14 enterprises were recognized for outstanding M&A deals and strategies, six for outstanding IPOs and private placements, and 14 organisations for excellence in M&A advisory services.
Enterprises with outstanding M&A deals and M&A strategies in 2024-2025
1. Saigon - Hanoi Commercial Joint Stock Bank (SHB)
SHB completed the transfer of its remaining 50 per cent charter capital in SHBFinance to Thailand's Bank of Ayudhya Public (Krungsri), a member of Japan's MUFG Group holding 76.88 per cent ownership. The deal is valued at VND3.6 million ($138 million).
2. Masan Group
Masan completed the divestment of its entire stake in HC Starck Holding (Germany) GmbH to Mitsubishi Materials Corporation for $134.5 million.
3. Saigon Beer - Alcohol - Beverage Corporation (SABECO)
SABECO acquired Saigon Binh Tay Beer JSC (Sabibeco) through the purchase of nearly 38 million shares, bringing its total investment to over VND830 billion ($31.9 million). The acquisition aims to restructure operations, strengthen capabilities, scale up production, and consolidate its leading position in Vietnam's beer market.
4. FiinRatings
FiinRatings sold 43.4 per cent of its shares to S&P Global Ratings. Following the transaction, S&P Global became an international strategic partner of FiinRatings, helping strengthen Vietnam's credit rating infrastructure and deepen cooperation to enhance capital market standards.
5. CapitaLand Group
Singapore's CapitaLand acquired and is developing The Fullton, a low-rise villa project in the Hai Dang subdivision of Vinhomes Ocean Park 3. Covering 25 hectares, the project represents a strategic collaboration between CapitaLand Development and Vinhomes, introducing an international-standard gated community model.
6. United Overseas Australia Ltd (UOA)
UOA completed the acquisition of a 2,000 sq.m commercial land plot in downtown Ho Chi Minh City for $68 million to develop a Grade-A office tower. The project, with a planned total investment of $120 million, is expected to begin operations in Q2 of 2028.
7. Quadria Capital
Quadria Capital, in partnership with Dale Investment Holdings, acquired 73.15 per cent of Tam Tri Medical Group from VinaCapital's Vietnam Opportunity Fund (VOF). The deal, valued at over VND805.9 billion ($30.9 million), highlights investor confidence in the growth potential of Vietnam's private healthcare sector.
8. ABEO Group
ABEO, a global leader in sports equipment, acquired 70 per cent of Sodex Sport, a French-owned sports equipment manufacturer based in Vietnam. This deal represents not only the acquisition of a foreign-invested firm in Vietnam, but the takeover of its parent company that wholly owns the Vietnamese subsidiary.
9. Golden Gate Group (GGG)
Golden Gate Group, Vietnam's largest food and beverages (F&B) corporation, acquired 100 per cent of Vietnam Coffee Tea Service Trading Corporation (TCH), the owner of nearly 100 The Coffee House outlets nationally. This is one of the standout F&B M&A deals in Vietnam in 2025.
10. Sustainable Asia Renewable Assets (SARA)
SARA, a subsidiary of SUSI Partners, acquired the 39.4 MW Dam Nai Wind Power project in Ninh Thuan from Norway's Scatec for $40 million. It is one of the year's most notable renewable energy M&A transactions.
11. Vingroup
In 2024-2025, Vingroup continues to leverage M&A to mobilise resources for its operations by diving stakes in the parent company and subsidiaries to domestic and international partners.
Typical transactions include the divestment of shares in Movian AI, a VinAI subsidiary specialising in AI, to Qualcomm; and the sale of shares in VinBrain, an associate company of Vingroup that provides AI-powered medical devices and tools to 182 hospitals across Vietnam, the United States, India, Australia, and many other countries, to NVIDIA.
12. Sunshine Group
During 2024–2025, Sunshine executed 10 significant M&A transactions, including six in real estate, two in retail and services, and two in education services.
13. GELEX Group
With more than three decades of development, GELEX has established itself as a leading investment conglomerate distinguished by a deliberate and effective M&A strategy. Amid constant macroeconomic volatility, GELEX's leadership has consistently adapted and innovated to create new momentum for the group.
This approach has shaped a comprehensive set of core capabilities: investment efficiency, sustainable governance, resilience in the face of disruption, and the ability to build an integrated ecosystem. GELEX is considered a symbol of the new generation of the Vietnamese investment mindset: growth, efficiency, and sustainability.
14. HDBank
HDBank has demonstrated a consistent, long-term M&A strategy, from its merger with Dai A Bank to the acquisition of 100 per cent of SGVF (France), now HD SAISON Finance, and HD Securities. Most recently, it took over DongA Bank, one of the four mandatory transfer banks under the State Bank of Vietnam.
In 2025, HDBank also completed successful private placements of $100 million in international green bonds to the International Finance Corporation (IFC) and VND3 trillion ($115 million) in domestic green bonds.
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| 14 enterprises with outstanding M&A deals and advisory firms in 2024-2025 |
Outstanding IPO deals and private placements
1.Techcom Securities (TCBS). In 2025, TCBS successfully offered 231.15 million shares in its initial public offering at a price of VND46,800 per share, with investor subscriptions exceeding the offering size by 2.5 times. This has become one of the year's blockbuster IPOs.
2. VPBank Securities. VPBank Securities launched a major initial public offering (IPO) of 375 million shares at VND33,900 per share, raising VND12,712 trillion ($489 million).
3. VPS Securities
After successfully issuing 202.31 million shares, the company's charter capital is expected to increase from VND12.8 trillion to approximately VND14,823 million ($570 million), with total shareholders' equity reaching around VND26 trillion ($1 billion). This is one of the largest IPO and capital-raising transactions in Vietnam since 2018, reflecting strong market confidence in the company's long-term prospects.
4. Bank for Investment and Development of Vietnam (BIDV)
BIDV successfully conducted a private placement of 123.8 million shares to five major investors (including four foreign and one domestic), raising more than VND4.8 trillion ($184 million).
5. Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank)
In 2025, HDBank completed a private placement of $100 million in international green bonds to the IFC and a VND3 trillion ($115 million) domestic green bond tranche.
6. SSI Securities Corporation
SSI successfully executed a private placement worth nearly $16 million to Japan's Daiwa Securities at VND31,300 per share, raising nearly $20 million. Following the transaction, Daiwa became SSI's largest shareholder, with over 317 million shares (15.26 per cent equity).
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| Enterprises with outstanding M&A deals and advisory firms of 2024-2025 |
Outstanding M&A advisory organisations 2024-2025
Securities Companies
- Vietcap Securities
- Rong Viet Securities
- VPS Securities
Law Firms
- VILAF
- Baker McKenzie
- YKVN LLC
- ASL Law
- LMP Law Firm
- Allen & Gledhill (Vietnam)
Advisory Firms
- KPMG Vietnam
- ASART Deal Advisory
- RECOF Corporation
- Astris Finance Vietnam LLC
- BDA Partners
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| Enterprises with outstanding M&A advisory firms of the year 2024-2025 |
