This illustrative image shows a product of Vietnam’s largest dairy producer Vinamilk, nearly 96.1 million shares of which were acquired by Fraser and Neave, part of Thai beverage giant ThaiBev, in 2025. Photo: Vinamilk
According to a newly released report on Vietnam's M&A market and its 2026 outlook by Grant Thornton, the market recorded 367 transactions last year, with total disclosed value reaching approximately US$8.72 billion, up 26 percent year on year.
Foreign investors represented 53.6 percent of the total disclosed transaction value during the year, underscoring their dominant role in the market.
Deal-making gathered pace in the second half of the year, when several large-scale restructuring transactions were completed.
Thailand topped foreign investment in Vietnam's consumer M&A market in 2025 with $1.3 billion in disclosed deals, followed by Japan with $462 million.
Thai investors were behind several high-profile acquisitions.
Among the most notable transactions was the transfer of a 100-percent stake in wholesale and retail chain MM Mega Market Vietnam from TCC Land International (Singapore) Pte. Ltd. to Thai conglomerate Berli Jucker (BJC).
Fraser and Neave, a unit of Thai beverage giant ThaiBev under Thai billionaire Charoen Sirivadhanabhakdi's business empire, invested around VND6 trillion ($232.5 million) in acquiring nearly 96.1 million shares in Vinamilk, Vietnam's largest dairy producer, raising its ownership stake to 24.99 percent.
SCGP Rigid Packaging Solutions, a subsidiary of SCG Thailand, acquired the remaining 30 percent stake in Duy Tan Plastics Corporation, one of Vietnam's leading plastic manufacturers, for about $108.5 million, increasing its ownership to 100 percent.
Japanese investors also expanded their footprint in the market.
In December 2025, Kokuyo, a Japanese office product manufacturer, spent about $185 million acquiring a 65.01 percent stake in Thien Long Group, a leading Vietnamese stationery producer, strengthening its position in Vietnam and expanding its distribution network across ASEAN.
Grant Thornton described Vietnam's M&A market as predominantly mid-market, with an average transaction value of around $51.3 million, largely focused on medium-sized enterprises.
"Against a challenging global backdrop, Vietnam's M&A activity in 2025 underscored the market's relative resilience, supported by strong GDP growth, a large domestic consumer base, and its expanding role in global manufacturing supply chains," the report said.
