Which industries in Vietnam are getting the most attention from foreign investors? In recent years, many buyers have looked to Vietnam for smart business moves. Some sectors are booming with deals.
This article explores the top Vietnam M&A sectors. Dive in now to learn why these aspects are hot and what is coming next. If you are thinking about investing in the country, this is where you start!
Key Industries Attracting M&A in Vietnam
Which sectors pull the most deals in the M&A market in Vietnam right now? When foreign investors look at the country, some fields draw way more attention. These top 7 industries see the most M&A activities.
#1. Real Estate
1. Real estate
Real estate ranks as the highest-value sector in Vietnam M&A in recent years. The field took center stage in M&A in 2023 and 2024.
According to a report of the Vietnam International Arbitration Centre (in the 2023 seminar), real estate and construction held the highest number of deals in the first 7 months of 2023. Deal value reached about $564 million.
Global investors added more real estate deals late in 2023. But domestic deal volume plunged in 2023 due to tighter credit and regulations. Large domestic real estate acquisitions dropped sharply from 2022 to 2023.
However, this industry rose again in 2024. According to the April 2025 report of Grant Thornton, real estate made up 36% of total deal value in the M&A market in Vietnam.
Industrial real estate drew interest, too. Foreign firms from Malaysia and Hong Kong bought major land and project assets. For example, Gamuda Land in Malaysia paid $316 million to acquire Tam Luc Real Estate in Thu Duc in Ho Chi Minh City. Mega-deals slowed down a bit but still included high-value cross-border investments.
In addition, Japanese firms bought stakes in large residential projects in Dong Nai and Binh Duong during Q2 2024, via equity transfers and joint ventures. Nishi Nippon Railroad acquired a about $26 million (25%) stake in the Paragon Dai Phuoc development from Nam Long Group.
In early 2025, the Vietnamese government approved a joint project with the Trump Organization and Vietnamese developer Kinhbac City. That deal is valued at $1.5 billion. It covers golf, real estate, and resort development in Khoai Chau district in northern Vietnam.
These deals benefited from reforms. Updates to the Land Law and Real Estate Law in 2024 sped up approvals. Industrial park infrastructure and urban planning improvements made foreign investment smoother. Investor confidence recovers. As a result, the sector may regain more mega-deals in 2025.
#2. Healthcare & Education
2. Healthcare & education
Healthcare and education lead many foreign-led deals. For example, in July 2023, Singapore’s Thomson Medical bought most of FV Hospital in Ho Chi Minh City for $381.4 million. That is the biggest healthcare deal in Vietnam so far.
In early 2024, US private equity firm KKR acquired Saigon Medical Group. They own a network of 12 eye hospitals and 5 general hospitals. That earned recognition among the major M&A deals of 2024. Also, in April that year, Warburg Pincus invested in the Xuyen A Hospital group. It acts as growth capital for its four general hospitals across southern Vietnam. In March 2025, Mekong Enterprise Fund IV (MEF IV) invested in TNH Hospital Group.
In education, KKR-backed EQuest gained controlling interests in the Canadian International School and the KNE Group schools. That deal took place in late 2022. It was nearly $100 million in value. It boosts investor interest in 2023 and 2024.
By early 2025, more deals emerge in EdTech and digital learning. Investors from Singapore and the US back online tutoring, private schooling, health tech, and diagnostics ventures. According to KPMG’s report, these service areas make up about 12% of the total M&A value in 2023.
Private hospitals in cancer care, dental, eye care, and digital health attracted strong interest. The education sector also drew capital. These sectors give a reliable cash flow. They help the growing middle class. New policy support allows more foreign ownership.
Investors see education and healthcare as stable. Growth is steady. More foreign-led deals are coming in 2025 in hospitals, online school platforms, and health tech firms.
#3. Financial Services & Banking
3. Financial services & banking
Financial services hold major foreign deals. In March 2023, Sumitomo Mitsui Banking Corporation bought a 15% stake in VPBank for $1.45 billion. This is the biggest banking M&A deal in Vietnam so far.
In mid-2024, another sizeable transaction occurred. Siam Commercial Bank acquired Home Credit Vietnam (the consumer finance arm of VPBank) for $851.7 million. It was one of the year’s biggest deals across sectors.
Also in 2024, SeABank sold its finance arm to Japan’s AEON Financial Service for about $200 million. This highlighted interest in consumer finance and credit services.
Domestic investors also increased their role. In 2024, local buyers took part in about 29% in 2023. Vietnam’s deposit base exceeded $560 billion by end-2023. This shows strong funds and customer trust in banks.
Regulatory changes now allow foreign banks to own more shares with local lenders. Payment systems, insurance, fintech, and digital lending are open to investors.
#4. Industrials & Manufacturing
4. Industrials & manufacturing
Industrials and manufacturing also gain huge attention. For example, the ESR-led group acquired BW Industrial for $450 million in 2023. It was a top industrial real estate transaction tied to broader logistics M&A in Vietnam.
