From prey to predator: Vietnamese firms emerge as global strategic investors

Vietnam Report on Thursday announced the ALPHA30 Ranking, its 2025 list of the top 30 strategic holdings in the country. Featured on the list are major players including FPT, The PAN Group, Sovico Group, Viettel, Masan Group, Vingroup, and SSI.

To mark the occasion, Vietnam Report's research team released new data highlighting the evolving economic landscape. 

According to Vietnam Report's team, traditional growth drivers are reaching their limits, while Vietnam's ambition to become a high-income, developed nation calls for new sources of growth. 

Productivity challenges, rising regional competition, and the need to climb the global value chain are pushing the country to pursue more sustainable and independent development models.

This shift requires the rise of strong private conglomerates capable of absorbing high-quality foreign investment, developing agile business ecosystems, and enduring external shocks. These corporations must be large and capable enough to negotiate internationally on equal terms and even lead value chains rather than merely participate in them.

Government policy continues to play a key role. Strategic initiatives such as Resolution 68, which supports private sector development, and efforts to establish international financial centers are helping lay the groundwork for more sophisticated domestic investors.

Vietnam, once primarily seen as a target market, now sees its firms acquiring international companies to gain access to new markets and advanced technologies. 

One example is Sovico Group's purchase of a 51-percent stake in Kazakhstan's Qazaq Air. The move is intended to export Vietjet's low-cost airline model and establish a regional aviation hub.

Mergers and acquisitions have also matured in nature. No longer just opportunistic moves for quick expansion, these transactions are now part of long-term strategies to build complex ecosystems. This is particularly evident in knowledge-intensive sectors where intangible assets like high-skilled talent, patents, and proprietary platforms are highly valued.

FPT's acquisition of U.S.-based Cardinal Peak brought the Vietnamese tech giant an expert engineering team and a portfolio of strategic clients in North America. 

In another case, FPT partnered with Japan's NAC to gain specialized knowledge in customer care and management.

Several major firms are using acquisitions to create vertically integrated business models. T&T Group's acquisition of Vietravel Airlines adds to its existing holdings such as Quang Tri Airport, Vinh Phuc SuperPort, and Quang Ninh Seaport, building a unified logistics and transportation ecosystem.

Despite these advances, Vietnam Report stresses the need for stronger coordination between government policy and corporate strategy. Priorities include creating a legal framework for holding companies, improving the speed and transparency of M&A approvals, and advancing environmental, social, and governance standards.

To sustain their leadership and build long-term value, corporate leaders are encouraged to strengthen organizational resilience, invest in leadership and succession planning, and view digital transformation and ESG commitments as strategic assets rather than expenses.