May 2026 recorded an exceptionally vibrant pace of activity in the corporate transaction market in Vietnam. Consolidated market data shows that the focus of participating parties is not on mergers and acquisitions aimed at fully controlling enterprises with massive asset valuations. A strategic shift is clearly present, directing towards capital market activities and conducting comprehensive restructuring of both the financial and ownership structures of economic organizations. Based on the analysis of all completed and officially announced transactions in May 2026, the overall market situation can be shaped through three core analytical focuses:

• The capital market continues to maintain its leading position through financial instruments such as corporate bonds, private placement of shares, and capital mobilization structures combined with debt restructuring. Bond issuance and equity capital increases are the primary methods of capital mobilization, particularly in the context of the new legal framework for securities and corporate bonds, specifically the Law amending and supplementing a number of articles of the Law on Securities under Law No. 56/2024/QH15 of the National Assembly, which has officially taken effect partially and will fully apply the new regulations in early 2026. This legal change requires enterprises to thoroughly refine their financial structures to comply with stricter standards regarding information transparency and financial safety.

• The financial sector, including the commercial banking system and securities companies, recorded the most robust activity in terms of ownership structure changes. In May 2026, the market witnessed a continuous emergence of transactions involving changes in major shareholders, decisions on internal ownership rearrangement, and the preparation of necessary legal conditions for the process of registering new listings or transferring trading exchanges.This systemic shift is directly governed by the Law on Credit Institutions 2024, a legal document enacting strict regulations on narrowing the maximum ownership limit of institutional and individual shareholders. The legislative body’s purpose is to control cross-ownership risks and prevent manipulative behavior in the management of the entire commercial banking system.

• The logistics, infrastructure, and energy sectors continue to be the targets of long-term capital allocation by strategic investment cash flows. Transactions in these sectors stand out with models of ecosystem restructuring, establishment of specialized joint ventures, operational asset swaps, and supplementary acquisitions of core assets such as cold storage systems or warehousing infrastructure. Specifically in the field of renewable energy and the green transition process, the transaction structures exhibit a very high degree of diversification, ranging from issuing bonds for project financing to establishing large-scale holding company models. These investment decisions are reinforced by the Government’s issuance of Decree 80/2024/ND-CP detailing the mechanism for direct power purchase, opening up an entirely new method of consuming renewable energy electricity. In addition, transactions involving foreign investors still occur but are highly selective, focusing mainly on market segments with clear investment theses such as financial technology, logistics, electric vehicle charging station infrastructure, or comprehensive strategic cooperation structures aimed at technology transfer.

This article delves into detailed analysis of market information, dissects transaction structuring trends, and evaluates the legal aspects directly governing the transactions up to May 2026, serving as a reference perspective for businesses and professional investors.

1. Overview of the May 2026 transaction flow: Focus on capital markets and restructuring

An analysis of the nature of all transactions occurring in May 2026 reveals a clear formation of three basic groups of activities, reflecting the business community’s adaptation strategy to macroeconomic conditions as well as changes in the current legal framework.

1.1. Capital market activities

Financial activities such as issuing corporate bonds, conducting private placements of shares to professional investors, and issuing rights to purchase shares for the purpose of increasing charter capital remain tools used with high frequency by issuing organizations. These transactions are designed not only to restructure maturing debts or supplement regular working capital but also to directly serve the strategy of expanding the enterprise’s core operational capacity.

The market witnessed the proactive stance of many companies operating in the securities sector as they implemented capital increases to enhance their financial capacity for margin lending activities, as well as the participation of construction and real estate development corporations in expanding investment resources into key infrastructure assets. Furthermore, these capital mobilization activities are viewed as necessary preparations in terms of financial structure for subsequent scale growth phases, while simultaneously ensuring the ability to meet stringent financial safety ratio standards according to the newly effective amended securities laws. The flexible application of these financial instruments demonstrates the adaptability and capital management skills of enterprises in seeking and optimizing long-term financing resources.

1.2. Secondary market ownership transition transactions

Activities involving the transfer of ownership rights through secondary transfers are extremely prominent among enterprises that are officially listed on centralized stock exchanges or registered for trading on the trading system for unlisted shares. May 2026 recorded numerous strategic moves by major shareholders aimed at reducing direct ownership ratios. Conversely, groups of shareholders with connections to the executive board or institutional investors increased their holding ratios.