In late 2024, SK Group bought semiconductor maker Iscvina Manufacturing in Vinh Yen for $300 million. Also, Foxconn Singapore invested $383 million to build a printed circuit board factory in November 2024. Its subsidiary Shunsin plans another $80 million investment for integrated circuits in Bac Giang.
These deals reflect supply-chain shifts from China to Vietnam. Foreign investors target industrial zones, factories, and logistics firms. Many deals are mid-sized (56% under $25 million in 2023). Yet, mega-deals push total sector value.
Policy support for industrial parks, infrastructure, and export‑oriented growth further aided M&A. With GDP growth projected at about 6.9% in Q1 2025 (industry up 7.4%), investor interest in industrial assets remains high.
Investors saw opportunity in export‑oriented light manufacturing, packaging services, and industrial support services. Ongoing FDI into factory infrastructure supports M&A further.
#5. Consumer & Retail
5. Consumer & retail
Foreign investors show strong interest in Vietnam M&A sectors for consumer and retail. Big deals shake up this field. In 2023, Bain Capital (US) invested about $200 million into Masan Group’s consumer arm. It marked its first big deal in Vietnam’s consumer goods sector.
In 2024, China’s CDH Investments discussed buying 5–10% of Bach Hoa Xanh from Mobile World. That deal valued the grocery chain at up to $1.7 billion.
In the first nine months of 2024, consumer staples plus industrial deals made up 88% of total M&A value. Consumer staples alone represented around 14% of deal value in that period.
Foreign firms stayed active. They still lead in major consumer deals. But local firms are starting to join big consumer investments too.
This sector is growing fast. Retail sales reached $242 billion in 2022, up nearly 20 % from the year before. Modern retail and online shopping trends keep driving new deals.
Many small firms attract interest and investment. Foreign buyers see strong demand from Vietnam’s growing middle class. The retail chains, grocery, and food brands all draw attention.
Deals often focus on chain expansion. Some target tech-enabled retail. Others look for fast-moving consumer goods. The value per average deal has dropped to around $41–56 million in 2024, but big one-offs still reach into the hundreds of millions. That makes consumer & retail a top M&A sector in Vietnam now. The potential remains high. Investors look to buy brands, chains, and fast growth.
#6. Energy & Renewables
6. Energy & renewables
This sector now draws many big deals in Vietnam. PepsiCo pledged $400 million in 2024 to build two new factories. These factories will use renewable energy. One goes in Long An province (over $300 million). The other is in Ha Nam (about $90 million).
Vietnam also invites private investment in renewables like solar, wind, LNG, hydrogen, and batteries. Forums in June 2025 echoed strong interest. Foreign firms look to buy into new projects.
M&A in energy remains modest in number, but target values can be large. In 2023, around five deals totalled $80 million. The average deal value was $16 million. The sector value shrank 62% compared to prior years.
Still, fast energy growth and support from new policies make it attractive. Authorities now allow direct purchase of electricity from solar and wind producers. This helps big buyers, like industry groups, plan clean energy deals. Vietnam targets $40 billion or more in registered foreign investment yearly. A big part will go into green energy and clean tech by 2030.
Deals now may include private equity buying into solar farms. Others may target battery or LNG projects. The sector is still small in count, but it may boom ahead.
Strong policy, global attention, and rising demand make energy and renewables a core part of M&A sectors in Vietnam today.
#7. Technology & Digital Economy
7. Technology & digital economy
Tech is now one of the fastest-growing M&A areas in Vietnam. According to the International Trade Administration, Vietnam’s digital economy made up over 12% of GDP in 2023. Growth rate was about 19% per year. It should reach around $45 billion by 2025.
Deals include Nvidia acquiring VinBrain, a subsidiary of Vingroup. Nvidia also signed an agreement with Vietnam’s government in December 2024 to build an AI research and data centre. Deal value was undisclosed, but the move shows big tech interest.
FPT Corporation and FPT Software made multiple technology deals in 2023 and 2024. FPT invested in Intertec International (USA), Cardinal Peak, AOSIS (France), and Landing AI. They also launched an AI factory in Texas with Nvidia in December 2023 and built two AI factories in Vietnam and Japan in 2024, valued at $200 million.
High‑tech firms invest more in Vietnam in 2024: Amkor Technology spent $1.07 billion in its Vietnam base. LG added $2.35 billion. Samsung invested another $1.8 billion in Bac Ninh LED plants. Foxconn put in $550 million in smart device projects in Quang Ninh.
Vietnam offers incentives for chip, AI, and green tech investors. It wants to attract tens of billions in high‑tech FDI over the next years.
Although tech made up only about $29 million from nine deals in early 2023, the value collapsed -91% due to fewer deals. But mega deals like Nvidia’s takeover show the shift underway.
