Top 10 M&A deals in Vietnam in 1st half 2016


The value of M&A activities in the first half of 2016 in Vietnam reached $1.551 billion in 20 deals, according to the “South East Asia M&A Trend Report H1 2016” launched on July 19 by Mergermarket, an independent M&A intelligence service with an unrivaled network of dedicated M&A journalists based in 62 locations across the globe.

M&A activities in Vietnam in the first half fell 34 per cent compared to the same period last year, when the value was $2.351 billion in 29 deals. Mergermarket’s data runs from January 1 to June and is correct as at July 18.

The consumer sector stood out in the first half, driven by the divestment of Thailand’s Casino Guichard Perrachon in its Big C Supercenter in Vietnam for $1.1 billion. Other major deals were seen in energy, leisure, financial services, food, real estate and e-commerce.

M&A activities in Vietnam
(first half of 2014 to first half of 2016)



Top 10 M&A deals in Vietnam in 1st half 2016


Source: Mergermarket, July 19, 2016




Tags, Vietnam hotel booking startup raises $3mln in funding


Thanh Nien News, July 11, 2016 




Vietnamese hotel booking startup has secured US$3 million in the first round of funding from Singapore-based private equity firm F&H Fund Management Pte Ltd.

With the funding, Vntrip is now valued at nearly VND300 billion ($13.2 million), according to news website VnExpress.

Le Dac Lam, its founder, was quoted as saying that the money would allow the company to improve and promote its business.

Founded in 2014, the website is a partner of and provides booking services at more than 6,000 hotels in Vietnam and nearly 900,000 around the world. Its mobile application is now available.

F&H, founded by John Wu, former chief technology officer of Chinese e-commerce giant Alibaba, mainly invests in Asian startups in their early stages.




Mekong Capital invests $6.9m in restaurant chain Wrap & Roll


Vietnamnews, July 14, 2016


HCM CITY – Mekong Capital yesterday announced that its Mekong Enterprise Fund III Ltd has invested US$6.9 million in restaurant chain Wrap & Roll.



This is the first investment by the fund.

Established in 2006 by two entrepreneurial friends in their early 30’s, Wrap & Roll Joint Stock Company is now recognised as a pioneering food chain in Việt Nam with 11 restaurants in Hà Nội and HCM City and four franchise outlets in Singapore.

This year it plans to launch a new concept restaurant chain to address a different market segment.

Chad Ovel, a partner at Mekong Capital, said: “The company has built it with the application of best practices and systematic processes seen in large international restaurant chains, which provide a foundation for the company to continue to open new restaurants at a rapid rate.”

Mekong Capital not only sinks money into companies but also supports them with strategic consultancy in many areas like human resources, restructuring, management practices and corporate finance.

The $112-million Mekong Enterprise Fund III, launched last month, is a private-equity fund focusing on consumer-driven businesses in Việt Nam such as retail, restaurants, consumer products, and consumer services.

Vietnam: M&As grow 9.7% in 2015 following high investor appetite

Source :, March 9th, 2016


Mergers and acquisitions in Vietnam grew 9.7 per cent to touch $5.2 billion across 341 deals in 2015, according to research company Stoxplus.

The number of transactions also increased 23.1 per cent over 2014.

Meanwhile, an earlier report by the Institute of Mergers, Acquisitions and Alliances indicated that the value of 2015 stayed at $4.2 billion, surging 40 per cent year-on-year.

As per the Stoxplus report, the segment that dominated the region’s M&A activity were in the sub-$25-million range, categorised as small and medium deals, that amounted to a total of 288.

Meanwhile, inbound M&A into the country accounted for 46 per cent of the $5.2 billion figure last year, dropping 21 per cent year-on-year. There were 98 inbound deals from countries like Hong Kong, Thailand, Japan, South Korea, US, Malaysia and Singapore. While Japanese companies were the most active with 15 inbound investments, totaling $310.4 million, Hong Kong investors topped in terms of value, landing $1.1 billion in Vietnamese businesses.

Real estate, industrial goods and services, and retail were the most favoured sectors for overseas investors.

For domestic M&A, banking was the most vibrant area due to the country’s effort to restructure the financial market. The momentum is expected to continue in 2016 as Vietnam looks to create regional competitive lenders through consolidation.




