Vietnam M&A 2026 Is Gaining Momentum, But Execution Readiness Will Decide the Outcome
- Nhi Hong
- 15 hours ago
- 4 min read
By: Nhi Hong
Market Context: A Rebound with Selectivity
Vietnam’s M&A market entered 2026 on the back of a clear recovery in 2025.According to Grant Thornton Vietnam’s M&A Outlook, the country recorded 367 announced transactions with a total disclosed value of approximately USD 8.7 billion, up 26% year-on-year. The rebound accelerated notably in the second half of the year as macroeconomic visibility improved.
The same report highlights several defining characteristics of the current cycle:
The market remains mid-market driven, with deal sizes relatively stable rather than dominated by mega-transactions. According to James Invest, transactions valued between $2 million and $30 million will account for a large proportion, as they align with the "gradual market entry" strategy of many foreign funds and investors.
Strategic investors (not purely financial buyers) continue to lead activity, focusing on long-term positioning and operational synergies.
Key sectors attracting transactions include industrial manufacturing, consumer, energy, healthcare, logistics, and education.
Vietnam’s macro fundamentals such as GDP growth, sustained FDI inflows, infrastructure expansion, and regulatory reforms, are reinforcing investor confidence heading into 2026.
In parallel, regional data referenced by Grant Thornton shows ASEAN deal value rising significantly in 2025, signaling that Vietnam is participating in a broader reactivation of strategic capital across Asia.
In short: Capital is available. Buyers are active. Opportunities are real.
But the nature of deals is changing.
What Buyers Are Actually Looking for in Vietnam
This cycle is not being driven by financial arbitrage. It is being driven by strategic expansion.
Grant Thornton notes that foreign investors from Thailand, Japan, Korea, and increasingly China are using Vietnam as:
A supply-chain extension,
A production and logistics platform,
A gateway to regional consumption growth,
A long-term operational base within ASEAN.
That shift changes what acquirers evaluate.
They are no longer just asking:“Is this company growing?”
They are asking:“Can this business be integrated, scaled, and run predictably after the transaction?”
This emphasis on certainty of execution is repeatedly highlighted in the report as investors remain disciplined in capital deployment amid global volatility.
The Hidden Gap Slowing Many SME Transactions
Across Vietnam’s SME landscape, many companies reach a stage where financial performance is strong, yet transaction readiness is uneven.
Common realities observed in the market include:
Decision-making concentrated around the founder.
Operational knowledge embedded in individuals rather than systems.
Limited management layers capable of independent execution.
Performance visibility that works internally but is difficult for external investors to assess.
Processes that scale through effort, not structure.
These are not weaknesses in entrepreneurship. They are natural outcomes of founder-led growth.
However, during M&A, they translate into perceived execution risk, which can affect valuation, extend diligence timelines, or complicate deal structures.
Why 2026–2027 Will Increase Pressure on Operational Readiness
Grant Thornton identifies several structural forces expected to expand deal supply in the coming years:
Founder succession dynamics across family-owned businesses.
Private equity exits from investments made in 2019–2020.
Continued strategic consolidation in sectors tied to supply-chain resilience and domestic consumption.
Regulatory developments encouraging greater financial transparency and governance among private enterprises.
A more active IPO environment, creating clearer capital pathways and valuation benchmarks.
These dynamics mean more companies will explore:
Strategic partnerships,
Partial divestments,
Growth capital injections, or
Ownership transitions.
As transaction volume increases, expectations around execution discipline will also rise.
From Founder-Driven Businesses to Transferable Operating Platforms
Between running a successful company and completing a successful transaction lies a phase that is often underestimated.
This phase can be described as Transitional Operating Structuring, a focused effort to prepare a business to move from:
Founder-led execution > Institutionalized operating platform
It does not change what made the company successful. It translates that success into a structure that external stakeholders can rely on.
This typically involves clarifying:
How decisions are made and escalated.
How performance is measured consistently across functions.
How leadership responsibilities are distributed beyond the founder.
How operations can continue without disruption under new ownership or capital structures.
How integration or scaling assumptions can realistically be executed.
It is a practical bridge between growth history and transaction future.
When This Becomes Relevant for SMEs
This type of structuring is usually considered when an SME is:
Exploring a strategic sale, capital raise, or partnership within the next 12–24 months.
Preparing for leadership transition or succession.
Scaling beyond an owner-managed model into a multi-layer organization.
Engaging advisors or investors who require greater operational visibility.
Seeking to ensure business continuity independent of the founder’s daily involvement.
It is less about optimization and more about making the business transferable.
A Practical Perspective for Vietnam’s 2026 M&A Window
Vietnam’s M&A outlook remains positive, supported by economic resilience and sustained investor interest, as outlined in Grant Thornton’s latest analysis.
Yet the determining factor in many SME transactions will not be access to capital, but readiness to absorb it.
"The next wave of deals will favor companies that can demonstrate not only growth, but operational continuity and scalability" - Nhi Hong (Managing Director, SOSP Consulting Group)
Learn More
SOSP works with founders and leadership teams who are evaluating strategic transactions or capital plans in the 2026–2027 horizon and want to understand whether Transitional Operating Structuring is relevant to their situation.
Organizations considering this phase may reach out to discuss how operational readiness aligns with their broader M&A roadmap.
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