Vietnam’s mergers and acquisitions (M&A) market is gearing up for an active year in 2025, with international investors expected to drive much of the activity. The biggest catalyst? The Vietnamese government’s push to upgrade the country’s stock market to “secondary emerging market” status under FTSE’s classification, a change that could unlock fresh opportunities in real estate, finance, and energy.
Why the stage is set for more foreign capital
Analysts predict foreign investors will continue to dominate Vietnam’s stock market in 2025. A key turning point came in late 2024, when the government removed the rule requiring overseas investors to pre-fund 100% of their trades. While market volatility remains a challenge, strong political commitment to reform suggests the upgrade plan is likely to move forward and deliver results.
Vietnam is also positioning itself as a destination for capital aligned with global sustainability trends. Government initiatives promoting clean energy, eco-friendly development, and green standards are expected to pull in more investment, particularly in property and renewable energy projects.
A look back: 2024 trends
The financial sector saw a slowdown in M&A activity last year. After several major deals between 2021 and 2023, buyers shifted their focus to integrating past acquisitions, while sellers worked on strategic divestments and deal preparations. Industry experts view this as a natural pause rather than a sign of long-term decline.
What to expect in 2025
Finance, Securities, and Retail via the stock market
Foreign funds have long viewed Vietnam’s stock market as an entry point. In 2024, Finland’s Pyn Elite Fund took big positions in banking and securities, targeting shares like STB and TPB. With the market upgrade on the horizon, similar moves are expected to accelerate. In fact, nearly 200 new trading codes were issued to foreign investors in October 2024 alone.
Real estate: High-value projects continue
The sector is set to benefit from the 2024 Land Law and Housing Law, which streamline approvals and remove regulatory overlaps. Notable recent deals include:
- Gamuda Land (Malaysia) acquiring Tam Luc Real Estate for USD 315.8 million for a project in Ho Chi Minh City.
- Daewoo E&C investing nearly VND 10 trillion in a new urban development in Thai Binh province.
- Kim Oanh Group partnering with Japanese firms on a 50-hectare development in Binh Duong.
Domestic Players Holding Ground
Local M&A activity continues quietly in the background. BaF Vietnam, for example, expanded its livestock operations in 2024 by acquiring stakes in multiple companies, part of a long-term plan to strengthen its supply chain and prepare for overseas expansion.
The bottom line
With the stock market upgrade, pro-investment reforms, and a growing focus on sustainable development, Vietnam’s M&A landscape in 2025 is shaping up to be rich with opportunities, especially for foreign investors in finance, real estate, and energy.
Let’s Talk About Your Next Move
At PLF Consulting US, we’ve helped investors and business leaders turn promising opportunities in Vietnam into lasting successes. Whether you’re exploring your first deal here or scaling up your existing portfolio, our experienced consulting team can guide you through the process, ensuring every step is strategic, compliant, and built for the long term.
In a complimentary 30-minute consultation, we’ll review your goals, discuss the market landscape, and outline practical next steps tailored to your business.