The ramp-up in deal-making was bolstered by Vietnam’s further integration into the global market, the report noted, calling 2015 “a year of new FTAs”. The country concluded negotiations for four free trade pacts, including those with the Eurasian Economic Union, the European Union, South Korea and the Trans-Pacific Partnership.

“FTAs are likely to boost capital flows into Vietnam in the coming time, both in terms of trading as well as investment, including M&A activities,” it said.




Asian investors appetite

Fueled by the FTAs, Asian investors, typically South Korean, Japan and Thailand, came to the spotlight of inbound M&As into Vietnam last year.

With the Vietnam-Korean tie-up signed and taking effect, bilateral trade of the two countries is expected to double in 2017 to $70 million. Statistics of South Korean Embassy in Vietnam showed over 4,000 South Korean businesses investing in Vietnam. In upcoming years, this figure is expected to surpass 10,000 businesses.

For inbound M&A deals, South Korean investors conducted four deals in 2015 with total investment value of $62.5 million, including Lotte Korea Group acquiring Diamond Plaza, Koswire Co Ltd acquiring Dong Bang Stainless Steel Co Ltd, Dongbu Insurance Co Ltd acquiring Post and Telecommunication Insurance and Shinhan Investment Corporation acquiring Nam An Securities Company.

Meanwhile, capital flow from Japan has dropped in recent years, but is expected to bounce back after TPP has been signed.

Japanese firms increased investments in textile, a favourite investible bet. One such case is Itochu, which purchased 5 per cent equity stake inVinatex – the leading textile corporation in Vietnam – back in 2014. After the deal, Itochu continued to sign a business alliance with Vinatex to build its capacity on dyeing and textile materials production.

“By observing the current M&A market, we find that Japanese investors are setting sights on Vietnamese market for some sectors such as travel and leisure, financial services, retail, oil & gas, real estate and industrial goods and services,” StoxPlus said.




Among ASEAN investors, Thailand was the most active M&A partner. Home-grown Thai corporates have been very successful in the domestic market, and are pursuing growth overseas, and Vietnam becomes one of their potential investment destinations with numerous opportunities and advantages that can be exploited.

In 2015, Thai firms completed six M&A deals in Vietnam, the highest number accounted for over the last five years. The M&A value stood at $209 million.


Central Group is the most active Thai buyer in Vietnam with two acquisitions of electronics retailers Nguyen Kim and Pico Mart, according to Stoxplus. It was rumoured last year that the Thai retailing major acquired 49 per cent of Pico after doing the same to Nguyen Kimearlier in the year. However, Central Group then declined the speculation in an email sent to DEALSTREETASIA. But Stoxplus believes that the number was no less than $150 million for both Vietnamese investees.


Real estate as a hit

Vietnam M&A market in 2015 continued to witness the upward trend in real estate sector after a buoyant 2014, especially for deal value. According to StoxPlus’ database, real estate was the most attractive sector for foreign investors with 19 deals totaling approximately $1.64 billion.

Typical investments made last year include Gaw Capital Partners’involvement in Empire City and Indochina’s assets, Chow Tai Fookbuying Nam Hoi An project, Creed Group investing in An Gia, and Warburg Pincus adding follow-on investment in Vincom Retail.

The strong GDP growth and warming real estate market of Vietnam are expected to continue to boost M&A activities in 2016. Jen Capital is reportedly looking for a potential M&A target in Vietnam real estate market. Meanwhile, a lot of local developers, including Hoang Quan andNam Long, are planning to raise fund from foreign investors.


Turning SOE privatisation into M&A

According to a government report, only 104 state-owned companies were privatised, accounting for 40 per cent of the IPO target of the year.

For a state corporate IPO to become an M&A deal, the participation of strategic investor is crucial, given their allocated stake of at least 15 per cent. However, attracting strategic investor has been consistently a constraint for these firms.

Participation of foreign investors in such IPOs is still very limited. The Stoxplus report shows that of 248 recorded deals during the past five years, inbound M&As from IPO held a modest value of only 5 per cent of the total M&A value from IPO. Remarkably, all deals had the involvement of Japanese investors.

They include partnership between construction firm Cienco 1 and Yen Khanh – Hassyu joint venture, Vinatex and Itochu, and construction firm TEDI and Oriental Consultant Co Ltd.


Looking forward, “blockbluster” IPOs of Mobifone, cement producer Vicem and Saigon Trading Group are expected to happen during the 2016 – 2018 period.

