Vietnam M&A trends 2025: Which industries lead the market?

Vietnams mergers and acquisitions (M&A) market is entering a new phase of robust growth as both domestic and international businesses increasingly view M&A as a fast, cost-efficient, and effective strategy for restructuring and expansion. Corporate acquisitions, project transfers, and cross-industry ecosystem integrations are taking place at an unprecedented pace, creating a dynamic and highly competitive market landscape. In this context, business valuation for M&A transactions in Vietnam has become a critical factor in determining fair value, minimizing legal risks, and maximizing transaction outcomes.

Vietnams M&A Market 2024–2025: Capital Flows, Growth Drivers, and New Momentum

Vietnams M&A market in 2024–2025 has experienced significant changes in both transaction scale and quality. Beyond multinational corporations, domestic enterprises are also proactively leveraging M&A as a strategic tool to expand market share more rapidly than through organic growth alone. Reports from leading financial institutions indicate that investment inflows into Vietnam in 2024 increased substantially across three key sectors: manufacturing and industrial production, consumer goods and retail, and industrial real estate.

The primary growth drivers include:

• Businesses restructuring operations following the pandemic to improve operational efficiency and reduce costs.

• The continued shift of global supply chains toward ASEAN countries.

• Foreign investors recognize Vietnam as a long-term growth market.

• Intensifying market competition, encouraging companies to expand through acquisitions rather than building new operations from scratch.

In 2025, a new wave of M&A activity is expected as major domestic corporations seek to acquire smaller businesses to broaden their networks, enhance technological capabilities, and capitalize on established customer bases. While these opportunities are promising, they also introduce valuation challenges, particularly regarding intangible assets, unfinished projects, and unstandardized brands. This is precisely why M&A valuation services have become an indispensable part of every successful transaction.

Notable M&A Deals in Vietnam and the Rise of Business Ecosystems

Over the past two years, Vietnams most notable M&A transactions have largely involved companies focused on building integrated business ecosystems or strengthening their supply chains. Major deals in the retail and e-commerce sectors, as well as the financial–technology–customer ecosystem and manufacturing supply chains, have generated remarkable value. Following these mergers, many businesses have increased their profit margins by 1.5 to 2 times compared to their pre-acquisition performance.

M&A transactions in Vietnam during 2024 have revealed three prominent trends:

• Acquiring technology companies to accelerate digital transformation and close technological gaps.

• Increasing M&A activity in the pharmaceutical and healthcare sectors, driven by growing demand for health insurance, private hospitals, and medical clinics.

• Acquiring industrial real estate projects to capitalize on the continued influx of foreign direct investment (FDI) into Vietnams manufacturing sector.

In these transactions, intangible assets—including brand value, customer databases, proprietary technology, and operational processes—often account for 40% to 60% of the total transaction value, making comprehensive business valuation an essential requirement.

Overall, M&A in Vietnam is no longer limited to ownership transfers. Instead, it has evolved into a long-term strategic approach for creating sustainable competitive advantages. Looking ahead to 2025, M&A activities are expected to focus increasingly on businesses with strong technological capabilities that align with the business models of major corporations.

M&A Trends in Vietnam: Which Industries Are Leading and What Opportunities Lie Ahead?

According to analyses from Vietnam M&A forums and investment organizations, four key industries are expected to lead M&A activities in Vietnam during the 2025–2027 period:

Industrial Real Estate and Logistics

Foreign investment continues to surge as Vietnam strengthens its position as one of Asias emerging manufacturing hubs. Investment funds from South Korea, Singapore, and the United States have shown particularly strong interest in this sector.

Banking, Financial Services and Insurance

M&A enables financial institutions to expand their customer base, strengthen their service networks, and acquire fintech companies to maintain a competitive advantage in the ongoing digital transformation race.

Technology, E-commerce and Artificial Intelligence (AI)

Vietnamese enterprises are increasingly seeking advanced technologies to improve productivity and optimize workforce efficiency, making technology companies highly attractive acquisition targets.

Pharmaceuticals, Hospitals and Medical Equipment

Driven by an aging population, rising income levels, and growing healthcare awareness, the healthcare sector continues to attract significant M&A investment opportunities.

An overview of Vietnams M&A landscape indicates that the market is shifting toward an "acquire-to-transform" model, where businesses pursue acquisitions not merely to expand their size but to fundamentally transform their business models and strengthen long-term competitiveness.

