The decision was made one year after the Ministry of Planning and Investment formally recognized the Steering Committee for the Association’s establishment. Accordingly, the Vietnam Mergers and Acquisitions Association is a socio-professional organization operating under a charter approved by the Minister of Home Affairs, in compliance with Vietnamese law and subject to state management by the Ministry of Home Affairs and relevant ministries and agencies.
The Steering Committee for the establishment of the Vietnam Mergers and Acquisitions Association was initiated in 2022, bringing together experienced financial experts, lawyers, and entrepreneurs who share a common vision of building a professional M&A community to support Vietnamese enterprises in mergers, acquisitions, and corporate restructuring.
2026 Opens New Opportunities for Vietnam’s M&A Market
According to Ms. Pham Thuy Duong, Head of the Steering Committee for the Establishment of VMAA, 2026 is expected to mark a period of significant new opportunities for Vietnam’s M&A market. Positive drivers include the gradual stabilization and recovery of the economy, the global shift of investment capital toward markets with sustainable growth prospects, and the accelerating restructuring of domestic enterprises.
Ms. Duong noted that, based on data updated through the end of 2025, Vietnam recorded approximately 220 M&A transactions with a total disclosed value of around USD 2.3 billion. M&A activity was particularly strong in sectors such as real estate, financial services and banking, healthcare, and energy, reflecting an increasingly pressing need for restructuring across key segments of the economy.
From an investor’s perspective, Dr. Hoang Ho Quang, Chairman of James Invest, observed that M&A transactions valued between USD 2 million and USD 30 million represent the segment attracting the greatest interest from both investors and domestic enterprises. This range is also considered the most feasible for local companies, given their financial capacity and management capabilities.
According to James Invest’s data, sectors currently exhibiting strong demand for M&A activity and capital raising in Vietnam include real estate, finance, consumer goods, technology, healthcare and wellness, education, as well as premium restaurant and hospitality services. These industries typically generate high profit margins, often exceeding 30%, with EBITDA multiples ranging from six to eight times, while maintaining stable revenues and strong potential for international expansion.
Real Estate Remains the Pillar of the M&A Market
Commenting on market trends, Ms. Dang Thi Thu Huong, Chief Executive Officer of IPC M&A Vietnam, stated that the real estate sector continues to lead domestic M&A activity, accounting for more than half of the total transaction value nationwide. According to Ms. Huong, real estate M&A is not merely a financial transaction, but a strategic instrument for corporate restructuring, project revitalization, liquidity creation, and the attraction of high-quality capital.
“Real estate M&A plays a particularly important role in industry restructuring and economic development. It helps reselect market participants, strengthens enterprises with real capabilities, and enables high-quality projects to continue implementation for the broader public interest,” Ms. Huong emphasized.
Illustrating how M&A can help “revive” projects and reduce the waste of social resources, IPC M&A Vietnam cited CapitaLand’s acquisition of a project from Becamex IDC valued at USD 553 million. Beyond capital injection, the transaction also introduced international governance standards into the project’s development process.
In addition, M&A transactions are often closely linked to project-level financial restructuring, including equity injections and debt reorganization. In 2025, Novaland divested 22 assets, generating more than VND 13.5 trillion in proceeds, helping to reduce debt pressure and refocus resources on core projects. “As a result, risks are more appropriately allocated: sellers ease their financial burden, while buyers assume execution risks but are better positioned with stronger resources and control capabilities,” a representative of IPC M&A Vietnam noted.
