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Vietnam M&A Spotlight - October 2022

Freshfields' Vietnam M&A Spotlight keeps you up-to-date with the key business and legal developments in this sector. Please contact us if you would also like to receive our Vietnam Infrastructure Spotlight, Vietnam Environment Spotlight or Vietnam Competition Law Spotlight.



  • Post-Covid surge. Data released by General Statistics Office showed Vietnam’s real GDP growth surged by 13.7 per cent on-year in Q3 2022, from 7.8 per cent in Q2. The double-digit surge in GDP growth in the three quarters of the year affirms the recovery of Vietnam's economy. Source: Vietnam Investment Review


  • Second born. CVC Capital Partners has invested in Vietnam-based Phuong Chau Trade and Investment JSC, the operator of the Phuong Chau-branded maternal and infant care hospitals in southern Vietnam. This is CVC’s second deal in Vietnam. Source: Deal Street Asia
  • Siblings. SK Group, the second largest corporation in South Korea, has invested heavily in two local pharmaceutical companies, Pharmacity and Imexpharm. Pharmacity is the largest pharmaceutical retail chain in Vietnam, with 1,118 stores as of 30 June 2022, ahead of FPT Retail’s rival Long Chau with 719 stores and An Khang of Mobile World with 523. Source: Vietnam News

Banking and Finance

  • Helping the infirm. HDBank’s Board of Directors published a document to collect written opinions from shareholders on participating in a credit institution restructuring programme. HDBank would contribute up to US$391.3 million to take 100% ownership of a weak bank. Ocean Bank, GPBank and CBBank are the three struggling lenders subject to special supervision by the State Bank of Vietnam (SBV). Source: Vietnam Investment Review
  • Holistic health. Vietnamese multi-sector corporation Thanh Cong Group has registered to sell all of its 60.54 million shares in Eximbank, or a 4.93 per cent stake, by agreement. Source: The Investor
  • Drive carefully. Transport infrastructure developer Tasco has bought Groupama Vietnam Insurance Company from its French owner, Groupama Assurances Mutuelles for an undisclosed sum. Its strategy is to provide personal insurance products for vehicles and their owners. Source: Vn Express International


  • Educational experiences. New York-based Vulcan Capital is understood to be joining Vietnam edtech startup Marathon Education’s new funding round. Existing investor Forge Ventures, and other investors, including DSG Consumer Partners and Goodwater Capital, also participated in the round. With the funds, Marathon Education will expand its “online-to-offline” experience centres beyond Hanoi and Ho Chi Minh City. Source: Deal Street Asia


  • Counting capital. Vietnam currently has some 208 active venture capital firms, about 40 of which are domestic investment funds. Big names and active venture investors in Vietnam include Mekong Capital, 500 Start-up Vietnam, Vietnam Investment Group, IDG Ventures Vietnam and Genesia Ventures. Source: Vicgo
  • To Be or not to Be. Ride-hailing firm Be Group has received a US$60-million credit line from Deutsche Bank as it seeks to expand in the Grab-dominated Vietnamese market. The contract includes a provision to increase the loan amount to US$100 million. Be Group currently services over 10 million transactions monthly. Source: VN Express International
  • Deals galore. Vietnam’s retail e-commerce gross merchandise value will increase from US$13 billion in 2021 to more than US$30 billion by 2026, according to Research and Markets. Big names include ShopeeFood, Baemin, GoJek's Go-Food, and Grab Food (food delivery service companies), Jio Health (a digital health startup), Lazada, Mobile World Group, Shopee, and Tiki (databook), Agoda, beTaxi,, Traveloka, and Trivago (travel e-commerce sector). Source: The Investor


  • Wobbling home. Thai company ThaiBev has dismissed rumours it wants to sell Vietnam’s biggest brewer Sabeco, the maker of Saigon Beer, which has a 40 per cent market share in Vietnam. The possibility has cropped up every now and then since ThaiBev bought a 54 per cent stake in Sabeco in 2017. The State Capital Investment Corporation holds 36 per cent and the public owns much of the rest. Source: Vn Express International
  • Pick me up. Masan Group increased its stake in domestic tea and coffee chain Phuc Long Heritage from 51 per cent to 85 per cent for US$154 million. Masan increased its stake in the chain from 20 to 51 per cent in Feb this year. Source: Nikkei Asia
  • Fruit... Mobile World Investment Corp. is reported to have hired an advisor to explore the sale of its Bach Hoa Xanh grocery chain. The sale is likely to attract interest from local and international retailers as well as financial investors. The deal is expected to complete by the first quarter of 2023. Source: Deal Street Asia
  • …and nuts. Navis Capital is understood to have invested over US$100 million for more than 50% of Dan-D Foods, a Canada-headquartered healthy nut producer with core sourcing and processing facilities in Vietnam. Source: Deal Street Asia

Real Estate

  • Is it a bird? Is it a plane? Vingroup Chairman Pham Nhat Vuong has established a new company, VMI JSC, which offers to split a Vinhomes property into 50 smaller pieces for investors to buy. The buyer of each piece will earn a profit should the property value go up. VMI also offers a minimum annual profit guarantee in case market conditions are unfavourable, but the company has not revealed details. Source: Vn Express International
  • Back in reality. Son Kim Real Estate Investment JSC is planning a private placement of bonds worth US$21 million to purchase The METT office project in Ho Chi Minh City's Thu Thiem new urban area. This would be among the first bond issuances following the release of a new Decree tightening control on corporate bonds. Source: The Investor

Renewable Energy

  • Sunrise. Clean energy provider EDPR Sunseap has completed a US$284 million acquisition of two solar power projects in Ninh Thuan province. The deal is the first step in establishing a relationship between EDPR Sunseap and Xuan Thien Group. Source: Sunseap