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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.

Vietnam is capable of diversifying its funding sources and building a multi-tier capital ecosystem to support its annual growth target through 2030.

Vietnam is entering a new phase of development, with a target of average annual GDP growth of at least 10 per cent from 2026 to 2030. Supporting this target is estimated to require total investment of around VND38,500 trillion ($1.48 trillion).

According to Deloitte, investment demand in the new growth cycle will focus on strategic infrastructure; energy and the green transition; technology, innovation, and high-value industries; and the development of the private sector. These are all areas that require large amounts of long-term capital, with varying levels of risk.

Multi-tier capital ecosystem

The banking system currently remains the dominant channel for financing the economy. Vietnam’s credit-to-GDP ratio stood at around 145 per cent in 2025. A similar situation is found across the Asia-Pacific region. According to analysis by Deloitte Access Economics, bank credit across 13 major economies in the region is equivalent to an average of 122 per cent of GDP, or around $54 trillion. However, banks cannot meet the full demand for long-term capital required by Vietnam’s investment priorities in the new growth cycle.

Over the longer term, Vietnam’s financial market still has significant room for development. The country’s financial market remains considerably less developed than those of other economies in the region in terms of market depth, access to capital, and operational efficiency. However, the value added of Vietnam’s financial services sector is forecast to achieve a compound annual growth rate (CAGR) of 9.1 per cent between 2024 and 2035 under a high-growth scenario, placing Vietnam among the region’s high-growth economies.

The objective, therefore, is not to reduce the role of banks, but to build a multi-tier capital ecosystem that facilitates and accelerates the development of other funding channels, allocating capital according to maturity, risk, and investment objectives.

Fundamentally, this multi-tier capital ecosystem consists of three main layers.

First is foundational capital from banks. This remains the primary source of working capital, corporate credit, cash flow-based financing, co-financing, and guarantees.

Second is growth and long-term capital. This comes from equity markets, bond markets, private equity, private credit, and institutional investors. These sources of capital are better suited to business expansion, technological innovation, infrastructure, and energy.

Third is the international connectivity platform. The Vietnam International Financial Center (VIFC) is not a separate “pool of capital.” Its role is to connect Vietnam with international institutions, financial products and models, global standards, and international capital flows.

Three levers

Drawing on Deloitte’s advisory experience, the ability to convert capital into growth depends on three closely interconnected conditions.

First, strengthen the legal framework and enforcement mechanisms. Vietnam needs to align three pillars: breakthrough policies to deepen the capital and bond markets; a clear legal framework that approaches international standards; and transparent enforcement mechanisms to protect investors and strengthen confidence.

Vietnam is known for its strong reform efforts. However, meaningful reform will depend not only on the number of laws and regulations introduced, but also on the ability to translate policies into concrete processes that can be implemented, measured, and effectively supervised.

Second, expand partners and investors. To create sustained demand for the capital markets, Vietnam needs more “anchor investors,” including State-owned funds and enterprises, insurers, pension funds, and investment funds. It also needs to expand private equity, private credit, and international institutional capital to meet long-term funding needs with higher risk profiles.

However, expanding the investor base does not mean loosening controls. Rather, it requires risk-based supervision, stronger post-investment monitoring, and clearer accountability. Sustainable capital flows can only emerge when investors are matched with appropriate risk-return structures and credible governance mechanisms.

The final lever is turning connectivity into transactions. The VIFC can serve as a gateway connecting Vietnam with international institutions, financial products, and capital flows. The immediate priority should be developing long-term capital for infrastructure, energy, and technology.

But having financial products alone is not enough. The market also needs a reliable data platform covering projects, capital requirements, cash flows, and investment opportunities so that investors can assess opportunities and make informed decisions. Drawing on Deloitte’s experience in operating models, data, and transformation, products can only create meaningful impact when data, accountability, and implementation mechanisms are designed to work together.

Turning capital into growth

The challenge for Vietnam’s new growth cycle is therefore not simply to mobilize more capital, but to ensure that capital is converted effectively into productive capacity and economic growth.

This requires the financial system to allocate capital according to the characteristics of each investment need. Banks will continue to provide foundational financing, while equity and bond markets, private capital, institutional investors, and international funding can play a greater role in providing medium and long-term capital for infrastructure, energy, technology, innovation, and business expansion.

At the same time, expanding the supply of capital must go hand-in-hand with stronger connections between investors and viable investment opportunities. Reliable data on projects, capital needs, cash flows, and investment opportunities will be critical for investors to assess risks and make decisions.

