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Vietnam’s M&As rebound amid valuation challenges, sluggish deal closures

Despite interest in sectors such as healthcare and finance, experts predict a tough M&A market until at least mid-2025

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Jamille Tran

Published Mon, Sep 16, 2024 · 05:00 AM
    • Singapore-listed Thomson Medical Group completed the acquisition of Vietnam’s FV Hospital (above) for US$381.4 million in January 2024. It was the biggest healthcare deal in Vietnam.
    • Singapore-listed Thomson Medical Group completed the acquisition of Vietnam’s FV Hospital (above) for US$381.4 million in January 2024. It was the biggest healthcare deal in Vietnam. PHOTO: FV HOSPITAL

    [HO CHI MINH CITY] Deal-making volume in Vietnam has doubled this year, although the growth in value has been marginal.

    Challenges in valuation and due diligence continue to delay deal closures, with observers saying that these tough conditions are likely to persist in 2025.

    Data from Ho Chi Minh City-based deal advisory firm ASART showed that announced mergers and acquisitions (M&A) involving targets based in Vietnam over the first seven months of this year – excluding transactions among related parties – doubled from the same period the year before to 151 deals.

    VietnamAseanAsean BusinessM&A

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