Revisiting Vietnam’s billion-dollar M&A deals in 2025: A launchpad for global expansion or the “sell-out” of local brands?

As mergers and acquisitions (M&A) activity in Vietnam has accelerated over the past decade, large-scale transactions have not only reshaped ownership structures within domestic companies but also forced many local brands to confront a strategic crossroads: preserving their original identity or pivoting toward a new growth trajectory.

This context raises a fundamental question: are Vietnamese enterprises losing their identity when “selling” to major investors, or are they proactively leveraging M&A as a springboard for the next phase of growth?

Representative Vietnamese Brands After M&A

One of the earliest notable cases was Diana, a sanitary napkin brand founded in 1997, which was acquired by Unicharm in 2011 for approximately USD 184 million, equivalent to over VND 2.56 trillion at the prevailing exchange rate at the time.

Sabeco—a national icon of Vietnam’s beer industry—also became the subject of intense debate after ThaiBev spent nearly USD 5 billion to acquire a controlling stake in 2017. Despite initial concerns, under new ownership Sabeco did not lose its brand identity. Instead, the company undertook a broad governance restructuring, upgraded production processes, and expanded its distribution network, enabling the brand to maintain its leading position in the domestic market.

The case of KIDO Group represents a different trajectory. After divesting from its confectionery business—the segment that once defined the company’s brand—in 2015, KIDO did not fade from the corporate landscape. Instead, the group pivoted toward essential food categories, notably cooking oil and ice cream, while actively pursuing domestic M&A transactions to expand its product ecosystem and strengthen its distribution capabilities.

At the same time, domestic M&A activity has become increasingly prominent. A notable example is Masan Group’s acquisition of Phúc Long. Formerly positioned as a boutique coffee and tea brand, Phúc Long rapidly scaled up its operations after joining Masan’s retail ecosystem, leveraging the extensive WinMart+ network to significantly broaden its market reach.

Overall, from Sabeco to KIDO and Phúc Long, a clear common thread emerges: brands that truly enter a “new chapter” post-M&A are those with a well-defined post-transaction strategy, rather than those treating M&A as merely a transfer of ownership.

Notable M&A Transactions in Vietnam in 2025

According to the latest update by Grant Thornton Vietnam on Vietnam’s mergers and acquisitions market, the country recorded 34 M&A transactions in November 2025 alone, with a total disclosed value exceeding USD 712 million.

Earlier, in October 2025, the market saw a series of large-scale transactions. OCI Holdings, a leading South Korean energy and chemicals conglomerate, acquired a 65% stake in Elite Solar Power Wafer, a solar wafer manufacturing project currently under development in Vietnam. In the renewable energy sector, Levanta Holding Pte. Ltd. invested USD 33.1 million to acquire 80% of HBRE Gia Lai Wind Power JSC from Super Energy Group and Super Wind Energy. Around the same period, Sumitomo acquired a 49% stake in Cuu Long Power Engineering Consulting and Development JSC from GreenSpark Group.

According to Grant Thornton’s assessment, following a prolonged slowdown, Vietnam’s M&A market is entering a recovery cycle, characterized not by a sharp increase in deal volume, but by a clear rise in deal size and strategic significance. Rather than concentrating primarily on real estate as in previous cycles, capital flows are now increasingly directed toward sectors linked to technology, manufacturing capacity, and supply chains—key drivers of long-term competitive advantage.

At the same time, M&A activity has broadened across multiple sectors, including agriculture, livestock farming, consumer goods, healthcare, utilities, and finance. Notably, Dabaco acquired an additional 41.67% stake in Thinh Phat Kim Son 1 JSC, increasing its charter capital to implement a high-tech pig farming project in Bao Ha commune (Lao Cai Province), with total investment estimated at approximately VND 560 billion.

Among the most closely watched transactions in 2025 is Kokuyo’s plan to launch a tender offer and raise its controlling stake in Thien Long Group, Vietnam’s leading office stationery company.

Specifically, Thien Long An Thinh Investment JSC has disclosed that it is in the process of negotiating and finalizing the transfer of its entire equity stake to Kokuyo. In parallel, the Japanese group plans to launch a mandatory public tender offer for 18.19% of TLG shares, in accordance with regulatory requirements. Upon completion, Kokuyo will indirectly own 46.82% of Thien Long Group’s charter capital through TLAT, in addition to a direct 18.19% stake, bringing its total ownership to 65.01%.

According to Kokuyo’s disclosures, the total transaction value required to reach this ownership level is estimated at approximately JPY 27.6 trillion, equivalent to around VND 4.6 trillion. Analysts regard this transaction as one of the most notable M&A deals of 2025.

Closely associated with Thien Long for more than four decades is Co Gia Tho, the company’s founder and Chairman, often described as the “driving force” behind the business. Although his direct personal ownership stands at only 6.27%, effective control resides with TLAT, the largest shareholder holding 46.82% of charter capital, where Mr. Tho serves as legal representative as well as Chairman and Chief Executive Officer.

Another development attracting significant attention is the change in ownership at Bibica. After more than a decade of protracted negotiations with foreign partners, PAN Group gradually became the controlling shareholder, increasing its ownership to approximately 98.3% of charter capital by mid-2025. PAN’s involvement enabled Bibica to reposition its strategy, refocus on domestic branding, expand distribution channels, and invest in production technology.

However, in November 2025, the situation shifted again when Sari Murni Abadi announced its acquisition of Bibica. Prior to this, PAN had established Bibica Capital, with charter capital of approximately VND 1.645 trillion, contributing its entire holding of more than 18.4 million BBC shares as capital.

From a purely domestic confectionery company, Bibica has undergone successive partnerships and ownership transfers involving Lotte, PAN, and subsequently Sari Murni Abadi. Each transaction was accompanied by expectations of restructuring and scale expansion, while also reflecting a prolonged period of ownership volatility.

Conversely, 2025 also witnessed M&A transactions with a distinctly domestic character. A notable example is Golden Gate Group’s acquisition of The Coffee House. According to Golden Gate’s audited consolidated financial statements for 2024, the group acquired 99.98% of Viet Nam Tea & Coffee Services Trading JSC—the operator of The Coffee House—for an estimated value of around VND 270 billion, thereby bringing the coffee chain fully into Golden Gate’s ecosystem as a subsidiary.

(Source: Vietdata compilation)