquire the Nguyen Kim retail chain, Central Retail Corporation’s divestment price represents only one-sixth of its initial investment. This outcome underscores the intense competitive pressures within Vietnam’s consumer electronics retail market. 

Technology

• Block Security Arena (BSA), a Ho Chi Minh City-based Web3 cybersecurity infrastructure platform leveraging artificial intelligence, has officially announced the completion of its Seed funding round, with a valuation of USD 30 million. The deal was supported by strategic investors, including Onebit Ventures, Hotcoin Labs, Starbase, and Apus Capital.
  Block Security Arena focuses on addressing smart contract security vulnerabilities, while Onebit Ventures is a venture capital firm specializing in supporting blockchain technology startups in Vietnam.

Real estate

• Ngan Hiep Real Estate JSC has announced the completion of its acquisition of more than 30 million shares of SEA in Vietnam National Seaproducts Corporation (Seaprodex). Prior to the transaction, Ngan Hiep held no shares in SEA, following the deal, the company has become a major shareholder with a 24.03% ownership stake. On the same day, Redwood Investment JSC purchased more than 10.5 million SEA shares, increasing its ownership from 0% to 8.44%. The total transaction value is estimated at approximately VND 1,395 billion (around USD 53 million). Ngan Hiep is a subsidiary of Novaland Group, which holds a 99.98% equity stake. The company is currently the developer of the NovaWorld Ho Tram project, including the Wonderland and Habana Island phases. In the other way, SSG Group divested its entire holding of more than 14.9 million SEA shares (equivalent to 11.92% of Seaprodex’s charter capital) on December 23, 2025. As a result, SSG ceased to be a major shareholder of Seaprodex after just four months of ownership.
  
  
• Kinh Bac City Development Holding Corporation (KBC) has completed the acquisition of 100% of the charter capital in 3H Vietnam Investment and Construction Co., Ltd. and A&E Logistics Co., Ltd. Following the transaction, both companies have become subsidiaries of KBC. These two entities currently hold a combined 99% stake in Lang Ha Investment Joint Stock Company, the developer of a mixed-use commercial and office project located at 1A, 1C, and 1D Lang Ha Street, Hanoi. The project is situated at a prime location in the capital city, at the intersection of Lang Ha and De La Thanh streets. The transaction value has not been disclosed.

Construction and engineering

• Daikin Industries Limited, the world’s leading air-conditioning equipment manufacturer based in Japan, through its Vietnamese subsidiary Daikin Air Conditioning (Vietnam) Joint Stock Company, has signed an agreement to acquire Anh Nguyen Engineering Trading and Services Joint Stock Company, a Ho Chi Minh City, based firm specializing in the design, supply, and installation of Building Management Systems (BMS) and integrated engineering solutions for industrial and hospitality project. The transaction aims to strengthen Daikin’s capabilities in delivering fully integrated solutions that combine heating, ventilation, and air-conditioning (HVAC) systems with smart building control technologies. This strategic move is intended to address the growing demand for energy efficiency amid Vietnam’s rapid economic growth and the country’s commitment to achieving carbon neutrality by 2050. The transaction value has not been disclosed.
  
  
• Coteccons Construction Joint Stock Company (CTD) has announced the completion of its acquisition of 100% of the charter capital of GEO Foundations Vietnam Co., Ltd., formerly known as Bauer Vietnam Co., Ltd., which was established in 2006 and specializes in foundation engineering and geotechnical construction. The company has been involved in approximately 60 infrastructure, industrial, and high-rise building projects across Vietnam, including several landmark developments such as the Ben Thanh – Suoi Tien Metro Line, CT2 Hanoi complex, Cam Ranh International Airport, Noi Bai International Airport, Dung Quat Oil Refinery, and Deutsches Haus in Ho Chi Minh City.

