The power of real estate and infrastructure
According to Grant thornton's September 2025 M&A Report, the Vietnamese market recorded 32 deals with a total estimated value of about 762 million USD. The highlight is the diverse portfolio of deals in structure, scale and field, in which real estate, logistics & infrastructure, industrial production and consumer goods continue to be the leading industries.
In terms of transaction value, real estate remains the leading market leader with 246 million USD, accounting for 32% of the total value. Followed by logistics & infrastructure with 220 million USD (29%) and consumer goods reached 180 million USD (24%). In terms of the number of deals, logistics & infrastructure and industrial production are leading with 5 deals per industry, while technology records 4 deals, mainly in the early stages and on a small scale.
Recorded in the real estate sector, notably the two deals of Novaland and Son Kim Group. Nova Rivergate and Nha Rong (under Novaland Group) have bought back 51% of shares in the two companies ASCLT1 and ASCLT2 from Amata Long Thanh with a total value of 46.5 million USD. These two companies operate in the field of urban development and satellite services in Dong Nai.
According to experts, the real estate M&A market is more vibrant towards the end of the year when the number of transactions increased sharply compared to the same period in 2024. However, it is still difficult to close a "deal" because projects with complete legal documents - the group given priority by buyers - often have high prices, suitable only for foreign investors or domestic enterprises with strong financial potential. Small and medium-sized enterprises are almost unable to participate due to large land costs and limited capital scale.
Mr. Vo Hong Thang - Deputy General Director of DKRA Group - commented that unlike the period of 2023 - 2024 when buyers took the initiative, the seller is currently in a strong position thanks to owning beautiful land while the number of projects with legal completion is not much.
DKRA is promoting many M&A deals, but the biggest obstacle is still the price negotiation stage. There were three investors interested in having a good location project in Thuan An, but currently only one side is continuing to negotiate due to high asking prices, Mr. Thang shared.
Foreign capital flows to transparent legal projects
Savills Vietnam assessed that in recent times, domestic investors have dominated the number of deals thanks to their ability to make quick decisions and understand the market. However, foreign investors are still the main force in large deals, especially in the high-end housing, urban area and industrial real estate segments.
The market is expected to continue to grow thanks to legal reform, proactive economic diplomacy strategies and international capital flows towards sustainable values. The form of development cooperation, phase-based M&A or partial transfer is increasingly popular to increase flexibility and optimize cash flow.
Ms. Nguyen Le Dung - Head of Savills Vietnam Investment Consulting - commented that in the context of global geopolitics, Vietnam is considered a strategic destination by many multinational corporations thanks to its neutral stance, stable socio-political environment and comprehensive partnerships with major economies.
She added that many investment funds, especially from the EU and North America, have made the ESG (environment - society - corporate governance) criterion a prerequisite. Projects integrating green space, environmentally friendly materials and good risk management systems will have a competitive advantage.