2015 also marked significant improvement in legal framework on foreign investment, supporting M&A activities in the coming years, as Vietnam slashed the foreign ownership limit in the stock market.

In addition, the revised investment law has offered foreign investors simplified investment procedures.

“These legal improvements, coupled with Vietnam’s full market openings in 2015 as well as the local economy’s heightened productivity rates, suggest that now is the right time for buyers and sellers to actively engage in M&A transactions,” Stoxplus commented.







Vietnam Set to Gain From Brexit


Source : Eugenia Lotova, Vietnam Briefing,, June 25, 2016





As the British people decided that they wanted to leave the European Union in a 52 to 48 percent vote, much more than a decision over Britain’s self-conception hung in the midst. While many citizens have long expressed frustrations regarding their own country’s inability to self-govern due to their EU ties, the impact of a Brexit will be reaching far beyond Britain and the European Union. In the case of investment, the Brexit will compel British investors to reconsider their business strategy in Vietnam.

Alternatively, the effects on the Vietnamese export sector will be minimal and may even present opportunities for the communist nation to solidify consumer bases in the United States and European Markets.

Post Brexit Market Volatility

As the polls began to close, the British pound was quick to react — hitting a 31 year low against the US dollar. There is some uncertainty regarding the medium and long term impact of the referendum, but there seems to be a general consensus among financial experts that the currency may plummet in the near future and the country will experience a decrease in GDP growth—anywhere between 0.2 and 2.2 percent. The Euro may also experience a drop of 4 percent. The Vietnamese Dong is up 3.74 percent against the Euro and a massive 12.55 percent against the British Pound.

While fluctuations in the Euro and Pound may have an impact on Vietnamese exports to Europe, the most important currency paring to watch will be the Dong to Yuan (China) exchange. Heavily restricted in trading by both Chinese and Vietnamese Governments, the wild fluctuation of the Euro, Dollar, and Pound, is likely to put immense pressure on monetary authorities in both countries as they struggle to maintain control. In the event that the either runs out of resources or willpower to continue currency controls, the fallout will be substantial. Vietnamese imports from China currently  account for nearly a 30 percent share of its total global purchases. If the cost of these goods were to rise as a result of a float by either currency, it would certainly be a significant blow to Vietnamese export competitiveness. 

News of Brexit also wiped more than US $1 billion from Vietnam stock market with 500 Vietnamese stocks dropping and 1.9 percent off VN-Index at closing on June 24th, as bearish sentiment dominated for both local and foreign investors. However, the sell-off is attributed to the investors’ panic rather than actual negative effects on Vietnam. While consumers will be able to purchase more from British companies, it also means that potential British investors will have less purchasing power in Vietnam and any companies exporting to Britain may experience a decrease in demand. 

Long Term Trade Implications

The Bilateral Investment Treaty, which was signed in 2002, was recently replaced by the EU-Vietnam FTA (EVFTA). Talks ended in 2015 and the agreement is expected to come into force in 2018, and thereby provide investors with additional incentives to set up business in Vietnam. Nonetheless, the referendum will force Great Britain to renegotiate trade agreements with Vietnam, disrupting the tax breaks that British investors would have been able to take advantage of under the EVFTA.

The top exports to the UK, which include electronics, footwear, machines, and clothing will be negatively impacted by a depreciating currency. In the first 8 months of 2015 revenue from exports to the UK reached nearly 3 billion USD and investments have been spreading to sectors such as banking, manufacturing and garments, indicating a British interest in the Vietnamese markets. Currently the largest companies investing in Vietnam are in the logistics, food and drink, and insurance sectors.

Therefore, although the UK is only 16th in amount of foreign investment into Vietnam, the country is Vietnam’s largest trading partner amongst the European Union nations so the referendum will have a major effect on trade relations in the region. However, compared to Hong Kong, Singapore, and Japan, Vietnam won’t feel as much of a shock according to Ms. Do Thi Ngoc, Deputy Head of Vietnam’s Price Statistics Department, because the EUVFTA hasn’t been implemented yet.


Opportunities for Investment

Despite the volatility it has caused in currency markets, Brexit may end up increasing demand for Vietnamese goods and lead to investment in certain sectors. With the current crisis unfolding in mainland Europe, many of the ongoing EU-ASEAN agreements, with countries such as Thailand, Singapore and the Philippines will be stalled. This will encourage Europeans to invest in Vietnam over other ASEAN destinations as EU consumers pursue discounted imports. The impetus for increased demand is likely to be brought on by devaluations in the Euro as well as potential declines in EU growth. As Vietnam is the only country in ASEAN to have successfully concluded an agreement with the EU, imports from the country will presented a significant discount over traditional imports as well as alternative low cost export markets.

