By
Bach Quang
Mon, September 8, 2025 | 3:49 pm GMT+7
Vietnam’s M&A landscape in July recorded 34 completed transactions with the total disclosed and estimated deal value of $786 million, according to Grant Thornton Vietnam.
Logo of EnQuest. The company has completed the acquisition of Harbour Energy’s Vietnam business. Photo courtesy of the company.
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 saw a strong rebound after a period of subdued activity.
“The main drivers behind this recovery were the positive signals from the macroeconomic environment, which reinforced the market’s capacity to absorb real estate products, and the implementation of the Land Law, effective from August 2024, which helped improving market transparency and creating momentum for growth,” the consultancy noted in a recent report.
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 continued to attract robust interest from both domestic and foreign investors, it added.
These sectors have been consistent hotspots in recent years, with July 2025 seeing a sustained level of deal-making as investors seeked opportunities in areas aligned with long-term consumption trends, clean energy transition, and digital transformation.
Real estate
Vinaconex Group has 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 city 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 $250 million to $300 million.
Following the transactions, Vinaconex retains 24.5% interest but is expected to fully exit in the near term.
Meanwhile, 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 $68 million.
The target company owns the development rights to a prime 2,000 sqm land plot in District 1, Ho Chi Minh City, planned for an about 20,000 sqm 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 $10 million series A round led by Argor Capital, bringing its total funding to over $18 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.
Meanwhile, motorcycle e-commerce platform OKXE Vietnam has raised $14.5 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, according to Grant Thornton.
Logistics & infrastructure
Vietnam’s leading electronic toll collection (ETC) operator VETC received $19.2 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 about 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 $10 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 (earnings before interest, taxes, depreciation, and amortization) 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 $51 million, the transaction is estimated at between $100-120 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 included a 53.125% interest in the producing Chim Sao and Dua oil fields offshore Vung Tau for $85.1 million.
Leveraging its expertise in managing late-life assets, EnQuest plans to expand the development area and optimize operations, aiming to extend the fields’ productive life beyond November 2030.
Market momentum is expected to remain strong, supported by robust FDI inflows recorded in the first half of 2025, Grant Thornton added.
Nguyen Cong Ai, a partner with KPMG Vietnam, in late 2024 had commented that Vietnam’s M&A market is expected to thrive in 2025, fueled by GDP growth, e-commerce expansion, and infrastructure development.
