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.
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