Vietnam's merger and acquisition market recorded 30 announced transactions in September, with 23 disclosing or estimating values totalling approximately $1.74 billion.

According to a monthly report released on October 22 by Grant Thornton Vietnam, September's activity was driven by restructuring and related-party transactions, with four deals contributing approximately $1.23 billion, or 70.7 per cent of total transaction value.

The most notable transaction was VinFast Vietnam JSC's agreement to acquire 100 per cent of the equity interests in Ngoc Hoi Real Estate Investment JSC for approximately $1.2 billion.

By volume, logistics and infrastructure led with four deals, accounting for 14 per cent of transactions during the month. Real estate, consumer, industrials, and financials each recorded three deals, together accounting for 40 per cent of announced transactions.

Excluding restructuring and related-party transactions, consumer, metals and mining were the leading sectors in September, recording total deal values of approximately $183.8 million and $124.8 million, respectively, and together accounting for 61 per cent of total disclosed/estimable transaction value.

Notable transactions included the transfer of shares in Thanh Thanh Cong – Bien Hoa JSC, valued at nearly $179 million, and Elmet Group’s acquisition of a 4.99 per cent stake in Masan High-Tech Materials Corporation at approximately $138 million.

The food and beverage sector ranked third, with a transaction value of approximately $88.4 million, equivalent to 18 per cent of the market’s total deal value.

In logistics, CMC JSC approved the acquisition of a 99.9 per cent equity in TTL Holdings Investment Co., Ltd, the transaction value was not disclosed. Previously, TTL Holdings planned to acquire more than 25 per cent of the shares in Thang Long Joint Stock Corporation from TNG Investment and Construction Co., Ltd, a shareholder holding approximately 50.5 per cent of TTL’s capital.

The transaction is viewed as part of an ownership restructuring within the broader Tasco-DNP ecosystem associated with Vu Dinh Do, chairman of Tasco JSC.

Specifically, CMC is a subsidiary of DNP Holdings, while TNG Investment and Construction is also connected to this ecosystem through Pham Quoc Khanh, TNG’s largest shareholder. Khanh has also been a major shareholder of DNP Holdings since 2014 and is a founding shareholder of VII Holding, a major shareholder of Tasco.

In consumer, Thanh Thanh Cong Investment JSC (TTC Investment) and Huynh Bich Ngoc registered to sell a combined total of more than 200 million shares in Thanh Thanh Cong – Bien Hoa JSC, with an estimated value of approximately VND4.65 trillion ($178.8 million).

In metals and mining, Elmet Group completed the acquisition of 55.14 million shares in Masan High-Tech Materials Corporation from Masan Horizon Co., Ltd., representing 4.99 per cent of its charter capital, for a total transaction value of approximately VND3,240 billion (approximately $138 million).

The transaction forms part of a plan to restructure MSR’s ownership in preparation for a listing on the Ho Chi Minh Stock Exchange.

In financials, Bolt Holdings JSC and Chu Tuan An, the chairman of UP Securities JSC, registered to subscribe for more than 62.6 million shares and 5 million shares, respectively, in UPS’s private placement, for an aggregate value of approximately VND676.6 billion (approximately $26 million).

Following the transaction, Bolt Holdings is expected to hold 62.82 per cent of UPS’s charter capital and become its controlling shareholder.

In energy, REE Energy Co., Ltd. divested its entire holding of over 8 million shares in Su Pan 2 Hydropower JSC to Ha Thanh Energy Development JSC for an estimated value of approximately VND282 billion ($10.8 million).

Following the transaction, Ha Thanh Energy became SP2’s largest shareholder, with a 39.12 per cent stake. Established in 2006, SP2 owns the Su Pan 2 Hydropower Project in Lao Cai Province, with an installed capacity of 34.5 MW and a total investment of VND1,245 billion ($47.9 million).

In agriculture and livestock, BAF Vietnam Agriculture JSC will acquire a 75 per cent stake in the charter capital of Hung Phat Farm Mot Co., Ltd. from Nguyen Tran Tuan Cuong for VND162 billion (approximately $6.2 million).

Following the transaction, BAF will increase its ownership in the company from 25 to 100 per cent. Hung Phat Farm Mot is one of the entities associated with BAF’s strategy to expand high-tech livestock farming in Gia Lai.

Beyond, Sojitz Corporation completed the acquisition of more than 14.9 million shares in Taseco Air Services JSC for approximately VND 1,053 billion ($40.5 million) and Mekong Capital completed the sale of its entire investment in Mutosi Group JSC to Ariston Group, a multinational group specialising in heating and water solutions, the deal value was not disclosed. Following the transaction, Ariston Group will hold 83 per cent of Mutosi’s charter capital, while the management team will continue to hold a 17 per cent equity stake.

