CEF II 2026: Transforming the 'potential business' narrative into a verifiable investment plan
The economic foundation and market scale are creating significant room for capital flow into Vietnamese enterprises.
Latest
 |
| Member of the Standing Committee of the City Party Committee, Vice Chairman of the Hanoi People's Committee, Nguyen Xuan Luu, attended the second CEF. (Photo: Gia Thanh) |
At the second Capital Economic Forum (CEF 2026) held on the afternoon of August 27, Pham Duc Dung, Director of the M&A (Mergers and Acquisitions) & Restructuring Centre, Saigon-Hanoi Securities Joint Stock Company (SHS), stated that the economic foundation and market scale are creating significant room for capital flow into Vietnamese enterprises.
According to Dung, Vietnam currently has a population of approximately 102.3 million people, a Gross Domestic Product (GDP) of about 514 billion USD, and registered foreign direct investment (FDI) of 38.4 billion USD.
| More from WVR |
 CEF II 2026: From business connections to substantial deals and linkages |
Vietnam's GDP growth in 2025 reached 8.02%, and the growth outlook for 2026-2030 is expected to remain strong. Dung believes these factors are laying the groundwork for the continued expansion of the capital market.
Notably, the level of penetration in Vietnam's capital market remains low compared with many other economies in the region. The stock market capitalisation is approximately 75% of GDP, lower than the Southeast Asian average of about 130%.
The bond market scale is equivalent to 24% of GDP, while the regional average is around 90%. The assets under management (AUM) are only about 4% of GDP, compared to approximately 30% in Southeast Asia.
The number of stock accounts currently stands at about 12.6 million, equivalent to 12% of the population, and is forecasted to exceed 20 million by 2030. Meanwhile, the projected P/E (price-to-earnings ratio) for Vietnam in 2026 is about 13.1 times, lower than some markets in the region, indicating room for long-term revaluation.
Along with the development of the capital market, M&A in Vietnam has also seen notable changes. The number of deals decreased from 494 in 2023 to 367 in 2025, but the total transaction value in 2025 recovered to about 8.7 billion USD, up 26%. The average value per deal was about 23.7 million USD, up 54% from 2024.
 |
| Speakers share insights at the second CEF. (Photo: Phuong Nga) |
“The aforementioned figures indicate that the market is shifting from a 'many but small' phase to 'few but quality'. Investors are more cautious in selecting targets but are willing to invest large amounts in businesses with a solid foundation, transparency, and clear growth potential,” Dung said.
For small and medium enterprises, Pham Duc Dung sees this as both an opportunity and a test. M&A is not just about selling part or all of a business but can also be a tool for capital restructuring, technology enhancement, market expansion, improving management capacity, and seeking strategic partners.
However, to seize this opportunity, businesses must pass through an initial “door”: Being ready for investor appraisal.
According to Pham Duc Dung, if small and medium enterprises wish to raise capital or engage in M&A in the next 12-24 months, they need to immediately prepare three things: Financial standardization, legal consolidation, and developing a capital utilisation plan.
The owner's finances must be separated from the company's; assets, cash flow, revenue, and expenses must accurately reflect the nature of operations.
Businesses must also review asset ownership, contracts, tax obligations, and shareholder structure.
Importantly, businesses need to demonstrate how much revenue, profit, or added value new capital can generate. This is the basis for transforming the “potential business” narrative into a verifiable investment plan.
| At the second CEF, the Organising Committee officially launched the Capital Economic Forum website at cefhanoi.vn. The website not only provides information about the program, speakers, and previous events but also aims to become a regular digital connection platform for the business community. Through this platform, businesses can update and register their B2B (business-to-business) needs, seek investment opportunities, M&A, capital sources, suppliers, partners, markets, and related support programs. The Organising Committee expects that the needs received on the platform will be categorised, connected, and tracked after the forum. Thus, CEF is envisioned not just as a periodic event but as a step towards becoming a regular resource-connection ecosystem for the capital's businesses, with measurable, trackable outcomes. |
