The Marico–Skinetiq deal closed at roughly VND 1,000 billion. The real story isn't the multiple, it's what the multiple was actually paying for: a D2C operating model, customer data architecture, and a repeatable growth engine that Marico couldn't build faster than it could buy. Here's what Vietnam founders need to understand about how operational maturity now affects valuation in lower mid-market M&A.

Vietnam’s M&A market is rebounding strongly in 2026, driven by strategic investors and mid-market transactions. But beyond growth, execution readiness is becoming the decisive factor. For SMEs considering sale, capital raise, or partnership, operational structuring may determine valuation, diligence speed, and transaction success.