Market Summary
July total disclosed deal size stood at only c. USD62m, with contributions from Manufacturing (USD53m) and Technology (USD10m). Yet, there were many announcements relating to large upcoming transactions for the later half of the year.
Aggregate Deals Value = USD62m
This month’s top deals
Real estate
CapitaLand to develop USD720m mixed-use project in Vietnam
CapitaLand Development (CLD) is acquiring a site in Ho Chi Minh City in Vietnam for a USD720 million (€713m) mixed-use project. The Singapore-based developer expects to complete the development at Thu Duc City in 2027.
The CEO of CLD Vietnam said that CapitaLand would continue to seek more investment opportunities across various asset classes to strengthen CLD’s position as a leading developer in Vietnam.
Article link: CapitaLand to develop USD720m mixed-use project in Vietnam
Vietnam property developer Hung Thinh Land files for local IPO after USD103m PE funding
The real estate arm of Hung Thinh Group filed an IPO document to the Securities Commission, realizing its plan to list shares on the Ho Chi Minh City Stock Exchange next year. The deal is expected to make Hung Thinh Land the third largest real estate firm on the Vietnamese stock exchange. The builder of high-rise condominiums and trip villas is offering about a 10 percent stake as it seeks to raise not less than USD200 million. The company plans to set the preliminary worth at least VND45,000 every for the IPO. It seems to concern 100 million shares to international and home traders early subsequent 12 months. Earlier, Hung Thinh Land received investment from Dragon Capital and VinaCapital. The transaction value was USD103 million, marking the first step of the enterprise to participate in the international capital market, creating a good foundation for long-term strategic orientations.
Article link:
Vietnam property developer Hung Thinh Land files for local IPO after USD103m PE funding
Consumer
Hongkong’s Swire Pacific buys Coca-Cola bottling operations in Vietnam, Cambodia
Hong Kong-based conglomerate Swire Pacific is offering USD1 billion for Coca-Cola’s bottling operations in Vietnam and Cambodia, a move to expand its presence in the Southeast Asian market.
Swire Pacific will pay Coca-Cola Indochina, which produces and sells Coca-Cola products in both countries, USD1.015 billion in cash, South China Morning Post cited its filing to the Hong Kong stock exchange Monday.
The transactions "will expand the group’s beverages business into one of the most rapidly growing beverages markets," the company said.
It is expected to be completed within the next six months, subject to antitrust approval, Bloomberg cited the filing.
Article link:
Hongkong’s Swire Pacific buys Coca-Cola bottling operations in Vietnam, Cambodia
Technology
Vietnam’s EWA provider Nano Technologies raises USD6.4m led by Openspace
Nano, a Vietnam-based earned-wage access firm, raised USD6.4 million in a pre-series A round led by Openspace Ventures, with existing investors Golden Gate Ventures and FEBE Ventures participating
Founded in 2020 by former Uber Vietnam General Manager Dzung Dang and ex-Focal Labs founder Thang Nguyen, Nano aims to support mostly low and mid-income workers in Vietnam, who are more vulnerable to loan sharks and payday loans. Last May, the startup raised a USD3 million round in seed funding.
Article link:
Vietnam’s EWA provider Nano Technologies raises USD6.4m led by Openspace
Tubudd receives investment from the TheVentures Fund
Tubudd., JSC develops and operates a digital platform that connects travelers with a network of local buddies. Its platform offers personalized private excursions and activities. The company was incorporated in 2018 and is based in Hanoi, Vietnam with an additional office in Manchester, United Kingdom.
With the 6-digit investment from TheVentures (South Korea), Tubudd, a Vietnamese startup connecting international travelers to buddies, decided to rebrand with a new goal and mission.
Article link:
Vietnamese Fintech startup MFast successfully raised USD2.5m
Financial service app MFast Digital Payment Solution JSC has raised USD2.5 million for financial service app MFast in a funding round led by Ascend Vietnam Ventures with participation from Wavemaker and two other existing investors, Do Ventures & JAFCO Asia, bringing its total capital funding to USD4 million. With the fresh funding, MFast is actively looking to hire talent across various areas including technology, marketing, and sales to upgrade its platform, expand its agent network, and deploy new business models.
Besides the closed deals, July also saw waves of fund-raising announcements from leading companies of all sectors in thew Vietnam market.
Article link:
Vietnamese Fintech startup MFast successfully raised USD2.5m
First Vietnam unicorn VNG eyes Nasdaq debut, may offer 12.5%
Vietnam’s tech giant VNG, one of Vietnam’s first unicorns, plans to list on the US tech-heavy Nasdaq later this year.
The market debut will offer 12.5 percent of its stake to investors.
Article link:
First Vietnam unicorn VNG eyes Nasdaq debut, may offer 12.5%
Manufacturing
Masan’s unit pours USD53 million into UK battery startup
H.C. Starck Tungsten Powders (HCS), a wholly owned Masan High Tech Materials subsidiary, announced to invest of USD53 million into Nyobolt Limited, a fast-charging Li-ion battery solutions company.
Under the transaction, a Vietnam conglomerate Masan Group subsidiary will own a 15 percent equity interest in the startup.
The investment, representing the majority of Nyobolt’s Series B financing round, is expected to accelerate HCS’s vision of becoming a high-tech, value-added business by developing new tungsten applications critical for future technologies.
Article link:
VinFast signs USD4 billion deals with Credit Suisse, Citigroup for EV factory in US
Finhay, a Vietnam-based digital investment platform, said Wednesday it secured an Automaker VinFast on July 13 and announced that it has signed agreements with Credit Suisse (Singapore) Ltd and Citigroup Global Markets Inc. to raise at least USD4 billion to develop an electric vehicle factory in North Carolina, the US.
The deals were signed by Singapore-based VinFast Trading and Investment Pte. Ltd, with each valuing at least USD2 billion.
Articles links:
VinFast signs USD4 billion deals with Credit Suisse, and Citigroup for EV factory in the US
Note: Deal values only include disclosed completed 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.
Exchange rate: USD1.00 = VND23,000.00