Vietnam is poised to experience a robust wave of mergers and acquisitions (M&A) in 2025, driven by strong foreign investor interest and favorable government policies. Real estate remains a key sector, while healthcare and education are emerging as attractive investment destinations.
Real Estate: Still Hot
According to Vietnam’s General Statistics Office, foreign direct investment (FDI) registered in the first two months of 2025 totaled nearly USD 6.9 billion—up 35.5% year-on-year. Of this, the real estate sector accounted for USD 371.5 million, making it the second most attractive sector for foreign capital.
Experts forecast continued momentum in real estate M&A, especially through project acquisitions. Both foreign and local investors are gearing up for large-scale deals across various segments and regions.
Nguyen Van Dinh, Vice Chairman of the Vietnam National Real Estate Association (VNREA), said recent legal reforms in investment and real estate are smoothing the way for M&A transactions. He predicted that the market would favor well-capitalized players, with weaker ones being filtered out. “The 2025–2026 period will be a dynamic phase with many high-quality assets entering the M&A market,” he said.
Nguyen Cong Ai, Deputy General Director of KPMG Vietnam, echoed this view, highlighting real estate, manufacturing, information technology, and consumer goods as key sectors with strong growth potential for M&A.
Investor Confidence Rises
Vietnam’s real estate sector is already seeing major deals. Kim Oanh Group recently partnered with four Japanese firms—Sumitomo Forestry, Kugami Gumi, NTT Urban Development, and AEON—to develop the One World project in Binh Duong. The nearly 50-hectare development received an initial investment of VND 9 trillion (approx. USD 370 million), with a total value exceeding USD 1 billion.
Also in Binh Duong, Becamex IDC transferred a housing project worth USD 553 million to Sycamore Limited, a unit of Singapore-based CapitaLand.
Trang Le, CEO of JLL Vietnam, said foreign investors are closely monitoring Vietnamese projects, especially in commercial real estate. “Global economic shifts are making Vietnam’s office and industrial segments increasingly appealing,” she noted.
Healthcare and Education: The Next Hotspots
Beyond real estate, healthcare and education are gaining attention. According to PwC’s “Global M&A Trends” report, Vietnam’s healthcare M&A market is expected to boom in 2025, driven by rising demand for high-quality services and a growing middle class. Private hospitals and specialty clinics—especially in oncology and ophthalmology—are becoming prime targets for acquisition.
Education is also attracting capital, thanks to open policies allowing 100% foreign ownership of educational institutions. With rising demand for private and international schooling, M&A activity is forecast to intensify, particularly in higher education and vocational training.
PwC’s Ong Tiong Hooi, Leader of Transaction Services, said that global M&A activity is rebounding and Vietnam is no exception. “Domestic companies are leading high-value deals, while foreign investors are returning, especially in healthcare and education,” he said. He advised investors to understand sector-specific trends, keep a close eye on valuations and geopolitical dynamics, and focus on creating core value.
Vietnam’s M&A landscape is set for strong growth in 2025, with real estate continuing to lead and healthcare and education emerging as high-potential sectors. Favorable policies, economic resilience, and a growing consumer base are drawing both local and international investors back to the table.
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Source: Vietnam Insider