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Improvements in the legal environment, together with greater proactiveness in corporate preparedness, are gradually laying the groundwork for Vietnam’s M&A market to move into a new growth cycle in the medium and long term.
Overview of Vietnam’s M&A Market in 2025
After a prolonged period of subdued activity, Vietnam’s M&A market in 2025 has begun to show clearer signs of recovery, both in terms of transaction volume and deal structure.
Transactions are not only rebounding statistically but are also demonstrating improved quality, with increasingly visible participation from foreign investors and professional investment funds.
Signals Pointing to a New M&A Cycle
One notable development is the rise of strategically driven M&A transactions, particularly in real estate, industrial manufacturing, and energy. These deals reflect a shift away from opportunistic M&A toward transactions aligned with long-term strategies, such as market expansion, value chain control, and optimization of production and business operations.
At the same time, capital flows from international private equity funds are gradually returning after an extended period of caution. This trend indicates that medium- and long-term confidence in the Vietnamese market is being steadily restored, even as investors remain more selective and disciplined than in previous cycles.
Strategic Perspectives from Mr. Khuong
According to Mr. Pham Duy Khuong, Managing Partner of ASL LAW, the current recovery should still be viewed as an initial phase rather than a fully established boom cycle.
The decisive factor does not lie in the number of announced deals, but in the ability to successfully close transactions, the level of legal certainty, and the time required to complete regulatory procedures, particularly in deals involving foreign elements.
If existing bottlenecks related to investment approvals, capital transfers, land issues, and energy projects continue to be addressed in a more transparent and consistent manner, the M&A market would have a solid basis to accelerate markedly from 2026 onward.
Three Key Factors Determining the Next M&A Upsurge
First, a stable and predictable legal framework will be a fundamental prerequisite for Vietnam to compete effectively for regional M&A capital.
Second, the degree of standardization in corporate governance, legal documentation, and financial data among Vietnamese enterprises will directly influence their ability to attract strategic investors, rather than limiting transactions to short-term financial deals.
Third, ongoing global capital reallocation into manufacturing, energy, and infrastructure will continue to act as a key driver for Vietnam’s M&A market, provided that such capital flows are effectively aligned with domestic development policies.
Vietnam at a Pivotal Moment
The period from 2025 to 2027 may represent a turning point for Vietnam’s M&A market, provided that legal reforms are implemented in a coordinated manner and enterprises proactively strengthen their transaction readiness in advance.
In an increasingly competitive global environment for attracting international capital, M&A is no longer merely a tool for corporate acquisitions, but is becoming a benchmark for institutional capacity and the overall quality of Vietnam’s investment climate in its next phase of development.
At the Vietnam M&A Forum 2025, ASL LAW continues to reaffirm its leading position in the M&A advisory sector by being honored as the Outstanding M&A Advisory Firm Of The Year 2024–2025. Previously, the firm was awarded the title of Outstanding M&A Advisors Of 2009–2023 – a distinction summarizing 15 years of consistent and sustainable professional practice – and recently, Outstanding M&A Advisors Of 2023–2024.
ASL Law is a leading full-service and independent Vietnamese law firm made up of experienced and talented lawyers. ASL Law is ranked as the top tier Law Firm in Vietnam by Legal500, Asia Law, WTR, and Asia Business Law Journal. Based in both Hanoi and Ho Chi Minh City in Vietnam, the firm’s main purpose is to provide the most practical, efficient and lawful advice to its domestic and international clients. If we can be of assistance, please email to [email protected].
ASL LAW is the top tier M&A law firm in Vietnam. If you need any advice, please contact us for further information or collaboration.
