Vietnam’s mergers and acquisitions (M&A) market regained notable traction toward the end of the year, buoyed by a marked increase in deal activity and a strong rebound in aggregate transaction values.
According to Grant Thornton, a total of 31 M&A transactions were recorded in December, with disclosed and estimated deal values reaching approximately $1.3 billion. The firm’s latest market update highlighted the consumer sector as the clear market leader during the month, topping the rankings in both transaction volume and value. This performance was largely driven by deals aligned with long-term strategic growth objectives rather than short-term financial plays.
Among the most prominent transactions were Kokuyo Corporation’s acquisition of a controlling stake in Thien Long Group, valued at an estimated $185 million, alongside Thailand-based Fraser and Neave’s additional investment in Vinamilk, with a deal value of around $228 million. Grant Thornton observed that such transactions underscore a broader shift in Vietnam’s M&A landscape, where strategic expansion is increasingly outweighing purely financial investment considerations.
Beyond consumer-facing deals, several large-scale transactions were executed with a strong emphasis on corporate restructuring. Most notably, the ownership transfer of the MM Mega Market Vietnam retail chain took place among entities within Thailand’s diversified private conglomerate, the TTC Group, in a deal estimated at approximately $715 million.
Foreign investors continued to play a pivotal role in sustaining market momentum, with Japanese and Thai investors emerging as particularly active participants across multiple transactions during the period.
A number of high-profile deals stood out in December. Early in the month, Japan’s Kokuyo Corporation announced its plan to acquire a total 65.01 per cent equity stake in Thien Long Group for an estimated consideration of $185 million. The transaction is structured in two phases. In the initial phase, Kokuyo will acquire the entire shareholding currently held by Thien Long An Thinh Investment JSC, which owns roughly 47 per cent of Thien Long Group. This will be followed by a public tender offer aimed at acquiring an additional 18.2 per cent stake from other shareholders.
Kokuyo has maintained a long-standing presence in Vietnam through its widely recognised stationery brands, including notebooks, pens, markers, gel pens, and Campus-branded educational and office supplies. Securing a controlling interest in Thien Long Group is expected to significantly accelerate Kokuyo’s expansion strategy and strengthen its competitive positioning in the Vietnamese market.
In the real estate segment, Ngan Hiep Real Estate JSC announced the completion of its acquisition of more than 30 million shares in Vietnam National Seaproducts Corporation (Seaprodex). Prior to the transaction, Ngan Hiep did not hold any shares in the company; following completion, it has become a major shareholder with a 24.03 per cent ownership stake. On the same day, Redwood Investment JSC also acquired more than 10.5 million Seaprodex shares, raising its ownership from zero to 8.44 per cent. The combined transaction value is estimated at approximately $53 million.
Ngan Hiep is a subsidiary of Novaland Group, which holds a 99.98 per cent equity interest, and is currently involved in the development of the NovaWorld Ho Tram project, including the Wonderland and Habana Island phases. In contrast, SSG Group exited its entire position of nearly 15 million Seaprodex shares—equivalent to just under 12 per cent of the company’s charter capital—on December 23, thereby relinquishing its status as a major shareholder after only four months.
In the construction and engineering space, Japan-based Daikin Industries Limited, the world’s leading manufacturer of air-conditioning equipment, through its subsidiary Daikin Air Conditioning (Vietnam) JSC, entered into an agreement to acquire Anh Nguyen Engineering Trading and Services JSC. The Ho Chi Minh City-based company specialises in the design, supply, and installation of Building Management Systems (BMS) and integrated engineering solutions for industrial and hospitality developments.
The acquisition is intended to enhance Daikin’s ability to deliver comprehensive solutions that integrate heating, ventilation, and air-conditioning (HVAC) systems with advanced smart building control technologies. This strategic move aligns with rising demand for energy-efficient solutions amid Vietnam’s rapid economic growth and its commitment to achieving carbon neutrality by 2050. The transaction value has not been disclosed.
Within logistics and infrastructure, Duc Long Gia Lai Group approved a plan to divest nearly 71 per cent of its equity interest in the Duc Long Dak Nong build-operate-transfer (BOT) project and BT JSC to Alpha Seven Group. The deal is valued at approximately $20 million.
In the utilities sector, the board of Vietnam Construction and Import-Export JSC approved the acquisition of more than 98 per cent of Vietnam Water and Environment Investment Corporation JSC through a public auction organised by the State Capital Investment Corporation on December 4. The transaction is estimated to be worth $47.3 million.
Healthcare also witnessed notable M&A activity, as Switzerland-based DKSH Group signed an agreement to acquire Biomedic Science Material JSC, a Hanoi-headquartered distributor of diagnostic and screening equipment and consumables serving oncology, obstetrics and gynaecology, infectious diseases, and forensic medicine in Vietnam.
Established in 2008, Biomedic employs over 80 staff across three locations nationwide and generates annual revenue of nearly $15.25 million, supported by strong profitability. The company serves a diverse customer base that includes hospitals, diagnostic laboratories, and fertility clinics, with the majority of its revenue derived from a recurring business model combining equipment sales with consumables. The transaction value has not been disclosed.
In the entertainment sector, Sony Music Entertainment Hong Kong Limited, a subsidiary of Sony Music Entertainment, entered into a strategic investment agreement with YeaH1 Group JSC to acquire an equity stake in 1Label JSC, the music production and distribution platform within the YeaH1 ecosystem. Under the agreement, Sony Music is expected to hold a 49 per cent voting stake in 1Label.
Following completion of the transaction, both 1Label JSC and 1Talents JSC, YeaH1’s artist management arm, will be reclassified from subsidiaries to associates of YeaH1 Group.
