Vietnam’s Private Markets: The New Frontier for Southeast Asian Growth

Vietnam’s Economic Fundamentals Create Compelling Investment Opportunities

Strong GDP Growth Positions Vietnam as a Regional Economic Leader

Vietnam’s economy has demonstrated remarkable resilience and growth, with full‑year GDP estimated to have increased by 8.02% in 2025, one of the fastest rates in Southeast Asia and a strong backdrop for private market investors. The manufacturing sector, a key driver of this expansion, grew by approximately 10% YoY, fueled by strong export performance and a recovery in mining and power generation activities. 

Vietnam’s Growth Trajectory Compared with Key Southeast Asian Economies

Vietnam’s GDP growth stands out among its ASEAN peers. In 3Q25, Malaysia recorded a 5.2% YoY growth, Indonesia 5.0%, and Singapore 4.2%, while the Philippines saw a more subdued 4.0% expansion. This highlights Vietnam’s exceptional growth trajectory, driven by its strong manufacturing base and export-oriented economy. While other nations in the region also show healthy growth, Vietnam’s performance indicates a particularly strong momentum that is attractive to investors seeking high-growth opportunities.

Structural Reforms and Infrastructure Investment Unlock New Opportunities

The Vietnamese government has actively pursued structural reforms to enhance the investment climate. Decree 205/2025/ND-CP, effective September 1, 2025, expands incentives for supporting industries by broadening the definition to include the production and processing of materials and components. This decree also strengthens financial and technical support for research and development, technology transfer, and workforce training through 50.0-70.0% funding, while simplifying administrative procedures to attract investment. Furthermore, Decree 232/2025/ND-CP, effective October 10, 2025, liberalizes the gold market by ending the state monopoly on gold bar production, enabling qualified enterprises and banks to obtain licenses to produce, import, and export gold bars. These reforms, combined with ongoing infrastructure upgrades, are unlocking new opportunities in both the manufacturing and digital economies.

Rising FDI Signals Sustained Investor Confidence

Foreign direct investment (FDI) remains a strong indicator of investor confidence in Vietnam and a leading signal for future deal and co‑investment pipelines. In the first nine months of 2025, the country attracted USD 28.5 billion in FDI, a 15.2% increase YoY. While quarterly FDI saw a decrease to USD 7.0 billion in 3Q25 (down 33.4% QoQ), the overall trend reflects sustained interest. 

Singapore, China, and Hong Kong were the top three investment partners in terms of newly licensed investment projects, with Singapore accounting for 27.7% of newly registered capital in 9M25. The manufacturing and processing sector was the largest beneficiary, attracting 58.7% of the newly registered capital, followed by the real estate sector at 20.7%. 

M&A Activity Rebounds, Creating New Opportunities for Private Equity and Strategic Investors

Deal Activity Accelerates After Market Slowdown

Vietnam’s M&A market demonstrated remarkable resilience in 4Q25, with deal value surging 232% QoQ, positioning the country as the second-highest in Southeast Asia by deal value—an increasingly important arena for regional dealmakers and financial sponsors..This dramatic rebound stands in sharp contrast to the broader regional slowdown, where Southeast Asian M&A activity declined significantly with total deal value down 17.4% QoQ and deal volume falling 36.2%. 

Despite these regional headwinds, Vietnam and the Philippines recorded growth in deal values, signaling sustained investor confidence in these markets. The increase in Vietnam was largely fueled by a major transaction in the Property & Construction sector, reflecting the strategic importance of real estate consolidation in the country’s M&A landscape.

Real Estate Leads While Technology Gains Momentum

The Property & Construction sector emerged as the primary driver of Vietnam’s M&A growth in 4Q25, exemplified by Sunshine Group‘s acquisition of a stake in Sunshine Homes Development Joint Stock Company. This transaction reflects broader trends in regional real estate consolidation, where developers are unifying strategic direction and unlocking development value in luxury residential segments across ASEAN 6. 

Beyond real estate, the technology sector continues to show strong momentum, with strategic investments in AI and data center infrastructure gaining prominence. The HyperVault AI Data Centre deal, involving TPG Terabyte and Tata Consultancy Services, demonstrates how hyperscalers and AI workloads are prompting technology and infrastructure players to secure capacity ahead of market growth.

Domestic and Inter-Regional Investors Shape the M&A Landscape

A notable trend in Vietnam’s M&A market is the rising importance of inter-regional transactions. In 4Q25, inter-regional deals—transactions between Southeast Asian countries—accounted for 57.0% of total deal value, with Vietnam featuring prominently among key inter-regional deal destinations.

This shift reflects the growing financial capacity and strategic sophistication of regional investors, who are increasingly shaping the direction of the M&A market. Meanwhile, cross-border inbound deal value fell sharply by 60.0%, reflecting hesitancy to initiate SEA-targeted investments amid increasing geopolitical tensions.19 However, this pullback has not deterred all foreign investors; Chinese investors, for example, continue to see strategic potential in SEA markets, as evidenced by Zhejiang Longsheng Group‘s acquisition of the remaining 37.57% stake in DyStar Global Holdings Pte. Ltd.

Strong Medium- to Long-Term Outlook Supports Future Growth

Despite near-term market uncertainties, the outlook for Vietnam’s M&A market remains robust. Vietnam is projected to grow at 6.6% annually through 2034, the highest among ASEAN-6 countries, driven by resilient domestic demand, shifting global supply chains, and rising FDI inflows. This positive long-term trajectory positions Vietnam as an increasingly attractive destination for both strategic and financial investors seeking exposure to Southeast Asia’s high-growth private markets.

Compliance, Data Transparency, and Deal Risk in Vietnam’s Private Markets

As Vietnam’s private markets mature, compliance and data transparency are becoming critical for investors and lenders evaluating Vietnamese portfolio companies and counterparties. Vietnam’s Decree 132/2020/ND-CP, supplemented by Decree 20/2025/ND-CP, tightens expectations around economic substance and arm’s length principles, raising the bar for how multinationals document intra‑group transactions that sit behind many investment and M&A structures.

One of the most significant challenges in Vietnam is the scarcity of reliable comparable company data, , especially the shortage of Vietnamese peers  with similar size and business profiles.  

Advanced Databases Like Speeda Provide Essential Reliable Data for Robust Benchmarking and Compliance

As Vietnam’s private markets mature, compliance and data transparency are emerging as the next frontiers of competitiveness. To address the critical challenges posed by data scarcity and the “secret comparables” problem, advanced commercial databases have become essential tools for investors and transfer pricing professionals in Vietnam.. These advanced databases offer several critical advantages: they provide access to extensive financial information on comparable companies, facilitate systematic identification of truly comparable entities based on industry, size, and operational characteristics, and enable the preparation of comprehensive benchmarking studies that can withstand tax authority scrutiny.

Turning Vietnam’s Private Market Opportunities into Data-Driven Advantage

Vietnam’s private markets offer significant opportunities for PE, VC, M&A advisory, and banks, but navigating them requires reliable data and deep market intelligence. Speeda provides a comprehensive platform to support informed decision-making across Southeast Asia’s fast-growing investment landscape.

With access to over 12 million companies, 2.6 million M&A transactions, 3,000+ industry reports, 580 industry classifications and local experts, Speeda equips professionals with the insights needed for company screening, benchmarking, market analysis, and strategic planning.

Discover how Speeda’s integrated data platform can help you uncover opportunities, strengthen analysis, and gain a competitive edge in Vietnam’s evolving private markets. Book a free consultation and a demo in below.