Mergers and acquisitions in Vietnam now more selective

Investors faced a mixed dealmaking landscape in Vietnam during the first quarter.

- By Douglas Jackson

The market was not weak across the board, but it was clearly more selective: fewer transactions, larger average deal sizes, and greater scrutiny of execution risk.Vietnam's M&A market showed a mixed picture in the first quarter of 2026 Deal volume declined, disclosed deal value increased. There were around 51 announced transactions, down from 81 transactions in the first quarter of 2025, representing a decline of roughly 36 per cent.

At the same time, disclosed deal value increased from about $534 million in the first quarter of 2025 to around $659 million in the first quarter of 2026, an increase of roughly 24 per cent.

This suggests that, while Vietnam's M&A market is not yet recovering broadly, it is becoming more selective and larger-ticket.

Compared with full-year 2025, when Vietnam recorded about 367 deals worth $8.7 billion, the first quarter of 2026 remains a modest start. However, 2025 activity was heavily back-loaded, with second-half deal value nearly three times first-half deal value, so the first quarter should not be annualised too mechanically.