The phenomenon of transferring control rights and reshaping the shareholder structure occurs in specific phases, reflecting the need to re-evaluate investment portfolios and optimize the economic benefits of participating parties. These transactions are often associated with divestment events by organizations representing state capital ownership, or the capital contribution of strategic investment funds of foreign nationality. Such moves have created major changes in the power structure at the general meeting of shareholders of many large-scale enterprises, thereby reorienting long-term corporate governance and management strategies.

1.3. Mergers and acquisitions and strategic joint ventures

Mergers and acquisitions in May 2026 carry a completely different tone compared to previous cycles. The market did not explode in terms of the number of deals announcing billion-dollar valuations, but in return, the transactions demonstrated sharpness and extremely high practicality. Deals in this month primarily aimed at acquiring operational assets to supplement and perfect the entire production and business value chain of the acquiring entity.

Besides acquisitions, the negotiation and establishment of joint venture companies according to priority business directions such as clean energy development, electric vehicle charging station construction, or high-tech medical equipment manufacturing were very active. Economic organizations also actively participated in restructuring their ownership structures by combining with international strategic partners. This cooperation method helps domestic enterprises utilize not only abundant financial resources but also absorb modern operational technology and corporate governance skills according to global standards, thereby enhancing competitiveness in the international market.

2. Analysis of the May 2026 capital market: Capital mobilization structures play a central role

The capital market plays the role of providing liquidity for all expansion activities of the economy, and the data in May 2026 proves that businesses are taking full advantage of new legal corridors to rebuild and strengthen their financial foundations.

2.1. Corporate bonds: The primary debt mobilization method

May 2026 saw a series of notable capital mobilization deals through bonds and debt instruments, reflecting the urgent need of issuing organizations to restructure the maturity timelines of cash flows, restructure financial obligations, and carry out refinancing activities in the context of enterprises striving to optimize indicators on the balance sheet.

A typical example in the real estate development sector is Vinhomes Joint Stock Company. This entity completed the issuance of multiple tranches of private bonds in May 2026 with a total mobilization scale of up to 5,000 billion VND, equivalent to about 200 million USD. At the same time, this organization also announced a detailed plan for a subsequent bond issuance program with an expected total value reaching 4,000 billion VND. This large-scale capital mobilization activity directly serves the purpose of restructuring old debts and preparing abundant financial resources for upcoming mega urban development projects. Similarly, Hoang Anh Gia Lai Group also completed the offering of a bond lot coded HAG12601 with a value of 2,000 billion VND, equivalent to about 80 million USD, marking this enterprise’s official return to the debt capital mobilization market after a long period of striving to restructure loans at credit institutions.

In the renewable energy sector, Trung Nam Renewable Energy Joint Stock Company reported the successful issuance results of 19,300 bonds coded TRE32601. With a fixed par value of 100 million VND for each bond, the total value of the issuance reached 1,930 billion VND, approximately 77.2 million USD. These bonds were officially issued on May 18, 2026, completed procedures on May 19, 2026, and are expected to mature on May 18, 2030, representing a 4-year loan term. The issuer applied a combined interest rate of 10.7% per year and committed to a one-time interest payment at maturity. This deal occurred in the context where the bond debt balance of Trung Nam Renewable Energy as of its mid-2025 financial statements had reached over 15,196 billion VND, accompanied by a rather high debt-to-equity ratio of 2.8 times. The successful issuance of a large amount of bonds under highly leveraged financial conditions proves that the long-term capital needs of enterprises in the energy sector are immense. Simultaneously, this event also indicates that investors in the market are still willing to provide capital to absorb debt instruments with high expected yields, provided that the enterprise can demonstrate the feasibility of the projects and the ability to generate future cash flows.

Regarding legal compliance, private corporate bond issuance activities are and will be extremely tightly regulated by Law No. 56/2024/QH15 promulgated by the National Assembly. This law amends and supplements many important provisions of the Law on Securities 2019 to strengthen market discipline. Although the entire law will take effect on January 1, 2025, specific regulations on professional securities investors participating in private bond trading have an effective date of January 1, 2026, meaning they are directly applicable at the time of this report’s survey.

