While the total value was comparable to September, the composition and volume of deals indicate clear recovery momentum, driven by strategic M&A transactions led by foreign investors, the return of private equity funds, and several first-time international investments in Vietnam.

Grant Thornton’s report identified the leading sectors as real estate, energy, industrials, and financials. In terms of disclosed or estimated value, the real estate and industrials sectors contributed most significantly, with transactions worth approximately US$225 million and US$109 million, respectively. The energy sector showed notable growth in both deal volume and value, reaching about US$115 million, a sharp increase compared with previous months.

In terms of deal count, the industrials sector led with 10 transactions, followed by energy with seven. Other sectors averaged around four to five transactions each.

According to Grant Thornton, most completed transactions were strategic M&A deals driven by foreign investors, such as OCI Holdings of the Republic of Korea acquiring a 65% stake in Elite Solar Power Wafer, and Sumitomo Corporation of Japan purchasing a 49% stake in MEE. Domestic restructuring-driven deals were less prevalent.

“At the same time, private equity funds began re-entering the market after a prolonged period of caution, with several first-time investments in Vietnam, notably Ares Management’s investment in MEDLATEC and EMIA’s investment in MyStorage, signaling renewed investor confidence in Vietnam’s medium- and long-term growth outlook,” the report stated.

Strategic alliances redefine Vietnam’s real estate M&A market

Vietnam’s property mergers and acquisitions (M&A) market is moving away from takeover battles driven by financial clout, as experts point to a new phase shaped by partnerships, legal expertise, risk management and long-term vision.