Grant Thornton: Viet Nam M&A Market, August 2025
Grant Thornton recorded 18 mergers and acquisitions in August with total transaction value of USD2.23 billion, in which Vinfast – a member of Vingroup (VIC VN), accounted for two thirds with the Novatech spin-off.
Meanwhile, the Real Estate sector observed 4 transactions with total value of USD233 million, in which there were (1) the divestment of Seaprodex (SEA VN) by Red Capital and GELEX Corporation (GEX VN); and (2) GELEX Infrastructure – a tier-1 subsidiary of GELEX Corporation, purchased equity stakes at a 30-hectar residential project previously owned by Savico (SVC VN).
Mobile World Group (MWG VN): Dragon Capital is no longer major shareholder
All funds represented by Dragon Capital collectively sold over 3.26 million MWG VN shares, lowering ownership from 5.21% to 4.99%, which means that it is no longer designated as a major shareholder. Without this designation, Dragon Capital’s funds does not need to report they trades publicly. MWG VN closed at VND78,500 per share on 18th September 2025, thus 24.0x P/E and 3.9x P/B.
Nam A Bank (NAB VN): Rated A- by FiinRatings
The credit rating agency announced the Long-term Issuer Credit Rating for Nam A Bank for the first time, rating the bank’s creditworthiness at A- (following the Viet Nam national rating scale) with Stable outlook. Following the report, Nam A Bank stays at 17th position in term of market share (by total assets and loan book value) among 30 active banks. NAB VN closed at VND15,200 per share on 18th September 2025, meaning 6.8x P/E and 1.2x P/B.
Phu Nhuan Jewellery (PNJ VN): Cash dividend declared
PNJ declared cash dividend of VND1,400 per share with September 26th as Ex-date and October 23rd as Settlement date. Currently, T.Rowe Price Associates and Dragon Capital group are two major shareholders. In H1, the firm made revenue of VND17.22 trillion (about USD655 million, down -22% YoY) and net income of VND1.11 trillion (about USD42.4 million, down -4.4% YoY).
PNJ VN closed at VND88,100 per share on 18th September 2025, resulting 14.4x P/E and 2.5x P/B. However, It does not fully capture effects from the 2025 ESOP, which offered 3.24 million additional shares (equivalent to nearly 1% of current shares outstanding) at VND20,000 per share to 110 eligible employees (on 30 June 2025, PNJ had 8,234 employees).