Ultimately, Vietnam needs an ecosystem in which each source of capital has a clearly-defined role, different funding channels are effectively connected, and capital can reach the areas where it can generate the greatest long-term economic impact. This will be critical to transforming the country’s ambitious growth targets into sustainable economic growth.

The central city of Da Nang is targeting annual gross regional domestic product (GRDP) growth of 11–11.22% in 2026, but must achieve 12.8–13.6% growth in the fourth quarter as the rainy season and a tourism slowdown put pressure on key economic sectors.

The revised target sets a demanding pace for the city, the largest centrally-governed city in the central region. After GRDP grew 10.31% in the first nine months, Da Nang must accelerate sharply in the final three months, when adverse weather can disrupt construction and dampen tourism and service activities.

Statistics show GRDP expanded 11.83% year on year in the third quarter, placing Da Nang seventh among Vietnam’s 34 provinces and centrally governed cities for quarterly growth. Its nine-month growth rate ranked ninth nationwide and third among centrally governed cities.

Tourism and construction face a demanding year-end target

Services and tourism account for more than 55% of Da Nang’s economic structure, making their performance critical to the city’s year-end target, according to Tran Thi Thanh Tam, director of the Da Nang Department of Finance. Tourism, services and construction will remain the main focus of efforts to sustain growth.

The city plans to maintain tourism promotion and organise events, festivals and night-time economic activities tailored to rainy-season conditions to attract visitors. It also intends to support businesses in slower-growing industries, including electricity, wastewater and waste management, and mining, while stimulating commercial and service activities.

Tam highlighted the need to help large industrial producers access capital and expand operations, while removing infrastructure bottlenecks affecting industrial clusters.

“Tourism and services must be treated as a top priority, with all sectors working proactively to meet their growth targets,” she said. Other measures include stimulating consumption, expanding e-commerce, improving distribution infrastructure and strengthening domestic markets. The city will also help local businesses place their products in distribution channels nationwide, enhance production capacity and build stronger brands for Da Nang products.

Under the revised fourth-quarter scenario, the industry and construction sector must grow by 14–14.5%, with construction alone required to expand by 25–26%. Services are also expected to grow by 14–14.5%.

Tran Van Vu, head of the Da Nang Statistics Office, pointed to the seasonal obstacles facing the city. Over the past five years, including the period following the provincial merger, fourth-quarter economic growth has consistently been lower than in preceding quarters and has never reached double digits, he said, attributing the pattern largely to the rainy season. The challenge is compounded by the low season for tourism and services, which account for a substantial share of the local economy.

Industry could help offset some of this pressure. Many factories and industrial facilities continue to operate relatively steadily during the rainy months, creating scope for industrial production to generate added value while weather-sensitive sectors face disruption.

“The focus in the fourth quarter must be on industry,” Vu said, identifying labour shortages – particularly a scarcity of general workers – as a major constraint.

Clearing project bottlenecks to unlock growth

Alongside efforts to boost output, Da Nang is seeking to accelerate projects held back by legal, land-related and site-clearance problems. The city has resolved legal obstacles affecting nearly 2,000 projects and land plots, but relatively few have progressed to implementation and begun generating economic output.

Outstanding difficulties include the complexity of retrospectively determining land prices, a shortage of qualified consultancy firms and challenges in determining investors’ financial obligations. Resolving these issues is seen as essential to bringing more projects into implementation and supporting construction and investment activity.

Ho Ky Minh, Permanent Vice Chairman of the Da Nang People’s Committee, noted the fourth-quarter growth plan would be implemented alongside measures to prevent and respond to natural disasters, ensuring the safety of residents, infrastructure and production during the storm season.

The city will monitor growth by sector, enterprise and individual project, prioritising key products, major businesses and projects capable of generating added value before the end of the year. It will also seek to unlock growth potential in processing and manufacturing, electricity generation, mining, finance and banking, and real estate.

Minh added that the city would classify businesses’ difficulties and organise working groups to engage directly with major revenue earners, exporters, large contributors to the state budget and enterprises experiencing slow growth.

To track progress towards the target, the municipal administration will regularly review the contributions of major sectors, including services, industry, construction and agriculture, in coordination with the municipal Statistics Office, the Department of Finance, other departments and central government agencies based in the city.

Public investment disbursement will also remain a priority, with the city reallocating capital within project management boards and at commune level to improve implementation. The chairman of the municipal People’s Committee will direct working groups to address difficulties facing businesses whose revenue, exports and budget contributions make them significant drivers of local growth.

With the final quarter coinciding with adverse weather and a seasonal slowdown in tourism, Da Nang’s ability to meet its annual target will depend on accelerating industrial output and construction, resolving persistent project bottlenecks and ensuring that investment and business activity translate into economic growth before the end of 2026.