Although Euro and Pound depreciation may inhibit EU and UK foreign direct investment to a certain degree, this is likely to be made up for by US investment. In the case of the United States, the US dollar’s position as a global safe haven currency has caused it to appreciate significantly against other currencies. Although strong currency management on the part of Vietnamese authorities has thus far prevent significant movement on the Dong to Dollar currency pair, US based investors will likely have more money to spend in the years ahead. In conjunction with reduced trade barriers, converged regulatory standards, and increased access to restricted sectors soon to be unlocked under the TPP, it is highly likely that Vietnam will reap the benefits of US investment in the years ahead.

Naturally, any investment made during such a period of volatility should be done with extreme care and with a up to date understanding of market dynamics. 





Renesas Embraces Change With Plans to Outsource Chip R&D in Vietnam

Source:  By Pavel Alpeyev,, June 30th, 2016




Renesas Electronics Corp. is doing something that only a decade ago would be unthinkable for a Japanese semiconductor maker -- outsource research overseas.

Outsourcing more R&D reduces the cost of developing components for new applications in autonomous cars and the internet of things, Chief Executive Officer Bunsei Kure said on Thursday. It’s also a way to hedge against currency swings, Kure told reporters days after Renesas shareholders approved his appointment as CEO and president.

Japanese companies like Hitachi Ltd., NEC Corp. and Toshiba Corp. dominated the semiconductor market in the 80s and 90s by closely guarding their manufacturing and design know-how. They’ve since struggled to adapt to a shift in demand toward cheaper components in consumer electronics and PCs, ceding ground to Asian rivals like Samsung Electronics Co. Renesas, struggling after years of posting losses, is betting that cost discipline and a focus on automotive and industrial applications will revive the business.

“Development costs are becoming even more important to us than manufacturing costs,” Kure said. “It’s just not possible to secure enough engineers domestically.”

Renesas has already begun to relocate some development overseas, employing about 600 researchers in Vietnam and 300 in China, as well as some in Malaysia, Kure said. He declined to give details about his further outsourcing plans.

Renesas was formed in 2010 when government-backed investment fund Innovation Network Corp. of Japan brought together the struggling chip operations of Mitsubishi Electric Corp., Hitachi and NEC. INCJ controls about 69 percent of the company, according to data compiled by Bloomberg. While Nidec Corp., Kure’s previous employer, has expressed interest in that stake, Kure said he prefers the chipmaker remained independent.

“There is a pattern of success emerging among global chipmakers, which all focus on a specific segment,” Kure said. “All of these companies are independent. We intend to follow that success pattern.”

Up-and-Coming Vietnam Start-Ups Yield Int'l Feats


Source : EE Times July 6th, 2016


MANILA—Amidst the upheaval in the global socio-economic landscape, one nation is emerging as a force to be reckoned with: Vietnam.

The country has come a long way since Flappy Bird. Three years ago, Hanoi-based .GEARS released what has become an international hit, catapulting Vietnam into the limelight as the newest Southeast Asian production hub.

Vietnam counts South Korean giant Samsung Electronics Co Ltd. amongst its newest customers, while other international tech companies—those that have long had presence in the country—like LG Electronics, Panasonic, and Toshiba, have started moving into research and development.

Tech start-ups are also riding the growing movement with foreign private investors betting on Vietnam's young brains to come up with more successes. In March, Silicon Valley-based venture capitalist 500 Startups announced a "$10 million Vietnam-focused fund."

500 Startups partner Eddie Thai told Reuters the initial plan was to invest in about "10 to 20 companies over a 12-month period," but then they realised that "there's a lot more good companies to invest in."

Majority of Vietnamese start-ups are in the e-commerce sector, which saw its sales grow by as much as 35 per cent to $4 billion in 2015. However, these companies receive little government support aside from legal advice and $10,000 cash.

Still, venture capitalists are interested in Vietnam, particularly in its cheaper workforce coupled with a tech-savvy population with a median age of 30.

Google software engineer Neil Fraser told the news outlet: "Vietnam has the highest-performing computer science students I've ever encountered. The exercises I watched them solve… would be considered challenging problems for a Google hiring interview."

