Discussion intensified at the CEF Forum in Hanoi over whether Vietnamese small and medium-sized enterprises should pursue not only funding but also strategic partnerships and technology acquisition through M&A.
At the 2nd Capital Forum CEF 2026, held in Hanoi, M&A was positioned as an important means of mobilising resources and strengthening the competitiveness of Vietnamese companies. The vice chairman of the Small and Medium Enterprises Association noted that growth requires not only funding but also a shift in mindset, higher productivity and expanded opportunities for collaboration.
Experts said that M&A is currently shifting from “quantity” to “quality”. Forecasts from several international investment funds indicate that foreign capital inflows into Vietnam could reach approximately $30 billion by 2030. Meanwhile, total transaction value is expected to increase from $6.9 billion in 2024 to $8.7 billion in 2025, although the number of transactions is forecast to decline.
From a capital-markets perspective, Vietnamese companies need to explore funding channels other than bank lending, according to Pham Van Dung (ファム・ヴァン・ズン) of SHS. M&A was described as offering potential value-enhancing benefits, including access to outstanding talent, technology, distribution networks and brand partnerships.
However, experts stressed that relying on M&A only when a company needs funding is disadvantageous. As a prerequisite, companies must address their legal, financial and governance issues and ensure the accuracy and consistency of their information. They also noted that the decision-making processes of Japanese companies can take time.