According to Point b, Clause 3, Article 1 of Law No. 56/2024/QH15, adding Clause 1b to Article 11 of the Law on Securities, an individual acting as a professional securities investor is only allowed to participate in purchasing, trading, and transferring privately issued corporate bonds if that bond meets extremely strict conditions. The law only allows two valid cases. The first case is that the private corporate bond must have a credit rating document issued by an independent credit rating agency, and simultaneously must have legal collateral for that very bond. The second case is that the private corporate bond must have a credit rating document and simultaneously must have a payment guarantee from a credit institution for the performance of the debt repayment obligation of that bond. The addition of mandatory collateral or payment guarantee conditions along with the credit rating requirement creates a very high issuance standard to absolutely protect the interests of individual investors. This legal change forces large issuers like Vinhomes or Trung Nam to review and prepare very carefully the quality of assets put up as collateral, as well as strive to maintain a favorable credit rating if they continue to wish to mobilize capital from the high-net-worth individual segment.

In addition to the issuance condition regulations, Law No. 56/2024/QH15 also increases the authority of the State Securities Commission in supervising the offering of securities. The National Assembly added Article 31a to the Law on Securities detailing the suspension and cancellation of private securities offerings. The state management agency has the right to issue a decision to suspend a registered private securities offering for a maximum period of 60 days if they discover that the registration dossier contains misleading information, or shows signs of omitting important contents that could affect investors’ decisions and cause economic damage to investors. Suspension is also triggered if the securities distribution process is not carried out in accordance with current legal regulations. Only when the shortcomings leading to the suspension are completely remedied will the State Securities Commission issue a document notifying the lifting of the suspension so that the securities can continue to be offered. Subsequently, the issuing organization is responsible for disclosing information about the lifting of the suspension within 07 working days.

In more serious cases, if after the end of a private bond offering, the management agency discovers that the offering violated regulations on providing misleading information or distributing contrary to regulations under Clause 1, Article 31a, that entire offering will be canceled. Additionally, the offering may also be canceled pursuant to a legally effective court judgment or decision, a commercial arbitration decision, or at the request of a competent authority. The legal consequence of canceling the offering is that within 07 working days from the effective date of the cancellation decision, the issuer is strictly required to disclose information through the prescribed methods and, most importantly, must recall all distributed securities. Simultaneously, the issuer must fully refund the money received from investors, plus interest calculated at the bank’s demand deposit interest rate. The presence of these sanctioning clauses ensures that issuance consulting organizations and independent auditing units must bear the highest legal responsibility for the financial data used to prepare offering dossiers.

From the perspective of forecasting the direction of the capital market in the last six months of 2026, corporate bonds will still maintain their role as an important capital mobilization tool for businesses with clear development strategies. However, the market will continue its profound polarization in terms of bond quality. The group of industry-leading enterprises possessing a large equity scale, robust financial structure, and transparent credit history will have a huge advantage in accessing capital sources at reasonable costs. Conversely, businesses that rely too heavily on financial leverage and operate inefficiently will face heavy pressure in providing information, establishing quality collateral structures, and complying with strict safety ratio regulations to pass the appraisal regulations of state agencies and the stringent evaluation of the market.

2.2. Equity mobilization activities serving growth strategies

Activities such as issuing additional shares to increase charter capital, offering shares through private placements, and executing share purchase rights for existing shareholders recorded in May 2026 all tend to be directly linked to the goal of expanding production and business capacity. The need to increase the equity scale, improve financial safety ratios, and enhance financing capacity is particularly emphasized, especially in sectors requiring massive initial investment capital such as financial services, logistics, and transportation infrastructure development enterprises.

A notable deal in the logistics sector is the Viettel Post Joint Stock Corporation executing the issuance of share purchase rights to increase its capital scale. Through the issuance, this enterprise successfully offered 51.1 million shares, thereby attracting capital worth 511.1 billion VND, equivalent to about 20.4 million USD. With this addition of quality equity capital, the postal unit continues to consolidate its competitive position in the nationwide delivery market while preparing the necessary budget for expansions in warehousing infrastructure capacity and automation of goods sorting centers.

Additionally, in the transportation and aviation services sector, Sun PhuQuoc Airways made waves in the market by completing a private share offering aimed at a breakthrough increase in charter capital. This transport enterprise mobilized an additional 6,000 billion VND, thereby officially raising its total charter capital scale to 13,300 billion VND, equivalent to a capital mobilization round of approximately 240 million USD. The expansion of the equity capital scale plays a key role in increasing financing capacity for purchasing or leasing new aircraft fleets, as well as funding campaigns to expand the international flight network in the context of the travel and tourism industry continuing its recovery and expansion process.

