Monthly M&A Deal Digest – January and February 2026

In this regular Digest series, we analyze the flow of capital, the sectors attracting investor attention, and the market factors impacting investor behavior. Whether you are actively seeking opportunities or simply monitoring the market, we hope this information helps you stay updated with market trends.

Summary of M&A Market Developments in January and February 2026

• In the first two months of 2026, the Vietnam M&A market recorded 27 deals with a total estimated value of disclosed transactions at approximately USD 554.9 million.
• The real estate sector continued to lead overall M&A activity. Besides, the tourism and lodging sector emerged as a new bright spot, attracting the attention of foreign investors in the early part of the year.
• The the logistics, infrastructure and consumer goods sectors also continued to record a stable level of transaction activity.

M&A Market Overview

In the first two months of 2026, the Vietnam M&A market recorded 27 deals, with a total disclosed and estimated value of approximately USD 554.9 million. Specifically, January recorded 16 deals with a total disclosed/estimated value of USD 444.7 million, and February recorded 11 deals with a total disclosed/estimated value of USD 110.2 million. The data indicates that deal activity decelerated compared to the end of 2025; however, this is a cyclical development, as the early months of the year typically record a slower pace of transactions.

Real estate continued to be the leading sector for M&A activity with 5 recorded deals, and the total value of the 3 transactions with disclosed information reached approximately USD 392.7 million. Transactions in the sector primarily revolved around restructuring activities and the transfer of component projects.

Tourism and lodging rose to second place in terms of transaction value, recording approximately USD 53.7 million from two announced deals. In addition, the logistics, infrastructure and consumer goods sectors were also among the top five industries with prominent transaction values in the market during this period.

Source: Capital IQ, Grant Thornton Research and analysis.

(*) The transaction values presented in the table only include disclosed/estimated deal values and do not comprehensively cover the values for all deals. Out of the total 27 deals in January and February, we could only determine the value of 15 transactions, while 12 deals had no information regarding value.

Notable M&A Deals

Real Estate Sector 

• Everland An Giang JSC acquired sub-zone 7.1 of the Dai Phuoc Eco-Tourism Urban Area project (DIC Dai Phuoc City Dong Nai), with an area of approximately 14.3 hectares, from Development Investment Construction Corporation (DIG), with a transaction value of more than VND 489 billion. At the same project, TNT Phu Hoa JSC also acquired sub-zones 1, 2, and 3 with a total area of approximately 30.7 hectares, with a transfer value of more than VND 2,465 billion.
  
  
• Diamond Realty Investment La Pura (a subsidiary of Mitsubishi Corporation, Japan), through the joint venture Thuan An 1 High-Rise Real Estate Investment Co., Ltd., acquired 100% of the shares in Thien Long Building Real Estate Investment and Development JSC, the developer of the Thuan An 1 high-rise mixed-use residential project (1.81 hectares) in Thuan An City, Binh Duong from Phat Dat Real Estate Development Corp (PDR). The first payment tranche amounts to approximately VND 1,901.7 billion.
  
  
• First Real. JSC (FIR) recently passed a resolution for a complete divestment from Bach Dang Hotel Complex Trading - Service JSC through the transfer of 10 million shares, equivalent to 22.22% of the charter capital. With an expected transfer value of at least 300 billion VND, First Real will officially withdraw from the Bach Dang Complex project - a luxury real estate complex situated on a "diamond" riverfront plot of nearly 6,900 square meters along the Han River in Da Nang.

Technology Sector

• Ekko Vietnam JSC (Ekko), a provider of digital financial solutions and flexible earned wage access, recently successfully raised USD 4.2 million in a seed funding round. The investment was structured as a combination of equity and debt financing, with the participation of funds including Impact Square (South Korea), Fondation Botnar (Switzerland), Sagana, and several individual investors. The new financial resources will support Ekko in scaling up, upgrading its technological platform, and expanding its corporate partner network.
  
  
• Artificial intelligence startup Nami Technology (NamiTech JSC) recently successfully raised USD 4 million in a new funding round, with the participation of Toho Gas, one of Japan's major gas and energy corporations, alongside existing investor Thien Viet Securities. This funding round took place less than two years after NamiTech received USD 2 million investment from TVS in its Series A round in 2023. NamiTech was spun off from FPT in 2022 and is an AI company headquartered in Ho Chi Minh City, specializing in developing core technologies such as neural signal processing, voice technology, biometrics, and natural language processing.

Logistics & Infrastructure Sector

• The Cool Japan Fund (CJF), backed by the Japanese Government, completed the full divestment of its 49% capital contribution in CLK Cold Storage Co., Ltd., transferring it to Japan Logistics Systems (Logitem Japan) and Kawasaki Kisen Kaisha (“K” Line). Although the transaction value was not disclosed, CJF had invested approximately USD 9 million into the joint venture by the end of 2025; therefore, the deal value is estimated to be not lower than this capital contribution amount.

Consumer Goods Sector

• SB Space Holding Investment JSC spent over 206 billion VND to acquire 20% of the charter capital of Colusa - Miliket Foodstuff JSC.The deal was executed through a divestment auction by Vinataba, with an average winning bid reaching 214,600 VND per share, three times higher than the market price on the stock exchange at the time of the transaction, equating to an enterprise valuation of up to 1,000 billion VND. SB Space Holding's principal activities are in wholesale metals and office management, with a charter capital of 200 billion VND.
  
