27/11/2025
Newsletter
In November 2025, Vietnam’s M&A market remained active, recording 34, reflecting both disclosed transactions and broader market activity during the month. Deal flow was concentrated in the Energy, Financial Services, Consumer sectors, which together accounted for the majority of transaction value and volume.
By value, Energy, Financial Services, and Consumer emerged as the leading sectors, driven by a combination of strategic stake acquisitions, capital markets transactions, and consumer-facing investments. Market activity during the month continued to be underpinned by strategic investments from foreign investors, particularly in energy and financial services.
In terms of volume, deal activity remained well-diversified across sectors, with Energy and Consumer recording the highest number of transactions highlighting sustained breadth in M&A participation despite a selective investment environment.
PT Sari Murni Abadi acquires Bibica Corporation
Indonesia-based PT Sari Murni Abadi completed the acquisition of a controlling stake in Bibica Corporation on November 6, 2025, acquiring c. 98% of the Vietnamese confectionery producer from Bibica Capital. The transaction strengthens Sari Murni Abadi’s presence in Vietnam’s fast-moving consumer goods sector, particularly packaged foods, and reflects continued regional consolidation in branded consumer staples. The transaction value was not disclosed.
Article link: PT Sari Murni Abadi acquires Bibica Corporation
KIDO Group to sell remaining 49% stake in KIDO Foods to Nutifood
KIDO Group (HOSE: KDC) has approved a plan to transfer its remaining 49% stake (over 36.3 million shares) in KIDO Foods (KDF) to Nutifood or an entity designated by Nutifood, with a projected transaction value of approximately VND2,500 billion (around USD95 million). If completed, the transaction will mark KIDO’s full exit from the ice cream and frozen food segment, concluding a year-long process of divestment and legal clarifications related to brand ownership.
Article link: KIDO Group to sell remaining 49% stake in KIDO Foods to Nutifood
Brookfield Asset Management expands renewable energy platform in Vietnam
Global investment firm Brookfield Asset Management announced on November 26, 2025, that it has made its first renewable energy investments in Vietnam, Thailand, and the Philippines through its Catalytic Transition Fund (CTF). In Vietnam, Brookfield acquired a 100 MW contracted operational wind project in the central region, providing a seed asset for its broader decarbonization platform in Southeast Asia. Supported by c. USD1 billion of catalytic capital from ALTÉRRA, the CTF investments also include partnerships in Malaysia and expanded clean energy capabilities across the region, reflecting growing private capital deployment into net-zero transition infrastructure.
Artcle link: Brookfield Asset Management expands renewable energy platform in Vietnam
AboitizPower acquires 25% stake in Van Phong Power Co., Ltd. (VPCL) from Japan’s Sumitomo Corporation
Philippines-based AboitizPower completed the acquisition of a 25% stake in Van Phong Power Company in November 2025, purchasing the interest from Sumitomo Corporation. Valued at c. USD220 million, the transaction represents a significant foreign investment in Vietnam’s power generation sector and aligns with AboitizPower’s strategy to expand its regional energy footprint.
Article link: AboitizPower acquires 25% stake in Van Phong Power Co., Ltd. (VPCL) from Japan’s Sumitomo Corporation
Appirits Inc. acquires Vietnamese tech firm Bumbu JSC
Japan-based Appirits Inc. completed the acquisition of Vietnamese technology company Bumbu JSC in a notable cross-border transaction announced in November 2025. Valued at c. USD241 million, the deal highlights sustained foreign interest in Vietnam’s technology sector and supports Appirits’ strategy to expand its digital solutions footprint in Southeast Asia.
Article link: Appirits Inc. acquires Vietnamese tech firm Bumbu JSC
SBI Group invests in Vietnamese insurtech Saladin
Japanese financial and technology conglomerate SBI Group has made an investment in Vietnamese insurtech brokerage Saladin, which has been licensed as an insurance broker since 2022 and completed its Series A round in 2023. The strategic investment is intended to support the expansion of Saladin’s technology platform and enhance its capability to deliver digital insurance products in Vietnam’s rapidly evolving insurtech market. The investment size and ownership stake were not disclosed.
Article link: SBI Group invests in Vietnamese insurtech Saladin
Touchstone Partners launches USD10 million Green Transition Fund
Touchstone Partners announced the launch of a USD10 million Green Transition Fund in November 2025 to invest in climate-tech startups across Vietnam and Southeast Asia. The fund will focus on sustainable agriculture, circular economy, waste management, and energy-transition technologies, reinforcing early-stage investment flows into high-impact tech ventures.
Article link: Touchstone Partners launches USD10 million Green Transition Fund
Asahi Mutual Life Insurance to acquire MVI Life
Japan’s Asahi Mutual Life Insurance Company announced an agreement in late November 2025 to acquire MVI Life Co. Ltd from Manulife Financial Corporation. Valued at c. USD170 million, the transaction marks Asahi Life’s entry into Vietnam’s life insurance market and reflects ongoing consolidation in the sector, subject to regulatory approval.
Source: Asahi Mutual Life Insurance to acquire MVI Life
S&P Global finalises investment in FiinRatings
S&P Global has completed a strategic investment in FiinRatings, a Vietnam-based credit ratings agency and part of the FiinGroup ecosystem, reinforcing its commitment to the Vietnamese market. The transaction is aimed at expanding FiinRatings’ analytical capabilities, broadening its product offerings, and enhancing local credit assessment infrastructure - supporting deeper capital markets development in Vietnam. The financial terms of the investment were not disclosed.
Article link: S&P Global finalises investment in FiinRatings
SCIC transfers 50.17% of FPT Telecom to Ministry of Public Security
In November 2025, the State Capital Investment Corporation (SCIC) completed the transfer of nearly 370.7 million shares (50.17%) of FPT Telecom to the Ministry of Public Security, fulfilling the capital transfer agreement initially reached in July. As a result, the Ministry now holds the full state-owned stake in FPT Telecom, while FPT Group retains around 45.66%. The move is positioned as a strategic measure to strengthen data security, digital sovereignty, and to support the implementation of Project 06 on cybersecurity and information technology infrastructure.
Article link: SCIC transfers 50.17% of FPT Telecom to Ministry of Public Security
Taiwan’s Panjit acquires 95% stake in Torex Vietnam Semiconductor
Taiwan-listed semiconductor company Panjit International Inc approved the acquisition of a 95% stake in Torex Vietnam Semiconductor, a subsidiary of Japan-based Torex Semiconductor, in November 2025. The transaction is intended to expand Panjit’s product portfolio and introduce automotive-grade power semiconductor packaging and testing capabilities in Vietnam, strengthening its exposure to AI, automotive, power supply, and green energy end markets. The transaction value was not disclosed.
Source: Taiwan’s Panjit acquires 95% stake in Torex Vietnam Semiconductor
Note: (1) Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.