M&A Market Gains Momentum but Still Lacks Common Standards

On this topic, our reporter interviewed Ms. Pham Thuy Duong, Head of the Steering Committee for the establishment of VMAA.

Ms. Pham Thuy Duong, Head of the Steering Committee for the establishment of VMAA

What does the establishment of the VMAA mean for Vietnam’s recovering M&A market?

The establishment of the VMAA is an important milestone for Vietnam’s M&A community. After more than 1,000 days of advocacy, networking, and completing legal procedures, the association is preparing to officially begin operations as a professional organization.

The VMAA reflects the market’s growing demand for a more transparent, professional, and standardized M&A ecosystem.

As Vietnam enters a new phase of economic restructuring, supply chain shifts, and rising international capital inflows, M&A is expected to play a bigger role in business expansion and economic restructuring.

According to Grant Thornton’s Vietnam M&A Report 2025, the country recorded around 367 deals in 2025 with a total value of US$8.7 billion, up 26% from the previous year. This shows the market is recovering positively and still has strong growth potential.

What do you see as the biggest opportunity for Vietnam’s M&A market in 2026?

The biggest opportunity comes from rising demand for corporate restructuring and capital flows seeking quality assets in Vietnam. After a difficult period, many Vietnamese businesses are looking to restructure, find strategic investors, or expand through mergers.

According to the National Statistics Office, the number of newly established and reactivated enterprises reached 297,500 in 2025, up 27.4% from 2024, while 227,200 enterprises exited the market, up 14.8% year-on-year. This reflects strong restructuring pressure and clearer demand for strategic partners, creating favorable conditions for M&A growth.

Sectors such as real estate, industry, healthcare, logistics, technology, and consumer goods continue to attract strong interest.

In real estate, the sector I am directly involved in, there are many opportunities. Regulatory changes and market filtering are creating higher-quality assets for M&A activities.

From my own experience in real estate M&A, particularly in buying and selling properties in Hanoi’s Old Quarter, consolidating smaller properties into larger land holdings can support the development of bigger projects, increase asset value, and contribute to urban renewal.

I also see many businesses acquiring smaller companies and restructuring them into larger enterprises. That is the core value of M&A.

What is the biggest challenge for the current M&A market?

Vietnam’s M&A market is still relatively young, so the biggest challenge remains standardization.

At present, many transactions still depend heavily on personal experience, relationships, and practical negotiation skills. The sector still lacks a formal training system, competency framework, and professional certification standards.

In real estate, legal issues also remain a major bottleneck. According to feedback from the Ho Chi Minh City Real Estate Association (HoREA), the legal completion process for many projects still takes two to three years before they are eligible for implementation or transfer.

Vietnam’s M&A market does not lack opportunities. What is still missing is a clear, transparent, and internationally aligned framework that allows businesses and investors to participate with long-term confidence.

This is also why the establishment of the VMAA is necessary.

Beyond networking, what value will the VMAA bring once it officially begins operations?

The VMAA is not only focused on networking or organizing forums. It aims to build a structured professional ecosystem for M&A, including training, legal advisory services, investment connections, market data sharing, international cooperation, and policy recommendations.

The association also seeks to develop a network of experts, lawyers, advisory firms, investment funds, and businesses to create a more comprehensive support system for each transaction, instead of standalone deals that rely heavily on personal relationships, as is still common today.

The founding congress brought together more than 200 delegates, along with over 100 enterprises, more than 50 investors, 30 strategic partners, and representatives from regulatory agencies and economic experts from Vietnam and abroad. This reflects clear demand for stronger connectivity and greater professionalization in the market.

What policy changes are needed to support more sustainable development of the M&A market?

We hope that in the coming period, the legal framework for project transfers, information disclosure, asset valuation, and transaction approval processes will continue to improve.

In particular, there should be mechanisms to increase transparency in enterprise and asset data, helping investors better assess deal quality, reduce risks, and shorten transaction timelines.

In addition, developing training programs, professional competency standards, and gradually building a system of M&A professional certification is also necessary to support a more professional market.

Thank you very much!