2. Executive Summary
Mergers & Acquisitions activity (see Section 1)
• Mergers & Acquisitions with Vietnamese participation has increased in 2011 to hit a new record.
• While the number of deals has only slightly increased to 413 transactions (+7%), while the value has more
than doubled to 4.7 bil. USD (+103%).
National vs. Cross-border M&A (see Section 2)
• The majority of all transactions have been national transactions (77%). By value however especially foreign
acquisitions in Vietnam played a major role (66%).
• The new record in Vietnamese M&A is due to a increase in the number of national combinations, while the
number of foreign acquisitions in Vietnam has decreased.
• The new record in value of M&A is caused by an increase in value of national M&A as well as by foreign
acquisitions in Vietnam.
• The most important foreign acquiror in Vietnam – in both, number and value – are companies from Japan.
Industry (see Section 3)
• With respect to the number of transactions, the majority of M&A transactions took place in the industrials,
consumer goods, and materials sector.
• By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked
first.
Top deals (Section 4)
• The biggest M&A deal in 2011 was a national transaction. All other deals in the top ten were done by
foreign acquirors in Vietnam.
22 January 2012 (C) 2012 IMAA 2
3. Content
1) M&A Activity in Vietnam
2) National and Cross-border M&A in Vietnam
3) M&A in Vietnam by Industry
4) Top Vietnames Deals
22 January 2012 (C) 2012 IMAA 3
5. Vietnamese M&A Activity in 2011
Number Value
400 4'000
350 3'500
300 3'000
Value (in mil. USD)
250 2'500
Number
200 2'000
150 1'500
100 1'000
50 500
0 0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Year
In 2011, there have been 413 transactions valued at 4.7 Trend in Vietnamese M&A
bil. USD with Vietnamese participation.
Number Value
The number of M&A have increased (+7%). Compared
with the 2010, the value of deals has more than doubled
+7% +103%
(+103%) – its highest level ever.
22 January 2012 (C) 2012 IMAA 5
6. Vietnames M&A Activity in 2011:
Comparison with Asia-Pacific
Vietnam Asia-Pacific Vietnam Asia-Pacific
400 14'000 4000.0 900
Value (Asia-Pacific; in bil. USD)
Value (Vietnam; in mil. USD)
350 12'000 3500.0 800
Number (Asia-Pacific)
700
Number (Vietnam)
300 10'000 3000.0
600
250 2500.0
8'000 500
200 2000.0
6'000 400
150 1500.0
300
100 4'000 1000.0 200
50 2'000 500.0 100
0 0 0.0 0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Year Year
The number of transactions in Asia Pacific (see left figure) has Trend in Asia-Pacific M&A
decreased compared to 2010, while Vietnamese M&A has
continued to increase. The value of transactions in Asia-Pacific Number Value
(see right figure) has decreased as well, but value of Vietnamese
transactions has drastically increased.
-9% -24%
22 January 2012 (C) 2012 IMAA 6
7. Vietname M&A Activity:
2nd Half of 2012
Number Value
250 2'500
200 2'000
Value (in mil. USD)
150 1'500
Number
100 1'000
50 500
0 0
H1 - 2000
H2
H1 - 2001
H2
H1 - 2002
H2
H1 - 2003
H2
H1 - 2004
H2
H1 - 2005
H2
H1 - 2006
H2
H1 - 2007
H2
H1 - 2008
H2
H1 - 2009
H2
H1 - 2010
H2
H1 - 2011
H2
Half Year
In the second half of 2011, there have been 165 Trend in Vietnamese M&A
transactions valued at 2.0 bil. USD with Vietnamese
participation. compared to Number Value
H2 - 2010 -8.8% +104.8%
While the value of M&A has increased compared to the H1 - 2011 -21.8% +16.8%
2nd half of 2010 and the first half of 2011, the number
however has decreased.
22 January 2012 (C) 2012 IMAA 7
8. Vietnamese M&A Activity:
Q4, 2011
Number Value
140 1'600
120 1'400
Value (in mil. USD)
100 1'200
1'000
Number
80
800
60
600
40 400
20 200
0 0
Q1 - 2006
Q2
Q3
Q4
Q1 - 2007
Q2
Q3
Q4
Q1 - 2008
Q2
Q3
Q4
Q1 - 2009
Q2
Q3
Q4
Q1 - 2010
Q2
Q3
Q4
Q1 - 2011
Q2
Q3
Q4
Quarter
In the fourth quarter of 2011, there have been 85 Trend in Vietnamese M&A
transactions valued at 842 mil. USD with Vietnamese
participation. compared to Number Value
2010 - Q4 -8.6% +87.4%
The number of M&A compared to the 3rd quarter of 2011 - Q3 +6.3% -27.4%
2011 has increased slightly, but is below the 4th quarter
of 2010. The value has decreased compared to the
quarter before, but increased over the 4th quarter 2010.