Government policy pushes digital infrastructure and data hubs. Many foreign firms now seek to enter or partner with local digital players. Thus, technology and the digital economy ranks high among Vietnam M&A sectors. It offers future growth and big potential deals.
Drivers Behind M&A Surge in These Industries
8. Drivers behind M&A surge
To understand recent Vietnam mergers and acquisitions trends, it’s helpful to look at the main reasons driving deals in these sectors.
Economic Strength and Trade Links
Vietnam shows steady growth. GDP stays strong. Inflation stays low. Investors feel safe. Vietnam joins many trade deals. Foreign firms see new trade paths. Supply chain shifts from other countries. That boosts the appetite for local firms. These factors push more M&A deals across sectors.
Government Policy and Legal Reform
Laws now support foreign investment. Ownership rules relax. Many sectors are open for partners. Licensing becomes smoother. The government picks big projects in green energy, tech, and finance. These moves lure local and foreign buyers to merge or buy.
Rising Domestic Investors
Local groups now play a big role. In early 2024, domestic buyers held 53% of deal value. That rose from 16% in 2022. Top homegrown deals included the acquisition of Vincom Retail shares by local firms (about $982 million) and other big moves in real estate and industrials.
Foreign Capital and Sector Focus
Money flows from Japan, Singapore, the US, and Malaysia. Japan led with about $1.7 billion in foreign deals in 2023. Most deals focus on banking, healthcare, real estate, industry, energy, and tech. Large names like SMBC’s stake in VPBank ($1.5 billion) show investor faith in core sectors.
Market Forces and Sector Gaps
Many firms seek scale and upgrades. Sectors are fragmented. Small players need partners. Buyers want digital, health, and energy firms with growth. Middle-class growth drives demand in retail and services. Firms seek tech skills and energy assets. That fuels deals across targeted sectors.
Future M&A Opportunities in Vietnam
9. Future of Vietnam M&A
Vietnam offers strong chances for M&A deals soon. Foreign firms can gain much by joining in economic growth, buying state firms, and investing in startups.
Strong Economy and Consumer Demand
Vietnam has over 100 million people as of the end of 2023. The middle class may grow from 13% in 2023 to 26% by 2026. That adds many new consumers. Urban life now covers around 41% of the country by 2025. Cities like Ho Chi Minh, Hanoi, and Danang grow fast. This rise drives demand for better shops, healthcare, schools, and services. Retail, food, education, and health providers look like strong future M&A targets.
Equitization of State Firms
Vietnam plans to equitize over 150 SOEs by 2030. A big push happens in 2025–2026. No SOEs sold in 2023–early 2025, but now 31 are ready in the first batch of 2025. These include parts of EVN, PetroVietnam, large banks, and telecoms. Auctions have become more open, and prices have become more realistic. That opens access to telecom, energy, transport, banking, and infrastructure M&A. Foreign firms gain entry to big local assets that were closed before.
Vibrant Startup Ecosystem
Vietnam now hosts over 4,000 startups, including two unicorns and about 11 valued at over $100 million. In 2024, there were 38 VC deals totalling $372 million. In early 2025, key startup deals surfaced in AI and agritech with Singapore and local funds. Global tech firms and local groups like Vingroup, FPT, and Masan now seek startups in fintech, edtech, logistics, and mobility to acquire or invest in. These moves fuel tech M&A opportunities.
Readmore:
* Top 5 M&A Deals in Vietnam Led by Foreign Investors
* M&A in Vietnam: A Foreigner’s Guide to Legal & Regulatory Frameworks
FAQs
What is the current volume and value of M&A deals in Vietnam?
Vietnam saw about 447 M&A deals in 2024, with a total disclosed value of $6.93 billion. Average deal size fell from $52.3 million in 2023 to $41.5 million in 2024 and dropped further to $23.5 million in Q1 2025.
Who are the main investors in Vietnam’s M&A?
Top foreign investors in 2024 are firms from Singapore, South Korea, China, Japan, and the US. Singapore led with $9.14 billion in FDI from Jan to Nov 2024.
Which sectors saw the largest drop or surge in M&A?
Industrial and financial sectors led large-scale deals (with many over $100 million), while retail and consumer saw fewer transactions and lower values. Overall deal volume dropped 9.5%, while deal value dropped 30.9% in 2024.
What challenges may affect future M&A?
Future M&A faces trade policy risk, especially rising US tariffs on Vietnamese exports. Other challenges include corruption, a shortage of skilled labor, and a heavy reliance on Chinese components.
Wrapping Up
Many Vietnam M&A sectors keep drawing global and local investors. Real estate, healthcare, tech, and banking lead the way. Each sector offers strong growth and steady deal flow.
Legal reforms and rising consumer demand support more M&A deals ahead. Foreign and local buyers both see big chances. Want to enter the Vietnam market? Look into these high-growth sectors now.
