Market Summary
In November 2023, the Vietnamese market experienced a series of transactions amounting to approximately USD720m, prominently led by the Finance Services, Energy, and Automotive sectors.
The largest fundraising during the month was from Thaco Group via its convertible bonds with a total value of USD350m, marking the largest single bond offering in Vietnam during the year.
The USD180m transaction between AEON Financial and SeABank underscores the ongoing trends of strategic partnerships and realignment within the financial sector.
The Energy sector also played a significant role with a contribution of around USD160m.
The Food and Consumer & Retail sectors were also active, featuring key players such as Sojitz and Alibaba.
Aggregate Deals Value = USD720m
This month's top deals
Agriculture and Food
Sojitz expands footprint in Vietnam's food industry with full ownership acquisition of New Viet Dairy
On November 22, Sojitz Corporation, along with its subsidiaries Sojitz Asia Pte., Ltd. and Sojitz Vietnam Co., Ltd., jointly acquired full ownership of DaiTanViet JSC (New Viet Dairy), Vietnam’s largest wholesaler of commercial food. Vietnam is a crucial market for Sojitz, where it has established value chains for manufacturing, logistics, and retail industries to meet the growing demand from supermarkets and convenience stores. Through this acquisition, Sojitz aims to collaborate with its subsidiary, Huong Thuy Manufacture Service Trading Corporation, to create a broadline wholesale food distribution business serving retail stores, mass merchandisers, and hotels and restaurants. The acquisition allows Sojitz to utilize New Viet Dairy's and Huong Thuy's customer networks to expand its sales channels in Vietnam and promote seafood products.
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Japan’s Marubeni acquires stake in Vietnam’s AIG Asia Ingredients
Consumer & retail
Alibaba invests in Vietnamese beauty and personal care chain Hasaki
Alibaba has acquired a minority stake in Vietnam's beauty and cosmetics retailer, Hasaki, showcasing its strategic expansion in the thriving Vietnamese market. Hasaki is a leading Vietnamese beauty retailer with over 140 stores and clinics across Vietnam. The company runs a unique shop-spa-warehouse store model with retail on the ground floor, a skincare clinic and spa services on the upper floor, and a mini-distribution center servicing online orders. The terms and value of the deal are not disclosed.
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Alibaba invests in Vietnamese beauty and personal care chain Hasaki
Energy & Utilities
Semborp spends USD160 million to acquire majority stakes in Gelex's subsidiaries
On November 10, Sembcorp Industries announced its subsidiary, Sembcorp Solar Vietnam, will acquire majority interests ranging from 73% to 100% in various subsidiaries of Gelex Group. This strategic move involves adding 245MW of operational renewable wind, solar, and hydropower assets to Sembcorp's Vietnamese portfolio, expanding its renewables presence to over 450MW.
Sembcorp plans to fund the maximum equity consideration of USD160 million through a mix of internal resources and external borrowings.
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Semborp spends USD160 million to acquire majority stakes in Gelex's subsidiaries
Coro Energy increases equity interest in its Vietnamese venture from 85% to 92.5%
Financial Services
SeABank sells entire stake in PTF to AEON Financial
SeABank has successfully sold its entire stake in Post and Telecommunications Finance Co., Ltd. (PTF), a consumer finance subsidiary, to Aeon Financial Service Co., Ltd. This strategic move aligns with SeABank's focus on core banking operations while allowing Aeon Financial to strengthen its presence in Vietnam's consumer finance sector. SeABank has transferred its entire capital contribution in PTF at a price of USD176.6 million to Aeon.
As a result of this transaction, Aeon Financial now holds full ownership of PTF, marking a significant development in its expansion strategy within the Vietnamese market. The deal underscores the ongoing trends of strategic partnerships and realignment within the financial sector to optimize operations and capitalize on emerging opportunities.
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SeABank sells entire stake in PTF to AEON Financial
Automotive and Transportation
Jardine Cycle & Carriage invests USD350 million in THACO
Jardine Cycle & Carriage Limited has subscribed to a private placement by Truong Hai Group Corporation for a domestic Vietnamese Dong convertible bond of VND 8,680 billion (c. USD350 million). Notably, this transaction stands out as Vietnam's most substantial single bond offering for the year. By participating in this placement, Jardine Cycle & Carriage further cements its enduring partnership with THACO, concurrently increasing its stake to 26.6%.
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Jardine Cycle & Carriage invests USD350 million in THACO
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 count.
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