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Vietnam Newsletter - October 2024




Market Summary


In October 2024, the Vietnamese market witnessed transactions totaling around USD640m. Notably, the Real Estate, Technology, and Consumer & Retail sectors were prominently involved:

  • The Real Estate sector featured a notable potential transaction where Keppel announced to sell stakes of c. USD300m in Saigon Sports city and Saigon Centre.

  • The Technology sector saw a large acquisition of USD300m in ISCVina by SK Group.

  • The Consumer & Retail sector featured with Vertex Ventures USD6m investment in Vietnamese D2C startup Coolmate.


Aggregate Deals Value = c. USD640m

 

This month's top deals


Real Estate


Keppel sells stakes in Saigon Sports City and Saigon Centre

Singapore’s Keppel announced its plans to divest from two major real estate projects in Ho Chi Minh City, Saigon Sports City and Saigon Centre. These deals are expected to generate approximately USD270-308 million, pending regulatory approval and other conditions, as stated by Keppel. HTV Dai Phuoc Co., Ltd and Vinobly will buy in total of 70% of Saigon Sport City worth c. USD258 million, while Japan's Toshin Development has subscribed for c. USD46.4 million worth of ordinary shares of Saigon Centre.


Article link:

Keppel sells stakes in Saigon Sports City and Saigon Centre


Technology


SK Group acquires Vietnamese semiconductor firm ISCVina for USD300m

South Korea’s SK Group has acquired ISCVina Manufacturing Co Ltd, a Vietnamese semiconductor manufacturing and trading company, for USD300 million. The acquisition was announced during a meeting between Tran Duy Dong, Chairman of the Vinh Phuc People’s Committee, and Hang Sung Won, SK Group’s manager in Vietnam. ISCVina Manufacturing, located in Ba Thien 2 Industrial Park, was previously fully invested by ISC Co Ltd, the leading global producer of semiconductor test sockets.


Article link:

SK Group acquires Vietnamese semiconductor firm ISCVina for USD300m

Singapore Telco M1 buys 70% stake in Vietnamese IT solutions provider ADG

Singapore’s M1 Limited, a subsidiary of Keppel Ltd, has acquired a 70% stake in Vietnam-based ADG National Investment and Technology Development Corp for USD28.3 million through its wholly owned subsidiary AP Tech Holdings Pte. Ltd. The remaining 30% stake will be retained by ADG’s existing shareholders, including its chairman and founder, Vu Minh Tuan.


Article link:

Singapore telco M1 buys 70% stake in Vietnamese IT solutions provider ADG

Kairous Capital leads investment in Vietnamese B2B startup PangoCDP

Kairous Capital, a Malaysian private equity and venture capital firm, has led a USD1.5 million seed investment in Vietnam-based PangoCDP, a B2B startup that integrates social chat apps with a customer data platform. The investment, joined by CyberAgent Capital, aims to accelerate PangoCDP’s product development, enhance platform capabilities, expand market reach, scale the team, and forge new strategic partnerships.


Article link:

Kairous Capital leads investment in Vietnamese B2B startup PangoCDP


Consumer & Retail


Vertex Ventures leads USD6m investment in Vietnamese D2C startup Coolmate

Coolmate, a Vietnam-based D2C men’s apparel brand, has completed a USD6 million Series B funding round led by Vertex Ventures Southeast Asia & India, with participation from Kairous Capital. The investment will support Coolmate’s international expansion, product innovation, and omnichannel retail presence across Southeast Asia.


Article link:

Vertex Ventures leads USD6 million investment in Vietnamese D2C startup Coolmate


Note: 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.


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