David Svensson, CEO of Vietnam-based start-up Pangara, agrees.

In an interview with e27, the executive said: "Nowadays, there are very strong IT developers and other digital specialists in most fields in larger Vietnamese metro areas like Ho Chi Minh City and Hanoi. Even second-tier cities such as Danang have built up great centres of competency as well as tech sub-communities."

And this is why Svensson's group founded Pangara, a platform that could bridge talent in Vietnam to Scandinavian clients. Svensson described Pangara as "a geographically independent freelance platform" that connects Vietnamese IT engineers "with the rapidly growing demand for IT developers in Northern Europe."






Asian banking is on the cusp of a WhatsApp moment.

Source: Bloomberg, July 4, 2016 By Andy Mukherjee


Remember paying an arm and a leg for text messages? Now all the telcos in the world combined can't match WhatsApp's 30 billion pings a day. Financial transactions will go the same way, and Asia may lead the trend, rather than following it a decade later.



For the WhatsApp analogy, a hat tip to Nandan Nilekani, a successful Indian technology entrepreneur who later helped New Delhi set up online biometric IDs for 1 billion people. Nilekani is perhaps best known for giving the New York Times columnist Thomas Friedman the idea that the world was flat. On banking, Nilekani is really on to something.

Banks in the Asia-Pacific region, responsible for 46 percent of the global industry's $1 trillion in profit last year, should brace themselves for a storm, says McKinsey. About $400 billion of their revenue will be at risk by 2025, the consulting firm estimates. A small part of that may be from the direct loss of market share to fintech startups. Most of it, however, will be a consequence of the price erosion that will result from banks trying to protect their turf. Tremors will be felt everywhere from consumer finance and payments to SME lending and wealth management.

The Big Squeeze


There's a compelling reason for Asia to lead this shakeup. The region is home to 55 percent of the 2 billion people worldwide who don't have bank accounts. More than one-third of them are in India, China and Indonesia. Governments have a strong incentive to let their underbanked populations use newly acquired smartphones to bypass branches, plastic cards and even desktop internet banking. 

There's a lot of growth at stake. Take small and medium-sized enterprises. In China in 2009, they accounted for 40 percent of bank loans. That number now is 47 percent, exceeding loans to large businesses. Yet demand continues to exceed supply.


fintech falling

Given that 37 million small businesses buy and sell goods on Alibaba's websites, its offshoot Ant Financial, China's most valuable fintech firm, is arguably in a better position to satisfy SMEs' hunger for credit than any bank. And nothing stops Jack Ma from replicating that model in India, where Ant's Alipay has a stake in the country's top mobile-payments firm, Paytm. A survey by McKinsey found 43 percent of SMEs in India borrowing from informal sources, partly because they had exhausted both collateral and working-capital lines.

Credit Suisse estimates that India's retail loan assets, including SME credit, will grow to $3 trillion by 2026, five times the size of the market now. Now that any app in the country can push and pull money in and out of any bank account using a unified payment interface, lenders have lost their power to authorize transactions.

Expect this to become the blueprint for the region. Cornered in consumer lending, banks may beat a retreat to large corporate customers. The better borrowers in that group, though, have the global bond market to tap. So in the end, Asia's lenders may be left with the worst of both the worlds.

Wireless subscribers felt avenged when their overcharging telco providers were clobbered by startups. Given just how popular banks are, savers and borrowers are unlikely to shed a tear when the lenders' WhatsApp moment arrives.



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Manufacturing in Vietnam


Posted on May 24, 2016 by Vietnam Briefing
Manufacturing-in-Vietnam-to-sell-to-ASEAN-and-ChinaBy: Dezan Shira & Associates 
Editor: Constance Holman


With slowing economic growth and rising labor costs encroaching on the profitability of traditional Chinese manufacturing operations, Vietnam has a emerged as a destination of choice for its low costs, receptive governance, and increasing integration with key trading partners. Conjoined, these factors have and will continue to grow Vietnam as a hotbed of manufacturing and position the communist nation as an ideal location for China-plus one oriented production.

manufacturing in vietnam


In light of recent Free Trade Agreements, notably the Trans-Pacific Partnership and FTA with European Union, Vietnam is well positioned to allow investors to utilize its cheap workforce and close proximity to existing Asian based supply chains.