The private share offering activities of public companies are also subject to adjustments by a series of new regulations under Law No. 56/2024/QH15. In particular, current laws have tightened regulations on the restricted transfer period for shares issued via the private placement method. Privately offered shares and bonds accompanied by privately offered warrants are subject to a minimum transfer restriction period of 03 years for strategic investors, and a minimum transfer restriction period of 01 year for professional securities investors, calculated from the completion date of the offering. This restrictive regulation has only a few very minor exceptions, such as allowing internal transfers back and forth among professional securities investors themselves, or if the transfer must be executed at the request of enforcing a judgment, or according to a legally effective court decision, or for dividing inherited assets as prescribed by law. This transaction blocking period regulation forces public companies, when designing capital calling structures, to present convincing business plans and clear profit-sharing commitments to persuade investors to accept limits on the liquidity of their investments over a relatively long period. This long-term holding reflects a strategic investment vision, assessing the commitment and level of long-term mutual interest alignment between the issuing organization and the entities providing capital.

Looking towards the orientation for the second half of 2026, the market is highly likely to continue receiving more registrations for private share issuance and public share offering programs aimed at increasing charter capital. The mobilized capital volume is expected to focus on groups of businesses that have urgent needs for financial budgets aimed at increasing market share, acquiring assets, investing in upgrading supply chain ecosystems, or simply supplementing equity to meet legal standards for financial safety and risk prevention depending on the specific management characteristics of each specialized sector.

2.3. Treasury stock sales transactions

Another development involving asset capital management recorded in May 2026 is the announcement by Sonadezi Long Thanh Joint Stock Company regarding its plan to liquidate financial assets. The executive board of this enterprise operating in the industrial park infrastructure business announced a plan to sell all of the more than 1.2 million treasury shares that the company currently owns, with an expected floor price set at 45,000 VND per share unit, thereby hoping to earn working capital of about 2.16 million USD. This treasury stock sale transaction is designed to begin implementation immediately after the State Securities Commission issues a document notifying that it has received the full and valid reporting dossier for selling treasury shares from the enterprise.

The legal aspect of this activity requires the issuing organization to strictly comply with the conditions for trading techniques on the stock exchange system. Specifically, on each trading day, a company executing a treasury stock transaction via the continuous order matching method on the exchange is only authorized to place trading orders with a total minimum trading volume equal to 3% and a maximum volume equal to 10% of the total trading volume registered for sale with the State Securities Commission. This regulation means that Sonadezi Long Thanh will have to allocate the sold amount over many days, corresponding to about 36,400 to 121,200 shares per trading day to avoid causing excessive impact on market price fluctuations. Furthermore, current securities laws clearly stipulate that public companies must complete the sale of treasury shares within 10 working days from the date the company submits the report and makes a public information disclosure about the approval results. The limitation of the trading period ensures that the financial asset liquidation process occurs quickly, transparently, and has a defined deadline.

A noteworthy point regarding the law is that the Law on Securities 2019 and its current guiding decrees have greatly narrowed the authority of public companies to freely use their capital sources to buy back their own shares as treasury shares, except in very specific technical cases such as buying back odd lots of shares from investors, buying back to correct trading errors on the system, or buying back dividend preference shares according to the company’s charter. These regulations aim to eliminate the possibility of enterprises manipulating stock prices using equity capital. However, to address retroactivity, the legal system has a transitional clause allowing public companies to retain full authority to sell batches of treasury shares that were purchased prior to January 1, 2021, according to plans approved by the board of directors. The appearance of treasury stock sales transactions in this period indicates that corporate leadership boards are seeking every method to liquidate financial investment assets stagnating on the books, thereby mobilizing available cash to serve the core business activities of the enterprise.

3. Financial banking and securities sector: The process of shareholder shifting and ownership restructuring

In the analysis report for May 2026, the financial sector proves its position as the fastest moving and adjusting area in the transaction market, with a dense presence of public notices changing major shareholder ownership, divestment activities by financial institutions, and the process of reshaping the entire ownership structure of financial ecosystems.

