10 noteworthy deals of Vietnamese companies acquiring foreign businesses from 2009 to 2023, M&A between Vietnamese and foreign businesses

10 noteworthy deals of Vietnamese companies acquiring foreign businesses from 2009 to 2023

On November 28, during the 2023 Vietnamese M&A Forum, recognition was given to 10 prominent corporate acquisitions of foreign entities by Vietnamese enterprises within the 2009-2023 timeframe.

1. Saigon Coop’s acquisition of Auchan’s 18 supermarket chain (France)

In 2019, Saigon Co.op reached a deal to take over all retail operations of Auchan in the Vietnamese market, valued at a substantial USD 150 million. Saigon Co.op assumed management of Auchan’s entire system, personnel, and merchandise in Vietnam. Auchan members were seamlessly transitioned into Saigon Co.op, and the 18 supermarkets acquired were rebranded as Co.opmart, Co.optra, Finelife.

2. Masan’s acquisition of the Nui Phao project

In July 2010, Masan Group completed its first and most substantial M&A deal of 2010 by purchasing the Nui Phao project through Masan Resources. Masan Resources, later renamed Masan High-Tech Materials, emerged as a leading global company in high-tech tungsten extraction and processing, with production facilities in Vietnam, Germany, Canada, and China.

3. Vinfast’s acquisition of General Motors Vietnam

In 2018, VinFast and General Motors (GM) signed a strategic cooperation agreement to enhance the development of Chevrolet and VinFast brands in the Vietnamese market. VinFast took over the authorized dealer network of Chevrolet, becoming the exclusive distributor of Chevrolet products and services in Vietnam. Furthermore, VinFast acquired and assumed control of GM’s entire factory in Hanoi for the production of a new line of small cars licensed by GM.

4. Masan Resources’ subsidiary acquiring H.C. Starck Group GmbH’s tungsten business platform

In 2020, Vonfram Masan Co., a subsidiary of Masan Resources, successfully concluded the acquisition of H.C. Starck Group GmbH’s tungsten business platform, a leading manufacturer of high-tech tungsten products in the midstream stage of the value chain, served global customers with production complexes in Europe, North America, and China.

5. Masan Group’s acquisition of 15% of Nyobolt Limited’s shares

In 2022, H.C. Starck Tungsten Powders, a Masan Group subsidiary, acquired a 15% stake in Nyobolt Limited, a company specializing in fast-charging Li-ion battery solutions. This collaboration expanded H.C. Starck Tungsten Powders’s vision to become a supplier of high-tech industrial materials, adding value through the development of new tungsten applications.

6. TH Group’s acquisition of Tate & Lyle Sugar Factory (UK)

In 2011, TH Milk Corporation invested over USD 52 million to acquire the Tate & Lyle Sugar Factory in Nghe An, entering the list of “mega” M&A deals with foreign elements.

This merger and acquisition transaction took place following an international auction procedure that involved the involvement of numerous both domestic and international enterprises.

The international auction involved numerous domestic and international enterprises and professional advisory firms.

7. TC Group’s acquisition of Bourbon Tây Ninh Sugar Factory

Bourbon Tây Ninh Sugar Factory, initially established as Bourbon Tây Ninh Sugar Company Limited in 1995, became a modern sugar factory in Vietnam with active control over the raw material region. In late 2010, the Bourbon Group divested its stake in SBT, transferring all shares to the Vietnamese partner, Thành Thành Công Investment Joint Stock Company.

Lawyer Nguyen Tien Hoa, Senior Partner of ASL LAW, and Mr. Dang Van Thanh, Chairman of TTC

8. Bamboo Capital’s acquisition of shares in AAA Insurance Company from IAG Group (Australia)

In 2021, Bamboo Capital and its subsidiary BCG Financial acquired an 80.64% stake in AAA Insurance Company from the Australian Insurance Group IAG. Bamboo Capital acquired 79.7 million shares, equivalent to 71% of the company’s equity, while BCG Financial purchased 10.8 million shares, equivalent to 9.64% of the equity. The deal’s value was around USD 36 million.

9. THACO’s acquisition of E-Mart hypermarket

At the end of 2021, THACO officially became the new owner of E-Mart Vietnam. In 2022, E-Mart Vietnam accelerated plans to open two new hypermarkets: Emart Sala Thủ Thiêm (October 2022) and Emart Phan Huy Ích (December 2022). The goal is to reach 20 hypermarkets within 5 years, with a target revenue of USD 1 billion by 2026, becoming the leading hypermarket in Vietnam.

10. Vinamilk’s acquisition of Driftwood Dairy Holding Corporation (USA)

In 2016, Vietnam Dairy Products Joint Stock Company (Vinamilk) received approval for its foreign investment registration certificate to increase its investment in Driftwood Dairy Holding Corporation. Vinamilk was approved to invest an additional USD 3 million in Driftwood, raising its total investment to USD 10 million and increasing ownership from 70% to 100%. Driftwood, based in California, USA, is a Vinamilk subsidiary specializing in the production and distribution of dairy products, fruit juices, and snacks in the California market and for export.

Typically, during the M&A Forum, ASL LAW is awarded one of the Outstanding Vietnam M&A Advisors from 2009-2023.

ASL LAW is the top-tier Vietnam law firm for in-depth legal advice in Vietnam and internationally. If you need any advice, please contact us for further information or collaboration.


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