Consumer sector deals now boast sharper intent – BDA Partners analysis in Vietnam Investment Review

Vietnam’s consumer sector remains one of the first places investors look in Southeast Asia. The fundamentals still hold: a population of over 100 million, a median age around 34, and a middle class with real spending power.

Yet, the past two years have told a quieter story. Merger and acquisition activity has slowed noticeably, with barely any large-cap transactions. In this dealmaking environment, investors are no longer buying growth alone. They are paying for fundamentals that can hold up across different economic cycles: distribution reach, brand trust, and the scalability and synergies a deal can unlock. That shift is itself a sign of a market growing up.

The slowdown had three main causes. Firstly, is cautious consumer behaviour with tightened spending and lifted savings, prioritising essential goods over discretionary purchases. Softer business performance stalled many processes before they even began.

Secondly, new US trade measures in 2025 clouded the outlook for export-linked demand and soured investor sentiment across the region. Many buyers adopted a wait-and-see approach.

Thirdly, sellers anchored to pre-slowdown expectations, while buyers priced in the new reality. Several good businesses ran processes that went nowhere, not for lack of quality, but for lack of agreement on price.

The deals that did close share a clear theme. Buyers started valuing resilience besides growth. Distribution reach and brand trust became the prize.

Momogi did not simply buy a confectionery brand in Bibica. It bought decades of distribution, reaching deep into the general trade outlets where most Vietnamese still shop. Similarly, Skinetiq’s value to Marico lies in its e-commerce and social commerce infrastructure, years of investment a traditional fast-moving consumer goods player would otherwise need to build in-house.

Besides market reach, brand quality also matters. Thien Long, Bibica, Haiha-Kotobuki, and Vinamilk are established category leaders that earned their position over decades. Vietnamese consumers are also growing more selective about which brands they trust, so buyers are increasingly paying for confidence, not just shelf access.

According to Cimigo, modern trade has climbed towards a third of retail sales in 2025, e-commerce now adds over 10 per cent, and traditional trade is shrinking for the first time. As the channel dynamic shifts and the economy stays cautious, distribution visibility and a strong brand create resilience. Both take years to earn and cannot be leased quickly.

On top of that, valuation premium is driven by scalability and synergy. A buyer who can scale an acquired asset will pay up for reach it would otherwise take years to build. The premium grows further when a buyer can also push its own products through the same network at little added cost.

Is momentum returning? Yes, but in a selective way. That confidence is reinforced by policy: the National Assembly has set an annual GDP growth target of at least 10 per cent in 2026-2030, alongside a retail sales growth target of 11 per cent, a clear government bet on stronger consumer demand ahead. Consumer preferences are shifting further towards quality and trusted brands, which makes well-positioned local names with deep market reach more attractive to foreign buyers.

Tighter tax enforcement is raising the bar for investible assets and improving market transparency. It stings general-trade-reliant small and medium-sized enterprises and household businesses with loose books, but is also an opportunity for them to formalise, benefiting the whole market.

The exit door is also widening to provide support for the momentum. The new 30-day listing process and FTSE market upgrade reopen a public route that had gone quiet before. That matters most to financial sponsors. A market with multiple viable exits gives sponsors more confidence to commit capital.

Ultimately, recovery is gaining real traction. Deals are being done with sharper intent by more sophisticated counterparties on both sides. Vietnam’s consumer merger market has not stalled. It has simply become more disciplined and selective.

Selected consumer sector deals, 2025-2026 

Date	Target name	Target segment	Buyer name	Buyer type	Deal type	Deal size ($m)
Jun 26	Hai Ha-Kotobuki	Confectionery and bakery	One Capital	Strategic	Majority	6.7
Feb 26	Chicken Plus Vietnam	Restaurant chain	The Ventures	Sponsor	Majority	N/A
Feb 26	Skinetiq	Beauty and personal care	Marico	Strategic	Majority	30.0
Dec 25	Nguyen Kim	Electronics retail	PICO Holdings	Strategic	Majority	36.0
Dec 25	Mega Market [1]	Supermarket chain	Berli Jucker	Strategic	Majority	714.9
Dec 25	Vinamilk	Dairy products	Fraser & Neave	Strategic	Minority	228.2
Dec 25	Red Wok	Restaurant chain	Undisclosed buyer	N/A	Majority	N/A
Dec 25	Thien Long Group	Office and school supplies	Kokuyo	Strategic	Majority	185.0
Nov 25	Kome88	Imported food retail and wholesale	Toho	Strategic	Majority	N/A
Nov 25	Hoang Anh Flavors	Food flavouring and ingredients	T Hasegawa	Strategic	Majority	27.6
Oct 25	Bibica	Confectionery and bakery	Momogi	Strategic	Majority	64.0
Sep 25	Paris Baguette Vietnam	Coffee chain	Viet Thai International	Strategic	Majority	N/A
Aug 25	Vihamark Group	Beverages	Aseed Holdings	Strategic	Minority	3.4
Jun 25	Betrimex	Coconut products	TTC Agris	Strategic	Minority	57.4
May 25	Aladdin	Restaurant chain	Excelsior Capital	Sponsor	Minority	N/A
May 25	Every Half Coffee	Coffee chain	Openspace Ventures; DSG Consumer	Sponsor	Minority	3.0
May 25	LC Foods	Processed food	Excelsior Capital	Sponsor	Minority	N/A
May 25	Bien Hoa Consumer	Sugar and coconut products	UOB Venture Management	Sponsor	Minority	N/A
Mar 25	Phuong Nam Bookstore	Bookstore chain	Thien Long Group	Strategic	Majority	5.3
Feb 25	The Coffee House	Coffee chain	Golden Gate Group	Strategic	Majority	N/A

[1] Note: The Berli Jucker/MM Mega Market Vietnam transaction was an intra-group restructuring. 

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