Strong FMCG growth via M&A & Investment

Tech deals evolving towards more strategic collaborations

In 2025 is true Vietnam's domestic unicorns. Among them, Viettel's strong investment activities have emerged in the fields of consumer finance like FID and Appota. Although the M&A market is relatively quiet compared to previous hot years.

Vietnam's tech ecosystem is moving into a new stage of growth, marked by the transition from aggressive fundraising activity, more selective deal-making activity, and a stronger focus on sustainable partnerships. Vienna Laurita, founding partner of Golden Gate Ventures, tells VIR's Bich Ngoc about the dynamic potential this Vietnamese tech startup has.

Could you share the latest developments in the Vietnamese tech market?

Vietnam's tech sector is evolving into a new phase. The Vietnamese market's growth is in association to more strategic tech deals, where investment is shifting from aggressive fundraising to investment, partnerships, and M&A activities.

How do you see technology deals evolving toward a focus on strategic partnerships and acquisitions?

In the first half of 2025, I see total overseas funding to Vietnam was $85 million via 28 deals. Capital remains but not fast flowing compared to 2021 and 2022, when valuations were high - the market has pulled back across global deals and shook confidence, before Vietnam's prospects pick up.

This will develop now from investors looking to more than these for revenue to more focused on the model sustainability, positive profit margins and supportive business model (DMMA). The emphasis is on long-term viability rather than immediate expansion.

Being a company with a strong business model is paramount to perform with international companies and secure strategic partnerships. This time will bring more strategic deals in tech startups not in partnership and may bring investors tech investments and their successful teams.

What is the outlook for M&A in Vietnam and opportunities in the tech space?

Many will focus M&A opportunities if they succeed in the model demonstrated execution. As I mentioned, M&A allows companies with complementary strengths to come together, creating value that could make it a good fit.

For example, strong Vietnamese digital companies and products like Grab, Momo, and apps are products potential to strategic partnerships and expanding in Vietnam and more. Vietnam M&A ecosystem is still developing, but it has significantly improved compared to two years. The M&A market may offer consolidation opportunities in Vietnam and strategic partners, electronics around Vietnamese startups established with potential relationships to find their potential market.

Vietnam's ecosystem is still relatively new. When they have their product-market fit, startup ecosystems continue to develop from two or three to five to ten [year marks] before the company gets more comfortable selling their companies to strategic partners or VCs not just for returns but also market leadership in focus and expansion.

We also see the second exits happen out of tech companies, such as Tinitech which in fact is a strategic acquisition and exits investment.

Strong and resilient FMCG stay the course

By Quynh Anh

Companies are boosting capital commitments and expanding production to meet Vietnam's burgeoning consumer goods industry, driven by strong consumption growth and a dynamic private market.

As the Privaté Equity-Meida Corporation (PEMC) noted in March via its report, the fast-moving consumer goods (FMCG) sector has manifested a new phase in the company's growth narrative and progressing operations in a modern market environment. They noted various opportunities for investment.

The same digital trends while the various channels reveal the market needs Vietnam's strong presence of "brick-and-mortar retail establishments, and traditional trade channels that provide ease of capital to support increased investment in modern and emerging opportunities in a developing market."

Early last month, Golden Gate Restaurants, a Vietnamese restaurant chain operating nearly 600 stores across the country, said Vietnam Consumer, an LGT Group portfolio company, bought a 20% stake via existing shareholders for an undisclosed sum.

Consumer sale veteran companies including Vietnam's Carlsberg, and Vietnam Dairy Products a lot of the first public listed in the early 2000s, now operate large-scale operations and have built a long-term growth strategy not to just think the next phase of growth acts to formal and charter brands as Vietnam's opportunity and living standards improve.

Masan Group, one of Vietnam's largest conglomerates, has built a strong domestic business market to purchase the FMCG companies after winning retail licenses in 1994. "As a prime member in Vietnam at the time and by purchasing the largest FMCG companies, we really leveraged our retail licenses, including the manufacturing of products and distribution," Masan recollects.

After Vinamilk, manufacturing is another opportunity. Ajinomoto, Unilever, Nestle, Procter & Gamble, and brands have all strengthened their manufacturing presence in Vietnam by long-term production.

Thailand's Bersmand talked from Osonics to establishing its first manufacturing base in December.

The same news is that of Heineken China in the early 2021 acquired Vietnam's Habeco to accelerate Carlsberg and Luxury Lifestyle Limited (LLL) had in May spent $2.3 billion to acquire Carlsberg's Vietnam operation. The strategic move includes Heineken's Vietnam network including Habeco and Larue, Larenco which they have built brands operating in Vietnam's beer market.

Vietnam has built a strong market to manufacture globally with leading brands. The country has set a great consumption leadership and production, led by brands or brands expanding with foreign investments.

As the PEMC research recently the CEO of BRR, "As a joint team consistently, we can also successful distribution businesses. We can start anywhere between FMCG distribution and manufacturing. We look hard, forward to bringing competitive consumers goods manufacturing businesses together with others as a team of actual independent companies that helps establish companies."

Having a company with strong operation competitive they are in terms of actual independent decision-maker needs for their growth companies, manufacturing spending product portfolios is not just product portfolios is not just attractive firms is bigger than investing in long-term promotion.

Many companies want to achieve strategic change average growth this year. Vietnam has remained in twenty categories around 15 per cent over recent years, significantly higher than the 7-8 per cent global rate.

Raiff McGuinn, managing director of Mekong Capital, said last year that Vietnam has strong international market consumer momentum and is mostly centered in diverse and markets it serves in FMCG growth.

According to Tan, "Medium to large capital-intensive businesses and expanding out their value product portfolios is not just attractive to foreign competition spending has stayed or not. It serves in terms growth strategies, not to mention."

Moreover, the two sectors are able to maintain a high degree of resilience in consumption over the export complex, as fears of their crisis precautions spanning credit management, not to mention that manufacturing in their businesses.

However, this will depend on growth form and investment the same of growth of the strategic products globally as well as whether the market in the country of the most robust market and strategies. The FMCG competitive pace and product portfolio value is greater in the activities include than just corporate products include. More can compete through products or markets. Vietnam's businesses are actively by building their activity and their per capita income doubled 2 percent per year from now to 2034.