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Vietnam M&A Spotlight - December 2024
Freshfields' Vietnam M&A Spotlight keeps you up-to-date with the key business and legal developments in this sector. Please contact us if you would also like to receive our Vietnam Environment Spotlight, Vietnam Infrastructure Spotlight or Vietnam Competition Law Spotlight.
NEWS
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Award. The Ministry of Justice in Vietnam (MOJ) awarded Freshfields for outstanding legal achievements in Vietnam over the past three decades. The MOJ presented the award at the prestigious event celebrating the 30th anniversary of the Freshfields Vietnam offices at the Hanoi Opera House on 6 November 2024. Source: Freshfields News
MARKET UPDATES
M&A Prospects
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Emerging sectors. Dealmaking activities are on the rise in emerging fields ranging from semiconductors and data centres to liquefied natural gas. These emerging sectors are linked to Vietnam’s strong economic growth and growing middle class, and to the supply chain shifts seen over the last several years, especially with respect to industrial real estate. Source: Vietnam Investment Review
Banking and finance
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Expanding. Singapore’s United Overseas Bank (UOB) is looking to open another branch in Ho Chi Minh City (HCMC). UOB currently runs five branches in Vietnam, including two in Hanoi and three in HCMC. Source: The Investor
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Accelerating. Bangkok-domiciled Krungsri, officially known as Bank of Ayudhya Public Company Limited, has made an offer to acquire the remaining 50 per cent of SHBFinance from private lender SHB ahead of their initially agreed timeline. In 2021, SHB and Krungsri signed an agreement relating to the proposed acquisition of 100 per cent of SHBFinance in two phases for VND3.59 trillion (US$141.76 million). The first phase was completed in May 2023 when the Thai partner acquired a 50 per cent stake. The remainder was scheduled to be acquired in 2026. Source: The Investor
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Decelerating. Commonwealth Bank of Australia (CBA) has announced that it has sold approximately 10 per cent of VIB for approximately A$320 million (US$210 million). Following settlement of the transaction, CBA will retain approximately 5 per cent of VIB. Source: Vietnam Investment Review
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Taking over. The State Bank of Vietnam (SBV) has made a decision relating to the mandatory transfer of CBBank and Ocean Bank to Vietcombank and MBBank, respectively, in October 2024. The mandatory transfer of weak credit institutions to banks of substance is one of the SBV’s solutions for restructuring the banking system. Source: Vietnam Investment Review
Healthcare
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Boosting healthcare. Healthcare-focused private equity firm Quadria Capital is reported to be weighing up an investment in Vietnam-based hospital chain Tam Tri Medical. Source: Deal Street Asia
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Planning exit. Vietnamese retailer FPT Digital Retail JSC (FPT Retail) is planning to sell a minority stake in its wholly-owned pharmacy business, FPT Long Chau Pharma. Over the past few months, FPT Retail has been in talks with potential suitors. Source: Deal Street Asia
Transportation
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On the run from Vietnam. Singapore-headquartered fund TAEL Two Partners is planning to divest entirely from Vietnamese taxi operator Vinasun. The Singaporean fund first invested in Vinasun, which used to dominate the taxi market in Ho Chi Minh City, in December 2013. Source: The Investor
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Inroads into Vietnam. China's state-owned aircraft manufacturer COMAC is seeking to collaborate with VietJet and other Vietnamese companies. During the meeting with COMAC in China last month, Vietnamese Prime Minister Pham Minh Chinh sought favourable pricing and other incentives for VietJet, along with new flight routes within Vietnam and between China and Vietnam. Source: VN Express International
Renewable Energy
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Sunny. Japan’s Shizuoka Gas will acquire a 25 per cent stake in My Son-Hoan Loc Viet Solar Energy JSC, the owner of the 50-MW My Son-Hoan Loc Viet solar power plant in Vietnam’s central province of Ninh Thuan. This acquisition marks Shizuoka Gas’ entrance into the Vietnamese market. Source: The Investor
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Windy. Thailand’s BCPG Public Co., Ltd. has announced it will invest US$130 million to acquire two wind power projects in Gia Lai, with a total production capacity of 99MW. The transaction is expected to wrap up in the first quarter of 2025. Source: Vietnam Investment Review
Real Estate
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Vingroup 1. Conglomerate Vingroup has decided to transfer an 80 per cent stake in its real estate subsidiary, VYHT JSC, to foreign investor(s). The firm did not disclose the identities of the overseas parties involved. VYHT is currently developing part of the US$2.4 billion Vinhomes Royal Island urban project, located in Hai Phong. Source: The Investor
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Vingroup 2. Vingroup’s resort and entertainment arm, Vinpearl, which is 85.55 per cent owned by Vingroup, has become a public company, paving the way for a stock exchange listing. Vinpearl currently has 10 hotel and resort complexes in major tourist destinations such as Phu Quoc, Nha Trang, Hoi An and Quang Ninh. Source: VN Express International
