HCM CITY — Việt Nam's mergers and acquisitions (M&A) market is entering a new phase of development, driven by the growing strength of domestic capital, technological innovation and an increasingly mature startup ecosystem, experts said at Venture Forum 2026 held in HCM City on Friday.

The event brought together more than 500 startup founders, investors, business executives, venture capital fund representatives and policymakers from Việt Nam and across Asia to discuss emerging trends in venture investment, private equity and corporate acquisitions.

Held under the theme “Vietnam's M&A Moment: The Unseen Dynamics”, the forum focused on the opportunities and challenges facing the country's M&A market as businesses pursue new growth strategies amid a rapidly evolving economic landscape.

Speaking at the opening session, Trần Trọng Tuyên, deputy director of the HCM City Department of Science and Technology, said innovation, entrepreneurship and investment capital are becoming increasingly important drivers of economic growth.

He noted that the city is working to strengthen its innovation ecosystem by supporting startups, promoting technological development and fostering stronger links between enterprises and investors.

According to Tuyên, forums such as Venture Forum play an important role in connecting innovative businesses with domestic and international investment funds, helping transform technological ideas into commercially viable products and services.

Participants heard that Việt Nam’s startup ecosystem has expanded rapidly over the past decade, attracting growing interest from both regional and global investors.

Alongside this growth, M&A activity has emerged as a key mechanism for companies seeking to expand market share, acquire new technologies and enhance competitiveness.

Lê Hàn Tuệ Lâm, chief executive officer of VinVentures, said the Vietnamese M&A market has gone through several distinct stages of development and is now entering a new cycle marked by stronger participation from domestic investors.

According to Lâm, the market’s initial phase was largely driven by foreign investors seeking opportunities in a fast-growing emerging economy.

Subsequent stages were characterised by significant deal activity in consumer goods, retail and real estate, followed by a period of rapid expansion in technology startups and digital transformation.

Today, she said, the market is witnessing the rise of a new growth engine as Vietnamese corporations, investment funds and technology firms become increasingly active in acquisitions and strategic investments.

“The next wave of M&A transactions will not be driven solely by foreign capital. Domestic investors are becoming more confident and are playing a larger role in shaping the market,” Lâm said.

She noted that the shift reflects the growing maturity of Vietnamese enterprises, many of which now possess stronger financial resources, more sophisticated management capabilities and longer-term development strategies.

Lâm also highlighted the increasing role of technology in future transactions.

As digital transformation accelerates across industries, companies are pursuing acquisitions not only to expand their operations but also to gain access to advanced technologies, highly skilled talent and innovative business models.

The forum heard that artificial intelligence, semiconductor technology, healthcare, logistics and enterprise software are among the sectors expected to attract increasing investor interest in the years ahead.

Experts said the market is also benefiting from more realistic expectations among founders and investors following a period of global economic uncertainty.

Greater transparency and stronger corporate governance standards are helping create conditions for more sustainable and efficient transactions.

Participants noted that M&A is no longer viewed solely as an exit strategy for startup founders.

Instead, acquisitions are increasingly being used as a strategic tool to accelerate growth, expand into new markets and strengthen competitive advantages.

The growing role of domestic capital was identified as one of the most significant developments shaping the market.

While foreign investors continue to play a vital role, the rising participation of Vietnamese corporations and investment funds is helping diversify funding sources and create a more balanced investment landscape.

According to Lâm, this trend could make the market more resilient to external economic shocks while supporting the long-term development of innovative enterprises.

The forum also examined how regulatory reforms, stronger intellectual property protection and continued investment in science and technology could further enhance Việt Nam’s appeal as a destination for venture capital and strategic acquisitions.

Beyond the panel discussions, the event featured networking sessions and business-matching activities aimed at connecting startups with potential investors and strategic partners.

As Việt Nam seeks to move up global value chains and build a knowledge-based economy, participants said closer collaboration among entrepreneurs, investors and policymakers will be essential to unlocking new growth opportunities.

With a dynamic technology sector, a rapidly expanding innovation ecosystem and growing participation from domestic investors, experts believe Việt Nam’s M&A market is well positioned to enter a new phase of growth in the years ahead. — VNS