3.1. Changes in major shareholder structure and the process of preparing listing dossiers

For the group of companies operating in the securities services sector, the market recorded many fluctuations in shareholder structure with the main story focusing on perfecting dossiers and reviewing necessary legal conditions to execute stock listings on centralized stock exchanges. A typical development illustrating this trend is the shareholder restructuring at Bao Minh Securities Joint Stock Company. A major shareholder of this securities company conducted a wide-ranging divestment by registering and selling 6.2 million shares. The decision to sell this large volume of shares resulted in this legal entity’s ownership ratio plummeting from 8.02% down to only 4.98% of charter capital, thereby officially no longer maintaining its position as a major shareholder of the company. These ownership reduction moves took place right before the board of directors of Bao Minh Securities decided to submit a stock listing dossier to the Ho Chi Minh City Stock Exchange.

According to the operational logic analysis of the capital market for enterprises preparing to join a listed exchange, issuing organizations often have the need to transparentize the ownership list and restructure the shareholder composition to optimize issuance conditions and maintain their status as a public company. This activity of diluting the ownership ratio carries particularly important legal significance because according to the provisions in Clause 1, Article 32 of the Law on Securities, amended and supplemented by the National Assembly through Clause 15, Article 1 of Law No. 56/2024/QH15, the conditions for being recognized and maintaining public company status have been established to be much stricter.

According to the legal provisions applying comprehensively from January 1, 2026, a joint-stock company is only recognized by the state as a public company if it simultaneously meets three fundamental quantitative criteria. The first criterion is that the company must have contributed charter capital of 30 billion VND or more. The second criterion is that the company must have total equity according to the financial statements of 30 billion VND or more. The third criterion, which is also the most strictly categorizing criterion, is that the company must mandatorily have a minimum of 10% of the total number of voting shares currently outstanding held by at least 100 investors who are entirely not major shareholders. This specific requirement regarding free-float share ratio and shareholder dispersion forces individuals or organizations currently holding a controlling stake in enterprises planning to list to proactively lower their holding ratios, simultaneously designing transactions to sell off some of those shares to the market to attract enough retail investors to maintain the 10% free-float stock level right according to the provisions of the securities law. This explains why stock transfer methods via registered trading systems or direct agreements are becoming prioritized tools used by organizations to carry out shareholder composition restructuring in the fastest and most legally effective manner.

3.2. Commercial banking block: Ownership shifting and building a financial ecosystem

The commercial banking sector in May 2026 recorded an extremely vibrant level of investment and transfer activity with a series of secondary buying and selling transactions taking place between large corporations, alongside the trend of building a comprehensive financial ecosystem integrating traditional banking operations, securities services, and financial technology application platforms.

Vietnam Maritime Commercial Joint Stock Bank continues to be one of the banks attracting the most attention through changes in major shareholders. In May 2026, the state-capitalized economic organization, the State Capital Investment Corporation, completed procedures to divest its entire capital in this bank, although another state legal entity, the Vietnam Posts and Telecommunications Group, is still maintaining a holding of 6.05% of the bank’s shares. Concurrently during this period, a private investment organization, Rox Living, registered with the management agency to buy 100 million shares of Maritime Bank via the agreement method, corresponding to an estimated transaction value of about 1,500 billion VND, equivalent to approximately 60 million USD. The increase in ownership by this organization occurred parallel to the foreign investment fund Dragon Capital also fulfilling its obligation to report a change in its ownership ratio at 1.06% of charter capital.

At Asia Commercial Joint Stock Bank, the shift in investment structure from foreign capital flows to domestic capital flows was demonstrated by groups of foreign investors executing transactions to sell over 150 million shares. The withdrawal of foreign shareholders immediately created an opportunity for domestic shareholder groups and strategic individual investors to absorb this entire volume of shares to consolidate their role in corporate governance. The standout event was that a group of individuals directly related to Au Lac Trading Investment Joint Stock Company executed stock purchases through representative individuals to increase the actual ownership ratio at Asia Bank to 6%, with the value of the transaction lots reaching 7.72 million USD. To serve its strategy of expanding business areas, Asia Bank officially approved a plan to allocate an additional 2,000 billion VND of supplementary capital into its subsidiary, ACBS Securities Joint Stock Company. This capital funding activity worth about 80 million USD raised the charter capital scale of the member securities unit to 13,000 billion VND, proving the tendency of parent banks to decisively use their superior financial capacity to support subsidiaries in developing brokerage market share and securities investment services, thereby consolidating the completeness of a unified financial ecosystem. Alongside traditional banks, the banking services segment applying technology also had strategic developments when the financial technology service platform Kredivo completed all legal procedures to acquire Timo Digital Bank from Ban Viet Commercial Joint Stock Bank, thereby directly establishing independent operational capability in the field of providing multinational digital banking services.

