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Announced on August 26, the joint venture will combine Amova Asset Management Co., Ltd.’s global investment capabilities with BIDV Securities JSC’s (BSC’s) customer base and local market knowledge to provide investment management services to individual and institutional investors in Vietnam.
Meanwhile, Sharp Energy Solutions Corporation (SESJ) has completed its full acquisition of Sharp NSN Energy Solution (SNES), a joint venture it previously co-owned with NSN Construction & Engineering in Vietnam. Announced on July 24, the move makes SNES a wholly owned subsidiary of SESJ and is expected to accelerate decision-making and enable more integrated operations.
On July 2, Kamigumi Co., Ltd. acquired a 50 per cent stake in CLK Cold Storage, a Vietnamese company that operates refrigerated and frozen warehouses. CLK was established in Ho Chi Minh City in 2015 as a joint venture between Japanese companies. The company provides high-quality frozen and refrigerated services with thorough quality control that meets ‘Japanese standards’, and has been steadily expanding its cargo handling volume in Vietnam.
According to findings by RECOF on September 4, Japanese companies announced nine transactions in Vietnam during the first half of 2026, including five transactions in the first quarter and four quarter in the second quarter. The same number was 11 in the first half and 12 in the second half of 2025, respectively.
The total number of Japanese companies’ outbound merger and acquisition (M&A) transactions declined in the first half (down 8 per cent in total over a year ago), to the Americas, Europe, and Asia. This can be partly explained by the continued weakness of the yen, which made Japanese investors less competitive in acquiring business abroad, but more importantly the Japanese corporate managers have been even more cautious than usual at the time of instability caused by the war in the Middle East.
Major Japanese players such as KDDI (IT), Sumitomo Corporation (agricultural supplies distribution), Nishitetsu (real estate) and Hakuhodo (marketing) announced transactions in Vietnam, but no sizeable deal has emerged so far this year.
Another positive signal to Vietnam’s M&A market was the issuance of Resolution No.10-NQ/TW on June 8. The resolution represents a new phase of Vietnam’s foreign investment policy, with the focus on high value-added sectors such as high technology, digital economy and advanced manufacturing, with the emphasis on the development of highly skilled human resources.
The RECOF report noted that the initiative aligns with the Comprehensive Strategic Partnership reaffirmed during Prime Minister Takaichi’s visit to Vietnam in May, and that cooperation in these areas will be mutually beneficial amid global competition. Vietnamese and Japanese companies may therefore seek business alliances and joint ventures to develop new businesses in advanced sectors, rather than acquiring existing ones.
The Vietnamese government’s initiatives for more transparent and consistent investment environment will be welcomed by the non-Vietnamese investors including Japanese, though rapid changes may sometimes cause short-term delays in executing M&A transactions.
These initiatives aim to attract high-quality, long-term, and value-added foreign investment, which aligns well with the strengths and investment philosophy of most Japanese companies, given their strong capabilities in technology, manufacturing, and quality management, as well as their commitment to developing human resources within the organisation.
For Japanese companies, the mission to bolster global supply chains is ongoing, and they will remain committed to strategic investments in Vietnam and other regional countries, given the complementary features of the two countries in areas including natural and human resources. Assuming continued global geopolitical stability, investment flows from Japan are expected to remain positive through the year.
Vietnam’s next cycle: capital shifts from low-cost manufacturing to higher-value investment and M&A
KPMG’s Vietnam’s Next Cycle briefing series opened in Singapore on August 25, bringing investors and business leaders together to examine the capital flows, reforms and deal activity shaping Vietnam’s next phase of growth.
Discipline shapes M&A environment
Experts in Vietnam are cautiously positive in terms of dealmaking for the rest of 2026 after momentum improved in the second quarter, and new acquisitions continue to move forward.
AllianzGI acquires UOB Asset Management, including its Vietnam operations
Allianz Global Investors, one of the world’s leading active asset managers, has entered into an agreement to acquire UOB Asset Management, the asset management business of Singapore-headquartered UOB Group.