One important consideration for businesses is that valuation should focus on future value, rather than relying solely on the current value of tangible assets. This advanced valuation approach requires extensive expertise and sophisticated methodologies—an aspect consistently emphasized by Vietnams leading M&A associations and reputable valuation firms.

M&A Activities in Vietnam: Common Risks Businesses Face Without Proper Valuation

Mergers and acquisitions inherently involve risks when businesses fail to thoroughly assess legal, financial, and operational factors. The most common mistakes include:

Inaccurate Business Valuation

Many M&A transactions fail because companies rely solely on book value or subjective expectations while overlooking future cash flows, operational risks, and the true value of intangible assets.

Insufficient Legal Due Diligence

Undisclosed disputes, contingent liabilities, or incomplete project documentation can expose the acquiring party to significant legal and financial risks after the transaction is completed.

Lack of Market and Competitive Analysis

Strong revenue performance does not necessarily justify a high valuation if the business operates in a saturated or declining market.

Failure to Assess Intangible Assets

Critical assets such as proprietary technology, brand equity, intellectual property, and customer relationships must be accurately valued. Otherwise, buyers may pay significantly more than the companys actual worth.

In practice, many failed acquisitions or transactions that subsequently lose value can be traced back to inadequate or superficial valuation reports. This underscores the indispensable role of independent valuation professionals in Vietnams M&A market.

Indochina International Appraisal – The Optimal Valuation Partner for Every M&A Transaction in Vietnam

As M&A transactions become increasingly sophisticated, accurately determining a companys value is essential not only for maximizing benefits for both buyers and sellers but also for minimizing legal and financial risks. Indochina International Appraisal provides comprehensive valuation solutions based on the International Valuation Standards (IVS), specifically designed for Vietnams M&A market to ensure transparency, accuracy, and reliable data support for every transaction.

With more than 23 years of experience, Indochina International Appraisal has built a strong competitive advantage through its extensive market database, advanced analytical technologies, and a team of leading financial and legal valuation experts. We offer a comprehensive range of professional valuation services tailored to meet the needs of investors, corporations, banks, and investment funds.

Business and Equity Valuation

Comprehensive analysis of cash flows, tangible and intangible assets, business models, and long-term growth potential to determine the fair value of companies and equity interests.

Real Estate Project Valuation

Valuation services covering commercial land, industrial parks, residential developments, office buildings, projects under construction, and partially completed developments.

Intangible Asset Valuation

Professional valuation of brands, proprietary technologies, patents, software, customer databases, and other intellectual property assets that represent significant value in M&A transactions.

International Standard Valuation Reports

Valuation reports prepared in accordance with international standards to support banking transactions, auditing, capital raising, investment decisions, and M&A negotiations.

The strength of Indochina International Appraisal lies in delivering transparent reports, accurate data, advanced valuation methodologies, and continuously updated market intelligence. These capabilities empower businesses to negotiate with confidence, optimize transaction value, and identify potential risks before entering into an acquisition.

By adopting a data-driven approach rather than relying on assumptions, we have become a trusted valuation partner in hundreds of large-scale M&A transactions across Vietnam, supporting successful investment decisions for corporations, financial institutions, and investment funds nationwide.

If your business is looking for a trusted partner that delivers accurate valuations, legal compliance, transparency, and efficiency, Indochina International Appraisal is your ideal choice. Contact us today for a free one-on-one consultation before your next M&A transaction.

Indochina International Investment & Appraisal JSC (SunValue) 

• Address: Indochina International Valuation System 

• Hotline/Zalo: 081 519 8877 

• Email: contact@sunvalue.vn 

• Facebook: Indochina International Investment & Appraisal 

• Website: inavn.vn

Conclusion

Vietnams M&A market is expected to continue its strong expansion in the coming years, creating significant growth opportunities for businesses that can capitalize on emerging trends. However, achieving a successful transaction requires more than identifying the right opportunity — it demands comprehensive risk management and accurate valuation from the outset.

With extensive industry expertise and a robust market intelligence database, Indochina International Appraisal is committed to helping businesses maximize transaction value while ensuring transparency, legal compliance, and financial security throughout every stage of the M&A process.

Whether you are acquiring, merging, divesting, or seeking strategic investment opportunities, our valuation experts provide reliable, data-driven insights that support informed decision-making and successful negotiations.

Choose Indochina International — your trusted partner for sustainable success in every M&A transaction in Vietnam.