During CEF 2026, a reporter from Hanoi Radio and Television interviewed experts and business representatives, highlighting the current state of the capital markets, practical M&A needs and future funding strategies.
Vietnam’s M&A market is said to be shifting from “many but small-scale” transactions to “fewer but higher-quality” transactions. While investors are becoming more cautious, they are increasingly willing to deploy capital in high-quality companies. Market capitalization is approximately 75% of GDP, compared with a regional average of approximately 130%, while the bond market remains relatively small at approximately 24% of GDP. AUM is also approximately 4% of GDP, substantially below the regional average.
As potential funding channels, companies should consider options such as issuing corporate bonds and accessing equity markets, investment funds and private equity, development finance institutions, and strategic investors, rather than relying on bank financing. Although each transaction has its own characteristics, there was also recognition that the funding process could be standardized within a replicable framework.
Capital, technology and human resources were identified as the 3 essential elements for corporate restructuring and growth. Bui Manh Tuan (ブイ・マン・トアン) of VIETNOX and Nguyen Hoang Thao (グエン・ホアン・タオ) of SAPO Technology said companies should seek to stimulate market demand and strengthen competitiveness through M&A aimed at creating mutual benefits. Collaboration and investment involving overseas companies, including those in the Japanese market, are becoming important options in the growth strategies of Vietnamese companies.