Vietnam M&A in March 2026: Fragmented deals and small deal sizes prevail

M&A activity in Vietnam in March 2026 showed broad participation across sectors, but deal sizes remained generally modest. Grant Thornton’s March 2026 M&A briefing said capital continued to circulate, while investor appetite became more cautious, particularly for larger transactions. In the month, Vietnam recorded 24 M&A deals, of which 10 disclosed values, totaling roughly USD 104 million.

First-quarter overview

For the first quarter of 2026, Vietnam recorded 51 M&A deals, down 36% year-on-year. Despite the lower number of deals, total deal value reached USD 659 million, up 24%, indicating a shift toward larger average deal sizes compared with the same period last year.

Sector breakdown: deal counts

Industrial Production led by deal count with 6 transactions. Logistics and Infrastructure followed with 3 deals. Energy, Technology, Finance and Real Estate each contributed 2 deals. In total, Industrial Production, Energy, Logistics and Infrastructure accounted for about 46% of all deals recorded in March.

Sector breakdown: deal values

In terms of value, Real Estate, Energy and Industrial Production were the largest contributors, each accounting for more than 30% of total deal value. While deal counts improved versus the first two months of the year, the average deal size remained modest at around USD 10 million per deal.

Investor participation

Foreign investors remained active, including funds from Singapore, Japan, the United Kingdom and Indonesia. By contrast, financial investors and private equity were generally more cautious, tending to participate in smaller-scale transactions.

Notable deals

Real Estate

Container Vietnam JSC (Viconship) completed the acquisition of 65% of Harbour City Co., Ltd., valued at about VND 914 billion (roughly USD 34.7 million). The transaction gives Viconship control of the entity that owns an industrial real estate project in the Cat Bi airport urban area in Hai Phong.

Energy

Gresham House, via the SAETF fund, signed an agreement to acquire Asia Clean Capital Vietnam (ACCV) to expand its rooftop solar portfolio in Vietnam.

In early March, Levanta Renewables, a renewable energy platform backed by Actis, completed the purchase of 80% of the shares in HBRE Gia Lai Wind Power Joint Stock Company for USD 33.1 million. The deal increases total operating capacity in the region to about 400 MW.

Other sectors and developments

Other notable developments included logistics and infrastructure activities such as AP Moller-Maersk’s terminal investments and CJ Logistics’ stake consolidation. Industrial Production saw transactions including ARICO acquisition. In plastics and renewable energy, Norfund invested in Circular Plastics Vietnam.

There were also notable moves in Tourism and Lodging, and Finance, including Kredivo’s acquisition of Timo and ongoing plans to invest in VN.

Additional corporate and policy moves

Additional activities included Ho Chi Minh City’s plan to establish a USD 20 million venture fund focused on technology such as AI, big data and robotics. SCB decided to cancel Home Credit Vietnam’s acquisition. The period also included a cluster of notable minority/majority stake sales and restructurings across other Vietnamese corporates.

Source: Capital IQ, Grant Thornton.