【Seminar Report】Key factors determining success or failure in Vietnam M&A, with practical guidance on market and financial due diligence

At the seminar “Keys to Success and Pitfalls in Vietnam M&A,” held online on 29 October 2026, AGSコンサルティング and プルーヴ explained practical due diligence based on local values and business practices. The speakers were Matsui Masami (松井 雅美) and Kodama Yuki (児玉 優樹) of AGS, Vu Manh Tuan, and Kano Naoyuki (狩野 直之) of プルーヴ. The importance of support that overcomes language and cultural barriers through cooperation with local native members was emphasized.

The seminar identified double books and bribery, nonpayment of social insurance premiums, the collectability of accounts receivable, the absence of an M&A strategy, and differences in decision-making speed as risks specific to Vietnam. Practical responses in financial, tax and legal due diligence were organized. Double books and bribery frequently appear together, making it important for buyers to build relationships of trust.

The seminar also focused on the difference between market due diligence and business due diligence. It emphasized fact-based verification of external demand growth, the competitive environment and risks from institutional changes, as well as confirmation of organizational and staffing continuity and production and technological continuity in the internal environment. For business due diligence, the importance of verifying the feasibility of future earnings prospects from both external and internal environmental perspectives was explained.

Overall, the seminar demonstrated the importance of due diligence that combines detailed market and customer research with the identification of specific risks, rather than relying solely on macroeconomic growth. It concluded that Vietnam continues to offer substantial investment opportunities, while challenges arising from cultural and institutional differences also require attention.