HCM City (VNA) – After a quiet period often referred to as the “tech winter,” investment through mergers and acquisitions (M&A) is warming up again in Vietnam’s technology sector, signaling a robust rebound driven by innovation and digital transformation.
Market heating up with notable deals
Although no “blockbuster” transactions have emerged yet, the M&A market since early 2025 has seen a clear shift toward technology and startups, with larger and more strategic deals, Dau tu (Vietnam Investment Review) reported on November 12.
The most notable transaction so far is Japan’s Appirits Inc.’s acquisition of Vietnamese firm Bumbu JSC from individual shareholders for around 241 million USD, including 66.6 million USD in cash and 174.4 million USD in earn-out payments based on future performance.
Another headline deal came when Qualcomm acquired MovianAI — formerly the generative AI division of VinAI under the Vingroup ecosystem. Qualcomm now holds a 65% stake in MovianAI, earning Vingroup about 1.76 trillion VND (66.77 million USD). Earlier, in late 2024, Vingroup’s AI and data science unit VinBrain was sold to Nvidia.
In the startup space, Vietnamese agri-tech firm Techcoop successfully raised 70 million USD in a Series A round, comprising 28 million USD in equity and 42 million USD in loans. Meanwhile, AI platform AI Hay Vietnam raised 10 million USD in Series A funding led by Argor Capital, taking its total funding to over 18 million USD.
Other active players include OKXE Vietnam, which raised 14.5 million USD from Kwangju Bank and JB Financial Group; and electric motorbike startup Dat Bike, which secured 22 million USD in Series B funding, bringing its total to 47 million USD.
Other international acquisitions also drew attention, such as GS Microelectronics (GSME, US) buying Sinble Technology Vietnam, and Concentrix Corporation acquiring HCM City–based SAI Digital. Fintech startup iNexus Vietnam also received investment from Ansible Ventures.
According to PwC, over 70% of global M&A value since 2024 has focused on technology, data, and pharmaceuticals — sectors with high profit margins driven by innovation.
Technology in the spotlight
Experts say this global trend is reflected in Vietnam, where foreign funds and tech giants are showing growing interest in AI, semiconductors, data, and fintech - all key sectors in the country’s development strategy.
Le Han Tue Lam, CEO of VinVentures, noted that traditional industries like banking, real estate, and manufacturing have matured and face high entry barriers, However, technology is opening new opportunities where Vietnam can compete closely with its Southeast Asian peers.
She predicted that by 2030, Vietnam could see at least six new unicorns, with tech M&A accelerating both in scale and growth rate.
According to KPMG Vietnam’s M&A advisory head Dinh The Anh, acquisitions are shifting from simply boosting production or capital to building comprehensive technology ecosystems.
Artificial intelligence, data centres, cybersecurity, fintech, and digital infrastructure are now fertile ground for M&A activities.
Nguyen Anh Tuan, Chairman of the Association of Foreign-Invested Enterprises, said M&A in industry and technology is increasingly driven by long-term strategic partnerships rather than short-term takeovers, helping Vietnam move deeper into global value chains and strengthen its production capacity.
Experts forecast that from now until 2028, Vietnam will witness vibrant M&A activities in technology, healthcare, logistics, and green energy, driven by domestic demand, environment, social and government (ESG) priorities, and digital transformation. The country’ efforts in digital transformation, digitalisationa and green growth continue to be key forces sustaining Vietnam’s investment appeal./.