22 January 2012 (C) 2012 IMAA 8
9. 2) NATIONAL AND CROSS-BORDER
M&A ACTIVITY IN VIETNAM
22 January 2012 (C) 2012 IMAA 9
10. Vietnamese M&A Deals 2011:
National vs. Crossborder
By number By value
22%
34%
1%
66% 0%
77%
National Outbound Inbound National Outbound Inbound
The majority of all transactions in 2011 have been national transactions (see figure on the left side). By value (see right) however
especially foreign acquisitions in Vietnam played a major role, contributing two thirds to the total value.
17 January 2011 (C) 2011 IMAA 10
11. National Vietnamese M&A Deals,
2000-2011
Share of Vietnamese national deals in total M&A activity
Number Value
90% 60%
80%
50%
70%
60% 40%
Number
50%
Value
30%
40%
30% 20%
20%
10%
10%
0% 0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Half Year
In 2011, there have been 290 national transactions valued at 1.2 bil USD - the highest number ever.
The share of national M&A in total Vietnamese M&A has increased to 77% (a new record) and the share of value has
decreased to roughly one third (34%).
National combinations in Vietnam have played a significant role in 2011.
22 January 2012 (C) 2012 IMAA 11
12. Acquisitions by foreign companies in
Vietnam in 2011 by countries
Top 10 – By numbers Top 10 – By value
Rank Country Number Value of deals Rank Country Value of deals Number
of deals (in mil. USD) (in mil. USD)
1 Japan 19 596 1 Japan 596 19
2 Singapore 10 54 2 Netherlands 502 3
3 South Korea 9 461 3 South Korea 461 9
4 United States 5 259 4 United States 259 5
5 Netherlands 3 502 5 Thailand 208 2
6 Thailand 2 208 6 Germany 110 2
7 Germany 2 110 7 Denmark 86 1
8 India 2 64 8 India 64 2
9 Australia 2 55 9 Australia 55 2
10 Hong Kong 2 25 10 Singapore 54 10
17 January 2011 (C) 2011 IMAA 12
13. 3) M&A IN VIETNAM BY INDUSTRY
22 January 2012 (C) 2012 IMAA 13
14. Vietnamese Transactions by Industry in 2011
By number By value
Industrials Financials
11% 7%
24% Consumer Staples, 5% 24% Media and
6% 5%
Products and Entertainment
7% 8%
Services
8% Materials Consumer Staples,
18% 15% 20%
10% Products and
16% 16% Services
Financials Telecommunications
Real Estate Energy and Power
• With respect to the number of transactions, the majority of M&A transactions took place in the industrials, consumer goods, and
materials sector.
• By value of deals, transactions in the financial sector, media & entertainment and consumer goods ranked first.
22 January 2012 (C) 2012 IMAA 14
16. Vietnamese Top Deals 2011
Rank Target Company Target Acquiror Company Acquiror Value Status
Country Country (in mil.
USD)
1 Vinpearl JSC Vietnam Vincom JSC Vietnam 649 Completed
2 Vietcombank Vietnam Mizuho Corporate Bank Ltd Japan 567 Completed
3 GTEL Mobile JSC Vietnam VimpelCom Ltd Netherlands 502 Pending
4 Diana JSC Vietnam Uni-Charm (Thailand) Co Ltd Thailand 187 Completed
5 Masan Consumer Corp Vietnam Kohlberg Kravis Roberts & Co US 159 Completed
6 AES-VCM Mong Duong Power Co Vietnam PSC Energy Global Co Ltd South Korea 153 Pending
7 Thao Dien Investment JSC Vietnam Lotte Asset Development Co Ltd South Korea 151 Completed
8 Masan Resources Corp Vietnam Mount Kellet Capital Mgt LP US 100 Completed
9 PVI Holdings Vietnam HDI-Gerling Industrie AG Germany 92 Completed
10 Hue Brewery Ltd Vietnam Carlsberg Breweries A/S Denmark 86 Completed
22 January 2012 (C) 2012 IMAA 16
17. Appendix
Unless otherwise stated:
• All sources of data have been: Thomson Financial, Institute of Mergers, Acquisitions and Alliances (IMAA)
analysis.
• Deals analyzed have been "announced" which is the standard of analysis for most reports. Announced means
that we have included deals with the status: Completed, Unconditional, Intended, Pending Due to Regulatory
Reasons, and Pending, Partially Completed, Status Unknown, and Withdrawn. This explicitly excludes the
deals with the status: Seeking Buyer, Rumor, Discontinued Rumor, and Seeking Buyer.
22 January 2012 (C) 2012 IMAA 17
18. Contact
Institute of Mergers, Acquisitions and Alliances (IMAA) Kummer & Company AG
Webster University Olgastrasse 10
Berchtoldgasse 1 8024 Zurich
1220 Vienna Switzerland
Austria
Phone +43 1 2699293 - 54 Phone +41 44 586 75 99
Fax +41 44 5002864 Fax +41 44 575 31 09
E-Mail info@imaa-institute.org E-Mail info@kummerco.com
Homepage www.imaa-institute.org Homepage www.kummerco.com
President: Prof. Dr. Christopher Kummer
kummer@imaa-institute.org
22 January 2012 (C) 2012 IMAA 18
