M&A activity in Vietnam is heating up, but there’s a lack of common “rules of the game”.

Although the scale of M&A transactions in Vietnam has recovered to nearly US$9 billion in 2025, the sector still operates primarily based on practical experience, lacking professional standards and systematic support mechanisms. The founding congress of the Vietnam Mergers and Acquisitions Association (VMAA) is expected to usher in a more professional development phase for the M&A market.

An interview with Ms. Pham Thuy Duong – Head of the Steering Committee for the establishment of the Vietnam M&A Association – regarding expectations for building a transparent, professional market and deeper connections with international capital flows.

Ms. Pham Thuy Duong, Head of the Steering Committee for the establishment of the Vietnam M&A Association

Ms. Duong, what is the significance of establishing the Vietnam M&A Association in the context of the market entering a recovery phase?

This is a very important milestone for the Vietnamese M&A community. After more than 1,000 days of campaigning, networking, and completing legal documentation, we are preparing to officially enter the operational phase as a professional organization.

The establishment of the Association is not only significant in terms of organization, but also reflects the increasingly clear market need for a more transparent, professional, and standardized M&A ecosystem.

In the context of Vietnam entering a strong economic restructuring cycle, shifting supply chains, and attracting international capital, M&A will increasingly play a crucial role in business growth and economic restructuring.

According to the Grant Thornton Vietnam M&A Report 2025, Vietnam is expected to record approximately 367 transactions in 2025, totaling US$8.7 billion, a 26% increase compared to the previous year. This figure shows that the market is recovering positively and has significant room for growth.

According to you, what are the biggest opportunities for the Vietnamese M&A market in 2026?

I believe the biggest opportunities come from the need for corporate restructuring and the flow of capital seeking quality assets in Vietnam. Many Vietnamese businesses, after a difficult period, are looking to restructure, seek strategic investors, or expand through mergers. According to the General Statistics Office, in 2025, the number of newly established and reactivated businesses reached 297,500, an increase of 27.4% compared to 2024, while 227,200 businesses withdrew from the market, an increase of 14.8% compared to 2024, reflecting the significant restructuring pressure and the increasingly clear need to find strategic partners. This is a favorable condition for the M&A market to develop. In particular, sectors such as real estate, industry, healthcare, logistics, technology, and consumer goods continue to attract significant attention.

Regarding real estate, a sector I am directly involved in, there are many opportunities. Changes in the legal framework and market consolidation are creating better asset pools for M&A.

From a personal perspective, I am currently working in real estate M&A, specifically the buying and selling of old townhouses. By consolidating many small properties into a larger land bank, we can develop larger buildings or projects, increasing asset value while contributing to urban development.

I have also witnessed many other businesses acquiring smaller businesses and then restructuring them to grow into larger enterprises. This is the core value of M&A.

What is the biggest challenge facing the M&A market today, Madam?

The Vietnamese M&A market is still relatively new, so the biggest challenge remains standardization.

Currently, many transactions still rely heavily on personal experience, relationships, and practical negotiation skills. We lack a systematic training system, a set of competency standards, or professional certifications for this field.

Furthermore, in the real estate sector, legal issues remain a significant bottleneck. According to the Ho Chi Minh City Real Estate Association (HoREA), the legal completion process for many projects still takes 2-3 years before they are eligible for implementation or transfer.

The Vietnamese M&A market is not lacking in opportunities; what is currently missing is a sufficiently clear, transparent, and internationally standardized set of rules to allow businesses and investors to participate with long-term confidence.

This is also why the establishment of the Association is so necessary.

What value will the VMAA Association bring when it officially becomes operational?

The association will not only focus on networking or organizing forums. We aim to build a well-structured professional ecosystem for M&A, including training, legal consulting, investment networking, market data sharing, promoting international cooperation, and policy recommendations.

The association also aims to form a network of experts, lawyers, consulting firms, investment funds, and businesses to create a comprehensive support ecosystem for each transaction, instead of individual transactions heavily reliant on personal relationships as is currently the case.

The association’s founding congress brought together over 200 business guests, investors, strategic partners, and representatives from regulatory agencies and economic experts from both domestic and international backgrounds. This demonstrates the clear need for networking and professionalization in the market.