  
• Marico South East Asia Corporation (a subsidiary owned by Marico Limited Group of India) officially signed an agreement to acquire a 75% stake in Skinetiq JSC. This acquisition was conducted entirely in cash, valuing the target enterprise at up to USD 40 million (equivalent to 1,000 billion VND). Thereby, Marico plans to disburse approximately 750 billion VND, divided into two payment tranches to complete the transaction. Skinetiq JSC was established in 2020 by Mr. Bui Ngoc Anh and Ms. Hannah. The enterprise operates exclusively under a direct-to-consumer (D2C) model, currently owning the scientific skincare brand Candid and holding exclusive distribution rights for the premium cosmeceutical brand Murad in Vietnam.
  
  
• F&N Ventures (part of Fraser and Neave. Ltd) recently proposed spending 98 billion VND to acquire the assets of Chuong Duong Beverages JSC. The transfer package includes the Nhon Trach 3 factory project (design capacity of 50 million liters per year) valued at 66 billion VND and the "Saxi" brand valued at 32 billion VND. F&N Ventures will disburse 35% upon signing, 60% upon completion of the handover, and retain 5% as a contingency reserve. The transaction takes place in the context of Chuong Duong (a subsidiary of Saigon Beer-Alcohol-Beverage Corporation) being under severe liquidity pressure following five consecutive years of losses.

F&B Sector

• Venture capital fund The Ventures (South Korea) recently completed the acquisition of a 65% stake in Barun Vina JSC (the operator of the Chicken Plus fried chicken chain in Vietnam). Entering Vietnam in 2019, Chicken Plus currently owns approximately 75 to 100 stores nationwide. Under the leadership of the new owner, the brand aims to expand its scale to 270 retail points over the next four years. The transaction value was not disclosed.

Healthcare Sector

• Nissha Co., Ltd. (Japan) recently announced its decision to acquire a 60% stake in USM Healthcare Medical Devices Factory JSC (USM Healthcare), currently the only entity in Vietnam capable of manufacturing coronary stents and orthopedic devices. The deal is executed through the parent company in Japan and its Nissha Vietnam branch, expected to be completed in March 2026 for an undisclosed value. USM Healthcare is an enterprise headquartered in the Saigon Hi-Tech Park (SHTP) and has previously received investments from foreign funds such as EastBridge Partners and Sweef Capital.

Tourism & Lodging Sector

• ASB HPL North Asia (Singapore) paid USD 38 million to acquire the entire Hotel Perle D’Orient Cat Ba project from Truong Binh Minh JSC. Located on Cat Ba Island, Hai Phong, this was the first international 5-star hotel in the area, previously operated under Accor Group’s premium MGallery brand. The property comprises 11 floors with 121 luxury rooms, commenced in 2017 with total investment over two phases of more than VND 900 billion, and officially opened in June 2020.
  
  
• The Parkroyal Saigon hotel in Ho Chi Minh City was transferred from a foreign investor to a domestic Vietnamese enterprise, TCG Land Co., Ltd., a company headquartered in Ninh Binh Province and owned by TC Group. The transaction has been completed, and the hotel has been renamed Garden Plaza Saigon. The disclosed deal value is USD 15.7 million.

Public Utilities Sector

• Binh Duong Water – Environment Corporation JSC (Biwase) officially became a major shareholder of Ninh Thuan Water Supply JSC after spending approximately VND 127 billion to purchase 2.35 million shares (24.76% stake). The transaction closed on 08/01/2026, marking Biwase’s first entry into the Ninh Thuan market - a locality with strong potential for clean water infrastructure development. Prior to this transaction, Biwase did not hold any shares in Ninh Thuan Water Supply. The acquisition of a strategic stake in local water supply showed Biwase’s ambition to expand its market share and water value chain beyond Binh Duong Province.

Other notable information

Note: The following contents are not included in the deal count and transaction values summarized above but are for reference and informational updates.

• Group 42 Holding Ltd (headquartered in Abu Dhabi) has signed a framework cooperation agreement with a consortium of Vietnamese investors including FPT Corporation and Viet Thai International to develop national digital infrastructure. The project carries a total committed investment of up to USD 1 billion, focusing on building hyperscale data centers and developing sovereign AI capacity. Under the agreement announced on 09/02/2026 in Ho Chi Minh City, the parties will establish an international-standard cloud computing platform to serve the digital transformation needs of government and enterprises, positioning Vietnam as a strategic technology hub in ASEAN. This is an important step in G42’s expansion of its global “Intelligence Network,” combining FPT’s technology capabilities with Viet Thai’s market experience.
  
  
• The Dutch entrepreneurial development bank (FMO) is considering a syndicated financing package of USD 50 million for BaF Vietnam Agriculture JSC (BaF Vietnam). The proposed structure includes USD 30 million from FMO’s own account and an additional USD 20 million mobilized from participating lenders. The objective is to support BaF in expanding high-tech pig farming operations, feed mills, and renewable energy development, aligned with both parties’ ESG strategies.