Ownership transfer activities, divestments, and increases in controlling ratios at credit institutions such as commercial banks in this 2026 period are subjected to extremely strict regulation and supervision by the Law on Credit Institutions 2024, a normative legal document aimed at completely rebuilding the banking governance environment that was passed by the National Assembly and officially came into effect from July 1, 2024. This law established new ownership limits with the core objective of gradually eliminating the complex cross-ownership situation between non-financial enterprises and the banking system, while concurrently removing the risk that an individual or a minority interest group could abuse shareholder power to manipulate credit granting activities and issue decisions with conflicting interests.

Specifically regarding limits, according to Article 63 of the Law on Credit Institutions 2024, the maximum share ownership ratio of a shareholder serving as an economic organization at a joint-stock commercial bank was adjusted downwards from the previously permitted 15% to a new ceiling limit of only 10% of charter capital. For individual shareholders, although the maximum ownership level of a single individual was not narrowed, the total accumulated share ownership ratio of an individual shareholder together with all of that individual’s related persons was reduced from the 20% limit to only a 15% limit of charter capital. This law also significantly expanded the scope of the concept of related persons, encompassing and tracking relationships between parent and subsidiary companies, relationships between grandparent and grandchild companies, and especially the identification of indirect ownership through an intermediary company provided that an individual or organization owns more than 50% of the charter capital of that intermediary company. The law simultaneously expanded the identification of related persons for individuals within the family scope with much broader kinship links compared to the old regulatory system, ensuring the ability to calculate precisely and absolutely the true share ownership ratio, avoiding hiding identities behind proxy structures. Limits exceeding 15% of charter capital are only legally recognized for a few exceptional cases stipulated by the state, such as share ownership resulting from that credit institution establishing specialized subsidiaries and affiliated companies operating in mandatory areas like securities underwriting, brokerage and fund management, the insurance sector, financial leasing companies, debt management and asset exploitation, or companies operating payment intermediary services and credit information organizations. Another exception relates to maintaining state share ownership at credit institutions during the equitization process, and the share ownership of foreign strategic investors capable of supporting the banking system.

When applying the current legal framework to analyze the transaction of the Au Lac Trading Investment group increasing its ownership ratio at Asia Bank to the 6% level, it can be seen that this transaction took place in complete compliance with the law, because the total ownership level of the group still falls below the 10% charter capital ceiling limit dedicated to institutional shareholders according to statutory conditions. However, the ownership ratio crossing the milestone of 1% of charter capital immediately triggered the mandatory reporting and information disclosure obligations stipulated in extreme detail in Article 49 of the Law on Credit Institutions 2024. According to this legal provision aimed at absolute transparency, any individual or economic organization shareholder owning a number of shares equivalent to 1% or more of the charter capital of a credit institution has the obligation to provide the bank’s management department with a full suite of personal and corporate identification information. This mandatory data block includes the individual’s full name, personal identification card number, residential nationality, visa number for foreigners, or the business registration certificate number for organizations. This shareholder must declare in detail the number of shares currently held, their own share ownership ratio, and all identification information accompanying the number of shares owned by all of that individual’s or organization’s related persons at the bank.

Within a maximum period of 07 working days from the time of receiving the information dossier from the shareholder, the executive board of the credit institution is responsible for publicly disclosing the entire detailed list of this ownership information on the bank’s official website system, posting printed copies of the retained information at the headquarters for other shareholders’ reference, and mandatorily preparing a thematic report to be sent in writing to the management agency, the State Bank of Vietnam. The addition of this provision for absolute public disclosure of the identities of these large and small shareholders is viewed as the most important legal step forward, creating pressure to force any investor groups or organizations currently hiding anonymously behind extremely complex share trust structures or proxies to officially reveal themselves and publicly disclose the source of their assets. This legal framework cleanses the domestic banking governance environment, assisting the financial inspection agency to easily monitor the concentration of credit debt risks in the hands of related shareholder groups.

