Over the past decade, Vietnam's real estate M&A market has experienced remarkable growth, characterized by continuous expansion and evolving opportunities. Transactions have primarily focused on high-demand sectors such as office buildings, industrial real estate, residential projects, and hotels. Key urban centers, including Ho Chi Minh City, Hanoi, Binh Duong, and Dong Nai, have consistently been at the forefront of these developments. This article delves into notable deals, evolving trends, and major market segments shaping the landscape of Vietnam’s real estate M&A sector.
In 2014, the M&A market began its recovery from the global economic downturn, marking the start of a transformative period. The year witnessed several M&A transactions targeting the financial restructuring of real estate projects. Vingroup’s acquisition of the Times City project was a standout deal, reflecting growing investor confidence. Similarly, Novaland secured the Sunrise City project from No Va Real Estate Investment JSC, further solidifying its presence in the market.
Between 2015 and 2018, the market gained momentum, driven by heightened interest from international investors. CapitaLand (Singapore) acquired a 70% stake in The Vista project in Ho Chi Minh City, signaling the start of major cross-border collaborations. Keppel Land (Singapore) had acquired a 40% stake in the Empire City project in Thu Thiem from Tien Phuoc Real Estate Joint Stock Company and Tran Thai Real Estate Co., Ltd. Mapletree Investments (Singapore) acquired the Kumho Asiana Plaza project from Kumho Industrial (South Korea). Gaw Capital Partners (Hong Kong) made headlines with its acquisition of the Indochina Plaza Hanoi project. Frasers Property (Singapore) acquired a 75% stake in the Phu An Dien. These deals highlighted the rising demand for strategically located office, hotel and mixed-use properties in Vietnam’s largest cities.
In 2019, the real estate M&A market witnessed a significant surge in transactions involving industrial properties. Driven by the growth of the industrial and manufacturing sectors, demand for industrial land continued to rise. BW Industrial Development—a joint venture between Becamex IDC and Warburg Pincus—expanded its footprint with multiple acquisitions in Binh Duong and Dong Nai. Similarly, Logos Property (Australia) invested heavily in industrial land in Bac Ninh and Hai Phong, catering to the rising demand for logistics and production facilities.
In 2020, the COVID-19 pandemic posed unprecedented challenges for the global real estate market, yet it also created opportunities for M&A activity. Strategic acquisitions arose as some projects required additional investment. Notable deals included CapitaLand’s purchase of the Somerset Metropolitan West Hanoi project and Keppel Land’s acquisition of Saigon Sports City, reflecting investor adaptability during uncertain times.
By 2021, the market showed strong signs of recovery, with M&A transactions focusing on residential and office projects. A key collaboration was Vinhomes’ partnership with Nomura (Japan) to co-develop segments of the Vinhomes Royal Island project, delivering 821 low-rise units in Ho Chi Minh City. Meanwhile, VCRE launched 264 luxury apartments in Da Nang in partnership with Nobu Hospitality, targeting high-end buyers.
Vietnam’s real estate M&A market has demonstrated remarkable resilience and adaptability in the post-pandemic era. Foreign investors, particularly from Japan, intensified their focus on Vietnam’s property projects, driven by high demand for office spaces, housing, and industrial zones. Office space demand surged, especially in emerging urban areas like Thu Thiem in Ho Chi Minh City and Tay Ho Tay in Hanoi, which have emerged as key areas for high-end office developments, catering to multinational corporations.
In 2022, Vietnam’s real estate M&A market reached record transaction values, with major deals involving investors from Singapore, the United States, Japan and South Korea. Noteworthy transactions included Kim Oanh Group’s collaboration with Japan's NTT Urban Development, Sumitomo Forestry, and Kumagai Gumi Co. Ltd. to develop The One World project in Binh Duong. This initiative marked a significant step forward in regional infrastructure development and exemplified international collaboration in Vietnam’s real estate sector. Nishi Nippon Railroad (Japan) acquired a 25% stake in the Paragon Dai Phuoc project from Nam Long Group, emphasizing long-term investment opportunities. Both deals were announced as completed in 2024, underscoring Japanese investors' growing interest in Vietnam’s real estate market, particularly in projects with long-term development potential.
In 2023-2024, the market continued to showcase large-scale transactions, particularly in industrial real estate. Tripod Technology Corporation’s acquisition of an 18-hectare industrial parcel in Ba Ria-Vung Tau from Sonadezi Chau Duc stands out as one of the largest deals in the sector. Furthermore, Masterise Homes introduced a 7.2-hectare project in Hai Phong, and Ecopark launched a 1.3-hectare project in Nghe An to address the growing demand for housing in emerging urban areas.
A prominent trend was the growing investment in industrial zones. The expansion of the industrial and manufacturing sectors created significant demand for industrial land. As Vietnam solidifies its position as a regional manufacturing hub, industrial real estate remains a standout sector. Investment in industrial zones across Binh Duong, Dong Nai, and Ba Ria-Vung Tau attracted numerous foreign investors, especially from Japan and South Korea, fostering regional infrastructure development and generating local employment opportunities. The residential segment, too, has witnessed sustained growth, particularly in regions like Hai Phong, Nghe An, and Ho Chi Minh City. These projects aim to meet the rising housing demand fueled by population growth and urban expansion. Concurrently, hotel acquisitions have surged in tourism hotspots like Da Nang and Nha Trang, reflecting the sector's recovery and the increasing appeal of Vietnam as a travel destination.
The ongoing growth of Vietnam’s real estate M&A market is a testament to the country’s stable economic and political environment, as well as its ability to attract international investors. Key drivers include government support policies, economic growth, and rapid urbanization. The Vietnamese government has introduced various investment incentives, such as improving the business environment, streamlining administrative procedures, and offering tax benefits to investors.
