Market Summary
In June 2024, the Vietnamese market witnessed transactions totaling around USD115m. Notably, the Financial Services, Energy & Utilities, and Technology sectors were prominently involved:
In the Financial Services featured a notable transaction where Vietnam’s Public Bank completed the acquisition of RHB Securities Vietnam for USD15.2m.
Energy & Utilities sector saw Korea’s Hyosung Chemical Corporation’s add-on USD39.8m investment into Vietnam’s Hyosung Vina Chemicals.
The Technology sector featured a USD42.4m capital injection into Fushan Technology Vietnam to expand phones, computer devices manufacturing.
Aggregate Deals Value = USD115m
This month's top deals
Financial Services
RHB Securities Vietnam, acquired by the Public Bank Vietnam for USD15.2 million
A wholly owned subsidiary of Malaysia’s Public Bank, Public Bank Vietnam, recently completed its acquisition of RHB Securities Vietnam for USD15.2 million following the acquirer’s announcement in the beginning of the year. Such a deal would allow the Public Bank Vietnam to “expand its financial services offering to include securities trading” and to participate in Vietnam’s growing capital market. Additionally, this acquisition would also facilitate the Public Bank Vietnam to draw on its existing client base in the country to grow the securities trading business.
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RHB Securities Vietnam, acquired by the Public Bank Vietnam for USD15.2 million
Leading Chinese Insurtech to acquire Vietnam's Multi-Line Insurance Platform Global Care
Pioneer Insurtech in Vietnam specializing in digital transformation solutions for the insurance industry, Global Care was recently acquired by Chinese-based Insurtech Huize for an undisclosed amount. The acquisition is the first step towards global expansion for Huize – especially in ASEAN, where the region presents significant market parallels to China. Thus, Huize hopes to replicate its successful business model in China to ASEAN, starting with Vietnam.
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Leading Chinese Insurtech to acquire Vietnam's Multi-Line Insurance Platform Global Care
Fintech Holdstation to secured 7-figure funding from SNZ Capital, Summer Ventures, and EVG
Premier Web3 wallet infusing AI and trading, Holdstation recently secured an undisclosed, 7-figure funding from SNZ Capital, Summer Ventures, and EVG. The deal is set to drive Holdstation’s development of smart AI wallets – combining AI with simplified blockchain to revolutionize the way users manage their own trades and portfolios.
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Fintech Holdstation to secured 7-figure funding from SNZ Capital, Summer Ventures, and EVG
Energy & Utilities
Vietnam’s cleantech platform Stride to receive USD3 million in debt financing from Sweden’s Trine
Clime Capital and Touchstone Partners-backed cleantech platform Stride has recently received USD3 million in debt financing from Sweden-based solar investment platform Trine. With the mission to remove barriers to clean energy adoption, Stride’s solutions are aimed at residential and SME consumers. Aligning. The debt funding will allow Stride to deploy solar energy solutions in Vietnam quickly to hit its target of 50% of residential homes and office buildings using self-produced rooftop solar power by 2030.
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Vietnam’s cleantech platform Stride to receive USD3 million in debt financing from Sweden’s Trine
Hyosung Vina Chemicals secured USD38.8 million in add-on funding from Korea’s Hyosung Chemical Corporation
Hyosung Vina Chemicals Co., Ltd. announced that it has USD38.8 million in a round of funding which included the participation from returning investor Hyosung Chemical Corporation. Through the deal, the company will issue the shares through Shareholder allocation increase method and aims to strengthen its propylene and polypropylene chemicals manufacturing capabilities.
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Technology
Fushan Technology Vietnam to receive 3rd capital injection of USD42.4 million
Fushan Technology Vietnam is expected to receive a third capital injection from FIH Mobile Limited of USD42.4 million. This additional capital injection will allow Fushan to focus and expand more of its manufacturing, processing, and assemblage of mobile phone devices and audio equipment, computer and optical devices in Vietnam and Southeast Asia.
Announcement link:
Fushan Technology Vietnam to receive 3rd capital injection of USD42.4 million
U2U Network to receive 7-digit seed round investment for DePIN technology advancement
Decentralized Physical Infrastructure Networks (DePIN) refers to the application of blockchain technology and decentralization principles to physical infrastructure and systems. Receiving seed funding, round led by Vietnam’s IDG Blockchain, U2U Network sets its sights on becoming a comprehensive ecosystem for Web3 builders and aims to create a decentralized, user-driven marketplace for digital resources – the DePIN marketplace.
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U2U Network to receive 7-digit seed round investment for DePIN technology advancement
Consumer & Retail
B2B startup Vigo Retail receives USD7.5 million in funding, led by Argor Capital
Vietnamese tech-enabled B2B startup Vigo Retail – connecting retailers to FMCG brands, distributors, and wholesalers – has secured USD7.5 million in most recent funding round with investors such as Wavemaker Partners and Patamar Capital and led by Argor Capital. The deal signals a more hopeful outlook from regional investors on Southeast Asia’s B2B e-commerce sector which has been questioned for its sustainability. In Vietnam, specifically, the B2B e-commerce sector is amid a transition poised for great potential – from reliance on a few top SKUs for high growth to diversification of products for a more sustainable platform.
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B2B startup Vigo Retail receives USD7.5 million in funding, led by Argor Capital
Note: Deal values include disclosed announced & closed deals with amounts restricted to the local scene i.e., amounts related to the Vietnam entity and/or business. Rumored deals are not included. Cross-posted deals are also adjusted to avoid double counting.
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