For existing shareholder groups and their related persons who purchased and held a volume of shares exceeding the ownership ratio ceiling limits prior to the date of July 1, 2024, the law allows these subjects to apply the principles of the transitional clause. This clause preserves legal rights, whereby they are permitted to continue maintaining the volume of shares currently held without being forced into an immediate fire sale. However, these investors are absolutely not allowed to conduct transactions to purchase additional shares on the market to further increase their ownership ratio, and this ban on new purchases lasts until their total holding ratio strictly complies with the limits stipulated by law, with the single exception of increasing the number of shares being when the bank issues additional shares to pay dividends via stocks.

4. Infrastructure, logistics, and real estate sector: Restructuring activities and the process of strategic joint venture cooperation

The transportation infrastructure and logistics management services sector continues to prove its massive potential, always serving as a highly attractive long-term investment allocation theme, strongly attracting investment cash flows from both the domestic investment fund system combined with international transport corporations through diverse transaction structures such as executing deals to acquire additionally issued shares, conducting asset swaps, and establishing specialized joint venture companies serving the supply chain.

4.1. Restructuring the infrastructure service ecosystem and logistics supply chain system

May 2026 marked an important strategic step from the transport and seaport company Gemadept Group when the company’s executive board approved and completed a series of groundbreaking restructuring activities regarding all operations of the group. These asset portfolio restructuring activities were designed based on a master plan including processing capital contributions in a port management joint venture company, executing large-scale share swap transactions with the multinational corporation CJ, and the biggest strategic focus was completing legal procedures to acquire and take over 49% of shares in a network system providing cold storage services with a large reserve scale. This strategic asset investment decision helped Gemadept Group complete a fully closed supply chain from the moment of receiving cargo at seaports to the process of providing deep-freeze goods storage services, thereby meeting the rapidly increasing demand of the market for importing and exporting high-quality fresh agricultural and seafood products. Similarly, the activity of consolidating and acquiring market share was also strongly demonstrated in the maritime transport service segment. VSC Group decided to use financial resources to continuously increase its ownership ratio in its member enterprise, Hai An Transport and Stevedoring Joint Stock Company, to a controlling stake level reaching 22.3% through batches of share accumulation transactions circulating on the secondary market. The result of this chain of transactions is that VSC Group established and consolidated its administrative power over one of the enterprises capable of providing carrying capacity with a container transport fleet possessing the largest payload serving the circulation needs of the domestic and Southeast Asian region.

The long-term appeal of the supply chain and logistics management services industry in the Vietnam market was also clearly demonstrated through deep interest from large regional investors. Typically, TCC Group, an economic corporation headquartered in Thailand, announced the commencement of large-scale feasibility study processes aimed at expanding asset investment into the logistics services development sector and establishing an industrial waste recycling network in the Vietnam market in the very near future, marking an orientation to develop an environmentally friendly supply chain according to new standards. On a more macroeconomic scale related to the development of the nation’s core transportation infrastructure, the urban railway line number four project in the Ho Chi Minh City area recorded particularly important legal progress steps when an investor consortium officially received a license from state agencies allowing the implementation of feasibility study reports. This infrastructure development project executed under the public-private partnership model possesses a massively huge estimated total financial investment scale up to 157.4 trillion VND, equivalent to roughly 6.3 billion USD. Attracting the participation of asset management consortiums and international credit institutions in researching and arranging capital for this core transportation infrastructure construction project reflects an incredibly solid confidence of foreign capital flows in the long-term potential of the urban spatial development process of the dynamic key economic region in Southern Vietnam.

4.2. Capital flow allocation transfer and industrial real estate project development

The real estate business market in the May 2026 period did not witness transactions related to the mass buying and merging of urban land banks for housing development as previously seen. Development organizations are focusing on reallocating investment capital into the industrial park real estate segment and developing social housing zones for the labor force. Marubeni, a multinational trading corporation of massive scale from Japan, executed the acquisition of a 20% stake in the Amata Ha Long industrial park development project, establishing a strategic alliance platform with existing partners to provide synchronized infrastructure and proceed to attract foreign direct investment flows shifting from the manufacturing and assembly sector to the Quang Ninh province area.