Logistics and Infrastructure

• Duc Long Gia Lai Group has approved a plan to divest its entire 70.6% equity stake in Duc Long Dak Nong BOT & BT Joint Stock Company to Alpha Seven Group. The transaction is valued at approximately VND 529.5 billion (around USD 20 million). Duc Long Dak Nong BOT & BT Co., Ltd. is currently operating the project to upgrade and expand National Highway 14 in Dak Nong Province under a BOT contract. This divestment forms part of Duc Long Gia Lai Group’s broader financial restructuring and portfolio optimization strategy, aimed at refocusing resources on core business segments and reducing debt pressure.

Utilities

• On December 4, 2025, the Board of Directors of Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex, HOSE: VCG) approved the acquisition of a 98.16% equity stake in Vietnam Water and Environment Investment Corporation - JSC (Viwaseen) through a public auction organized by the State Capital Investment Corporation (SCIC). The transaction value is estimated at VND 1,231 billion. The deal is intended to add a strategic “missing piece” in water infrastructure and urban environmental services to Vinaconex’s integrated ecosystem spanning infrastructure, real estate, and construction. Upon gaining control, Vinaconex has immediately initiated actions to implement its post-merger integration and operational restructuring plan in line with its new strategic direction.

Healthcare

• DKSH Group of Switzerland has signed an agreement to acquire Biomedic Science Material Joint Stock Company, a Hanoi-based distributor of diagnostic and screening equipment and consumables serving the fields of oncology, obstetrics and gynecology, infectious diseases, and forensic medicine in Vietnam. Founded in 2008, Biomedic employs more than 80 staff across three locations nationwide and generates annual revenue of nearly USD 15.25 million with strong profitability. The company serves a broad customer base including hospitals, diagnostic laboratories, and fertility clinics, with the majority of revenue derived from a recurring model that combines equipment supply with regular consumables. The transaction value has not been disclosed.

Entertainment

• Sony Music Entertainment Hong Kong Limited, a member of Sony Music Entertainment, has entered into a strategic investment agreement with YeaH1 Group Joint Stock Company to acquire an equity interest in 1Label Joint Stock Company, the music production and distribution platform within the YeaH1 ecosystem. Under the terms of the agreement, Sony Music is expected to hold a 49% stake with voting rights in 1Label. Upon completion of the transaction, both 1Label and 1Talents Joint Stock Company (the group’s artist management) will be reclassified from subsidiaries to associates of YeaH1. The agreement also encompasses a strategic framework for collaboration on future digital music distribution initiatives. This partnership is expected to facilitate the adoption of international best practices in music production, artist management, and global distribution, thereby enhancing the international reach of Vietnamese music and supporting the long-term development of Vietnam’s digital music industry.

Other notable information

Note: The following items are not included in the deal count and value summarized above; they are for reference and informational purposes only.

• Create Capital Vietnam has partnered with Haimaker.ai to develop a nationwide network of artificial intelligence, focused data centers in Vietnam through their joint venture, Vietnam Data Gen. The project is expected to have a total investment value of approximately USD 1 billion, with a designed capacity of around 100 MW, to be implemented in multiple phases. Phase 1 will be developed at the Da Nang High-Tech Park, with an initial capacity of 10-20 MW and an estimated investment of USD 100-200 million. Phase 2 is planned to expand capacity to 40-60 MW, requiring an additional investment of approximately USD 400-600 million. The final phase will complete the network at full capacity of 100 MW, enabling nationwide operations with a long-term vision to serve regional demand. The data centers will be designed under a high-density architecture optimized for GPU-intensive workloads and AI applications, targeting clients in the public sector, financial services, telecommunications, and technology enterprises.
  
  
• LS Eco Energy, a subsidiary of Korea’s LS Cable & System, has announced plans to invest in Vietnam’s Rare Earth sector. The company’s Board of Directors has approved an investment of approximately KRW 28.5 billion (equivalent to USD 19 million) to develop rare earth metal refining operations. The project is expected to be implemented at the company’s production facility in Ho Chi Minh City, focusing on the refining of rare earth oxides to support the permanent magnet value chain for electric vehicles, renewable energy, and robotics applications. LS Eco Energy stated that it is currently in discussions with international mining operators and is considering the establishment of a joint venture in a subsequent phase.