Powered entirely by renewable energy, the electric barge connects Nike’s inland consolidation hub in Ho Chi Minh City with the Gemalink deep-water port on a 180-kilometer round-trip route.

A collaborative project to deploy an electric barge between CMA CGM, Nike, and Gemadept was announced on October 29, marking a significant milestone in realizing green transition commitments.

Powered entirely by renewable energy, the electric barge connects Nike’s inland consolidation hub in Ho Chi Minh City with the Gemalink deep-water port on a 180-kilometer round-trip route. The solution is projected to cut approximately 778 tonnes of CO2 emissions annually.

The vessel pairs on-board battery power with Gemalink's on-site solar energy installation, creating an integrated system combining low-emission waterborne transport with renewable power generation. With a carrying capacity exceeding 50,000 TEUs per year, the electric barge offers a substantially more sustainable inland logistics alternative to road freight.

By combining electric transport, dedicated charging infrastructure, and renewable energy generation at Gemalink, this fully electric barge project demonstrates how innovation can turn sustainability ambitions into tangible, real-world solutions, said Mr. Chu Do Cong Khanh, Deputy CEO of Gemadept Corporation and Chairman of Gemalink Deep-Sea Port.

Mr. Khanh expressed high expectations for the model’s scalability, emphasizing its potential to accelerate Vietnam's long-term transition toward a low-carbon logistics network.

As Vietnam’s first fully electric barge project, the initiative stands as a clear testament to multi-stakeholder collaboration across ocean carriers, global brand owners, and port operators pooling expertise to decarbonize global supply chains, noted Ms. Christine Cabau, Executive Vice President of Assets and Operations at CMA CGM.

She highlighted that with strong potential for replication across other geographies, Vietnam is steadily establishing itself as a frontrunner in developing sustainable inland transport solutions while building domestic capacity across the renewable energy sector.

"This electric barge project further solidifies CMA CGM's long-term commitment to Vietnam and Southeast Asia, accelerating the broader transition toward sustainable shipping and logistics," Ms. Cabau said.

Hanoi has directed municipal departments to implement government guidelines for classifying green projects, circular economy initiatives, and Environmental, Social, and Governance (ESG) frameworks, paving the way for eligible businesses to access interest rate subsidies.

Mr. Bui Duy Cuong, Vice Chairman of the Hanoi People’s Committee, signed Official Dispatch No. 6035/UBND-NNMT regarding the implementation of Prime Minister Decision No. 46/2026/QD-TTg dated September 17, 2026 (Decision 46).

The decision provides technical guidelines for classifying green projects, evaluating circular economy criteria, and applying ESG criteria.

Under Decision 46, enterprises, business households, and individual business entities executing certified green or circular projects and presenting ESG implementation reports will qualify for interest rate support considerations under applicable regulations.

Under the city’s directive, the Hanoi Department of Agriculture and Environment will serve as the focal agency, collaborating with relevant departments, sectors, and commune-level People's Committees to disseminate the decision.

The department is tasked with guiding the implementation of environmental and agricultural criteria for green and circular projects under its state management scope.

The department must compile the list of projects under the scope of Decision 46 to report to the Ministry of Agriculture and Environment. It will advise the municipal People's Committee on publishing the certified list of green, circular, and ESG-compliant projects biannually on the city's portal on June 30 and December 31.

Additionally, the department will inspect, monitor, and address violations regarding independent evaluation entities operating in agriculture and environment sectors, while supervising project compliance maintenance over time.

Concurrently, the Hanoi Department of Finance is assigned to lead data integration for investment management systems and oversee the implementation of governance frameworks. It will assess financial resources and state budget capabilities according to decentralized authority, alongside mobilizing alternative financial mechanisms to support green and circular programs.

The Department of Finance will also inspect and monitor independent rating agencies and ensure project compliance according to legal auditing and administrative violation frameworks.

The Hanoi Department of Industry and Trade will oversee project implementation across energy, processing, and manufacturing sectors. The department is tasked with promoting resource-efficient, low-emission, and sustainable production models, while evaluating criteria for industrial symbiosis and circular linkages.

The Hanoi Department of Construction will handle projects in construction, urban development, technical infrastructure, and transport, promoting resource-saving materials, low-carbon building technologies, and sustainable urban solutions.

Under Decision 46, a green project must meet specific eligibility requirements across designated sectors. Attached technical appendixes outline requirements for ten energy project categories, three transport categories, two construction categories, three water resource categories, 12 agriculture, forestry, fisheries, and biodiversity categories, six processing and manufacturing categories, and nine environmental service categories.

For circular economy projects, the regulations define eight project groups for circular design and manufacturing, two for circular utilization, five for resource recovery, and four for industrial symbiosis and circular integration.