Constructive outlook

Résumé détaillé

M&A activity appears to be shifting away from transactions driven primarily by cost advantages and toward deals that can build long-term competitiveness.

Vietnam entered 2026 with strong macro-economic momentum, underpinned by resilient exports, robust FDI inflows, large-scale infrastructure investment, and a series of structural reforms enacted in 2025. Policy initiatives aimed at enhancing private sector development, improving regulatory predictability, and raising financial transparency standards are expected to materially improve deal executability and investor confidence. Capital market upgrades, renewed IPO momentum, and the FTSE Emerging Market upgrade to the stock market further strengthen exit pathways and valuation support for merger and acquisition (M&A) participants.

In September, the VinFast Vietnam Joint Stock Company, a subsidiary of VinFast Auto Ltd., signed agreements to acquire 100 per cent of the equity interest in the Ngoc Hoi Real Estate Investment Joint Stock Company. Ngoc Hoi currently holds a 20 per cent economic interest in the investor consortium developing the Hanoi International Sports Urban Area Project (Vinhomes Global Sportia Hanoi), with Vinhomes serving as the lead developer authorized to coordinate and implement the project.

VinFast’s participation in the project is expected to generate additional and sustainable revenue and cash flow for the company. The supplementary cash flow from participation in the real estate sector will provide further support for VinFast to continue pursuing its core strategy of developing electric vehicles and a green transportation ecosystem. In addition, directly participating in the project through an active business approach from its early stage will enable VinFast to engage throughout the entire development lifecycle, allowing it to contribute to and capture a substantial share of the value generated by the mega-urban development.

The VinFast acquisition, estimated at approximately $1.2 billion, was one of the most notable deals in September. According to Grant Thornton, Vietnam’s M&A market recorded 30 announced transactions in September.

September M&A…

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