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Vietnam Newsletter - April 2022



Market summary


  • April is a slower month for deals after a bustling March in Vietnam. Total deal size stood at USD312m (-35% m-o-m), with main contribution from E&C (US106m), Manufacturing (USD69m), and Energy (USD35m)

  • Infrastructure and Utilities Construction leads the transaction landscape in April with only 2 deals while contributing .more than 30% of total deal size, namely TDC (USD97m) and Petro Vietnam Engineering (USD8m). The proceed use is mainly to increase charter capital and expand new businesses

  • Manufacturing continues to be the 2nd highest contributor, mainly driven by fundraising and M&A of export-driven companies such as Fursys, An Phat bioplastics, and Nam Viet Aqua Feed

  • Energy sector is 3rd, and solely led by BCG Energy with USD35m equity injection from Bamboo Capital

  • Noteworthily, Dat Bike - Vietnam's first domestic electric motorcycles manufacturer - closed its Series A with total funding of USD5m, led from existing investors such as Jungle Ventures and Wavemaker Partners

  • Technology scenes in April also saw the closing of one of the biggest healthtech Series A raise in Vietnam: POC Pharma closed a USD10m Series A, led by Europe leading ventures Alven Capital


Aggregate Deal Values = USD312m

 

This month’s top deals


Automotive

Dat Bike Vietnam raised USD5.3m in Series A

The electric motorbike manufacturer announced it has raised a $5.3 million Series A led by Jungle Ventures, with participation from Wavemaker Partners. The latest funding brings Dat Bike’s total funding to $10 million since inception. Dat Bike is recognized by the Vietnam Ministry of Transportation as the first domestically made electric bike

LVMC Holdings announced that it has received USD30m in funding

LVMC Holdings announced a private placement of series 2 of Overseas Bearer Type Unguaranteed Private Placement Convertible Bonds for gross proceeds of KRW36,960,000,000 (c. USD30m) on April 12, 2022. The transaction included participation from Indochina Bank Ltd. The bonds will be issued at par. LVMC Holdings will use KRW 11,088,000,000 of the proceeds as operating capital, and KRW 25,872,000,000 of the proceeds for debt repayment.

Article links:

Dat Bike announced it has raised a $5.3 million Series A

LVMC Holdings announced that it has received KRW 36.96 billion in funding



Technology

Alpha JWC Ventures and January Capital Invest In Aemi in a USD2m round

Aemi announced that it has received USD2m in a round of funding on April 11, 2022. The transaction included participation from Alpha JWC Ventures, January Capital Pte. Ltd., Venturra Discovery a fund managed by Venturra Capital, Febe Ventures Limited, and angel investors.

Vietnam's POC Pharma raises $10.3m in Series A funding

POC PHARMA announced that it has received USD10.3m in a round of funding led by new investor Alven Capital Partners SA on April 20, 2022. The transaction also included participation from returning investors Picus Capital GmbH, Febe Ventures and FJ Labs. The funding is used to accelerate the roll-out of its digital go-to-market solutions to accelerate the roll-out of its digital go-to-market solutions


Aura Network, a non-fungible token dedicated layer-1 blockchain based on the Cosmos ecosystem, has raised a $2.5m seed round

Aura Network announced that it has received USD2.5m in a round of funding on April 18, 2022. The transaction included participation from new investors Coin98 Ventures, Genesis Block Ventures, Impossible Finance, KuCoin Labs, KYBER Network PTE. Ltd., OIG, TPX Ventures, GuildFi, MEXC Pioneer, Deo Network, Avalanche Asia Star Fund, Redline Dao, Vanda Capital, LLC, AhaMove, Ecomobi, and Pencil Group.

Article links:

Alpha JWC Ventures and January Capital Invest In Aemi

Vietnam's POC Pharma raises $10.3 M in Series A

Aura Network raised a $2.5m seed round



Manufacturing

Fursys Vietnam is fully acquired by Fursys Inc for USD40m

The office furniture solution company plans to accelerate its global expansion by setting up presence in strategic countries globally, starting with its acquisition of Fursys Vietnam from Sidiz on April 22, 2022

An Phat Bioplastic issues 470 bonds for gross proceeds of USD21m

Nam Viet Aqua Feed raised USD8.7m equity in latest round

Article links:

Fursys Inc. agreed to acquire FURSYS VN., LTD from Sidiz.Inc. for KRW 50 billion

An Phat Bioplastic issues 470 bonds for gross proceeds of USD21m

Nam Viet Aqua Feed raised USD8.7m equity in latest round



Real Estate

Foreign Trade Development & Investment (FIDECO) to raise USD35.4m from upcoming public offering

Fideco (HOSE:FDC) plans to offer 77.2 million shares to raise more than VND811 billion to invest in Son My project

First Real Estate raised USD8.8m from public offering

Article links:

Fideco to offer 77.2 million shares to raise more than VND811 billion to invest in Son My project



Engineering and Construction

PetroVietnam Power Engineering Consulting raised USD8m to increase charter capital and supplement working capital

PetroVietnam Power Engineering Consulting Joint Stock Company announced a private placement of 18,500,000 shares at an issue price of VND 10,000 per share for gross proceeds of VND 185,000,000,000 on April 28, 2022The transaction will include participation from strategic investors, professional securities investors with financial capacity, including existing shareholders.

Transport and Industry Development Investment (TCD) to receive USD98m in private placement

Article links:

Petro Vietnam Engineering Consulting raised USD8m

TCD raises USD98m from private placement


Energy

BCG raised USD35m from Bamboo Capital

BCG Energy Joint Stock Company announced that it will receive VND 800,000,000,000 in an equity round of funding from returning investor Bamboo Capital Joint Stock Company on April 7, 2022. The transaction has been approved by board of directors of Bamboo Capital Joint Stock Company.

Article links:

BCG raised USD35m from Bamboo Capital



Consumer

Hanoi Milk raised USD13m to fund new milk processing plant

Hanoimilk JSC announced a private placement of 30,000,000 common shares at an issue price of VND 10,000 per share for gross proceeds of VND 300,000,000,000 on April 24, 2022 (USD13m). The shares can be not transferred within one year since investors become the company’s shareholders. The transaction will include participation from professional investors not more than 30. The transaction was approved by the board of directors of the company.


Ladophar Herbal Beverage raised USD3m from Lam Dong Pharmaceutical

Article links:

Hanoi Milk raised USD13m to fund new milk processing plant

Ladophar Herbal Beverage raised USD3m from Lam Dong Pharmaceutical



Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Vietnam entity and/or business. Rumored deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = VND23,000.00 as of 01/12/2021




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