In recent years, Vietnamese growth has reached record heights, recording a 7.01 percent rate of growth in the fourth quarter of 2015 from a year earlier, according to data released by the General Statistics Office. Driving these gains has been a strong uptake in Foreign Direct Investment (FDI), which surged to a record of US$ 14.5 billion in 2015. According to Nguyen Tan Dung, Prime Minister of Vietnam, these “figures indicate that Vietnam has become a destination of choice for foreign investors”.


Vietnam’s Comparative Advantages in the Manufacturing Sector 

Among a number of rising sectors in Vietnam, manufacturing distinguishes itself with the largest share of the total investment received. In 2014, FDI projects licensed represented US$ 15.5 billion out of a total amount of US$ 22 billion, that is to say 70.72 percent of new FDI.

This success is sustained by low labor costs and a growing consumer market. The labor force (over 15 years old) amounts to more than 53 million people and remains cheap. In 2015, the average monthly wage in the manufacturing sector was around US$ 190, much lower than Malaysia or China (around US$ 650) and lower than its neighbors Thailand, the Philippines, and Indonesia.

Furthermore, Vietnam benefits from a favorable political environment. The communist government has eased restrictions on foreign investment and is slowly opening its borders. Through incentives, the state has established priority sectors such as manufacturing of high-tech products, research and development, knowledge-based services, processing and manufacturing, and infrastructure projects. It has also created priority geographical regions, with difficult social and economic conditions, and more than 299 industrial zones (IZs) and export processing zones (EPZs) as of July 2015.

Thanks to these competitive advantages, Vietnam has been considered as a reliable substitute to China. Nevertheless, some manufacturing sectors are more vigorous than others.


Booming Manufacturing Sectors

Thanks to its central location in Asia and proximity to regional shipping routes, many manufacturers entering Vietnam are export focused. Foreign investors can benefit from many incentives and under many circumstances can be exempt from import duties on goods brought into the country for their own use if they cannot be procured locally. This includes all equipment, machinery, components, and spare parts for machinery and equipment, raw materials, inputs for manufacturing, and construction materials. It should be noted that most export duties are also exempt.

Textile and garment production is a well-known success in Vietnam, and will likely continue to be as it is propelled to new levels by the forthcoming Trans-Pacific Partnership and its reduced tariff barriers. In 2015, the industry provided employment to 2.5 million people working in 6,000 factories, and is expected to grow at a rate of 12-14 percent per year from 2015-2020.

However, Vietnam does not intend to remain stuck in low value-added production. Lately, automotive manufacturers and shipbuilders have also closely considered Vietnam. For instance, Damen, a Dutch shipbuilding firm, opened a new brand, Damen Song Cam, through a joint venture yard in Vietnam. According to their website, this yard should produce 40 ships per year, employing more than 2,500 employees directly and 5,000 indirectly. Moreover, Vietnam has been extremely welcoming towards FDI in electronics, expanding its exports to US $1.6 billion during the first two months of 2016, according to Vietnam Customs. Electronic giants are relocating in Vietnam, evidenced by Intel, Panasonic, and Microsoft.



The country is still seen as highly corrupt, ranking 112th out of 177 countries by the Transparency International Corruption Perceptions Index in 2015. Furthermore, the legal environment remains complex, with a slow and bureaucratic government, restrictive labor policies, and land use limitations. Nevertheless, Vietnam keeps on restructuring its decision-making process and introducing more laws favorable to FDI. For instance, it has recently opened its real estate market to foreigners, as well as ironed out some caps in public companies, allowing foreign investors to invest in its promising industries.



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Accelerate reforms to sustain strong private equity deal activity in Vietnam

Source: see Financial Times' full article on


As Vietnam is still one of the bright spot of the world economy (+6.3% growth planned by WorldBank over 2016-2018), private equity funds continue to move to the country. Out of about 4 bn US$ private equity investments in Asean in 2015, the deals' value in Vietnam was only about 300 mn US$ but is expected to rise quickly to 500 mn - 1 bn US$ in the coming years.

Such evolution takes account of the attractivity of Vietnamese industries and the promising consumer markets for long term consumption growth. 


Private equity n Vietnam industry


A more effective privatisation of State-owned enterprises, a clear-cut business regulation particularly on the business sectors that are fully open to foreign ownership, the availability of debt finance for private equity investors and a more realistic valuation by local firms will contribute to develop further the potential of private equity in Vietnam.  


reasons failure




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