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Vietnam Newsletter - January & February 2023




Market Summary


  • Although Vietnam was in full of joy and happiness in January and February due to Lunar New Year, the market stayed active with the total announced closed deal size of c. USD121.6m. The most active sector was Financial Services with USD100m loan from IFC to SeaBank.

  • Real Estate contributed USD11.5m to the market by the investment of APAC Realty in ERA Vietnam. Technology and Consumer & Retail also contributed USD11.5m, USD9.1m, USD1.0m to the market respectively.


Aggregate Deals Value = USD121.6m

 

This month's top deals


Financial Services

Southeast Asia Commercial Joint Stock Bank (SeaBank) announced that it raised USD100 million from International Finance Corporation (IFC)

Southeast Asia Commercial Joint Stock Bank announced that it has raised a non-convertible senior loan from returning investor International Finance Corporation for gross proceeds of USD100 million on January 30, 2023. The loan will mature in 5 years from the date of issuance.

IFC wants to support Vietnamese with low income have better access to houses. Hence, the use of proceed will be providing housing loans to citizen.


Article link: Southeast Asia Commercial Joint Stock Bank announced that it raised $100 million from International Finance Corporation

Real Estate

APAC Realty Limited acquired an additional 22% stake in ERA Vietnam Real Estate Joint Stock Company

APAC Realty Limited acquired an additional 22% stake in ERA Vietnam Real Estate Joint Stock Company for SGD15.3 million on January 9, 2023. This transaction helps APAC Realty become the largest shareholder of ERA Vietnam with 60% shareholding. By acquiring ERA Vietnam, APAC expects to achieve USD1.0 billion revenue in 2023.

Oh Hsiu Hau and Tran Thi Phuong Thao of Allen & Gledhill acted as legal advisors to APAC Realty Limited.


Article link:

APAC Realty Limited acquired an additional 22% stake in ERA Vietnam Real Estate Joint Stock Company

Technology

Gimo, a fintech startup in Vietnam, has successfully raised USD5.1 million through a Series A funding round

Gimo JSC announced that it has received USD5.1 million in an equity round of funding led by returning investor, TNB Aura, on January 26, 2023. The transaction included participation from returning investors, Integra Partners, Resolution Ventures, and ThinkZone Ventures. The company will use the proceeds for product innovation and revenue growth.


Article link:

Gimo, a fintech startup in Vietnam, has successfully raised USD5.1 million through a Series A funding round


Aura Network received USD4 million in a round of funding led by Hashed and Coin98 Ventures


Note: Deal values only include disclosed completed 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 count.

Exchange rate: USD1.00 = VND23,570.00 as of February 28, 2023.

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