M&A

Vietnam recorded 126 M&A deals in the first half of 2026, down a fifth on last year. Their value rose.

Grant Thornton counted 126 deals announced between January and June 2026, with disclosed values of about $2.5bn. Deal numbers fell about 20% year on year while total value rose about 14%. June was the busiest month, with 33 deals worth around $1bn.

What it means. Buyers are concentrating on larger, cleaner businesses with audited accounts and settled licences. Smaller founder-owned companies face longer processes and tougher diligence, so preparation before a sale now matters more than ever.

Nebula Energy bought the remaining 51% of Vietnam’s Cai Mep LNG terminal in April.

Nebula Energy, through AG&P LNG, acquired the 51% of Cai Mep LNG Terminal it did not already own from Hai Linh Co., taking its stake to 100%. The price was not disclosed.

What it means. LNG import terminals are moving into the hands of specialist foreign operators as Vietnam’s gas-fired power plants come online. Terminals with long-term supply contracts will be among the most sought-after energy assets of the decade.

The listed group approved a plan in April to acquire up to 100% of Phu Cuong Wind Power.

REE Energy, part of listed REE Corporation, approved acquiring up to 100% of Phu Cuong Wind Power, owner of the 200 MW Phu Cuong 1A and 1B projects, with a total project investment of about VND 9,140bn ($400m). The deal price was not disclosed.

What it means. Vietnamese listed groups are consolidating operating renewables as the tariff rules settle. Domestic buyers can move faster than foreign ones on approvals, which puts them first in line for the best operating wind and solar assets.

G42, FPT and VinaCapital split capital, operations and local access.

Abu Dhabi’s G42, Vietnamese technology group FPT and fund manager VinaCapital are partnering on a $2bn data-centre campus, part of a pipeline expected to reach nearly 600 MW by 2030.

What it means. This is the most common route in for foreign strategic investors: a joint venture where each partner brings what the others lack. The shareholder terms, especially on control and exit, are where these deals succeed or fail.

A global terminal operator joins two state-owned partners in a $5bn port.

MSC’s terminal arm TiL was approved in April 2026 as an investor in the Can Gio International Transshipment Port, alongside state-owned VIMC and Saigon Port.

What it means. Foreign minority stakes beside state partners are the model Vietnam prefers for strategic assets. The minority protections agreed here will be the reference point for every foreign investor in a state-led project.