Regarding the construction and development of civil real estate works, Chuong Duong Joint Stock Company officially announced plans to divest its entire 32.34% capital contribution in its member company, the Chuong Duong Homeland project development company. This asset divestment transaction established a minimum expected liquidation value of 190 billion VND, equivalent to about 7.6 million USD, with the management purpose of recovering stagnant cash flows, thereby redirecting priority to focus capital on constructing social housing development projects belonging to the company’s core projects. In the sector of exploiting and producing auxiliary construction materials, a foreign national investor, individual Yang Tsung Lung, executed on-exchange stock purchase transactions to complete the acquisition process of a 5.1% share ratio in Hoa An Joint Stock Company, positioning an asset purchase strategy to anticipate the cycle of robust public investment capital disbursement into nationwide transportation infrastructure construction and installation projects. Also within real estate-related industry groups, Dat Xanh Group Joint Stock Company completed steps to reposition its brand strategy through renaming to Bluemarq Group and delving deep into restructuring its entire executive apparatus and the capital structure of its direct subsidiary companies. In the metal mining industry auxiliary to construction activities, the Quy Xa iron ore mine management project of Hoa Phat Group also recorded reports related to changing the group of capital-contributing investors, evidencing the need to rearrange the upstream value chain supplying production materials.

5. Energy, manufacturing technology, and consumer sector: Green transition and reshaping the global value chain

Operational sectors related to renewable energy and high-tech equipment development continue to be hotspots attracting highly diverse investment transaction structures, flexibly transitioning from debt capital mobilization methods to finance independent projects to establishing corporate platforms in the model of holding joint-stock companies to deploy a series of mega-projects of national stature.

5.1. Capital resource mobilization activities and the process of establishing legal entities serving the wind and solar power ecosystem

An important event in May 2026 in the energy development market was the registration and establishment of the VinEnergo Holding company system. The establishment of this new legal entity possesses a massively huge initial registered charter capital scale reaching 79.76 trillion VND, a capital level equivalent to about 3.19 billion USD, in which billionaire Pham Nhat Vuong is recorded as directly holding 66.03% of the total shares of this enterprise. The birth of this giant legal organization operating in the distribution sector marks long-term and sustainable ambitions in creating a comprehensive green energy supply ecosystem and investing independently in the development of the power grid transmission infrastructure system. Accompanying the process of providing loan capital for green projects, the Joint Stock Commercial Bank for Foreign Trade of Vietnam executed the signing and announcement of a project financing credit agreement with a value reaching 149.1 million USD serving directly for the construction and machinery import activities for the Xuan Cau Wind Power Plant project, code ST2 phase two, with a designed power generation capacity reaching 90 megawatts. The fossil fuel retail corporation Petrolimex also did not stand outside the trend of the transportation technology transition using electrical energy; they announced the establishment of a joint venture company, Vietnam Green Energy Infrastructure Company, through a capital contribution cooperation process with Xuan Cau Group and the electric vehicle company Selex Motors to develop a network of electric charging stations for motorcycles and cars with coverage scale across the entire national territory. In upstream exploitation investment activities, Binh Son Refining and Petrochemical Joint Stock Company executed the repositioning of its product brands and proceeded to rename itself PV Refining and Petrochemical Company, a necessary preparatory step for plans to expand high-end petrochemical processing value chains. However, maintaining the legal public operational status of Binh Son Refining and Petrochemical will face a special difficulty due to the Vietnam Oil and Gas Group currently holding a massive ratio of voting shares up to 92.13% as of 2024, which forecasts that the enterprise will no longer meet the conditions for a dispersed shareholder structure as stipulated by the Law on Securities from January 1, 2026, forcing this state organization to execute ownership dilution procedures to maintain its stock listing.

The powerful driver promoting investment transactions to construct private large-scale power generation sources and grid allocations during this period originates from the formation of a completely new legal framework based on Decree 80/2024/ND-CP directly promulgated by the Government. This decree regulates the mechanism for executing Direct Power Purchase Agreements, abbreviated as DPPA, allowing units operating power plants using renewable energy sources the right to freely sign sales agreements with customers engaged in manufacturing operations that consume large amounts of electricity. This superior legal corridor for the first time in history allows solar power and wind power plant developers to proactively sign economic contracts selling power supply directly to industrial corporation zones consuming a lot of energy through paying transmission fees on the national grid system or using private connection lines constructed independently by the parties. This decree helps investors completely resolve the risk of being dependent on a single buyer in the market, the Vietnam Electricity Group, thereby helping to enhance capital recovery capability for investment projects. When deploying the direct energy purchase and sale business model via the national grid, investors must systematically and thoroughly calculate basic components including costs for using power system dispatch services, accounting and clearing costs for the differences between long-term committed prices and trading prices on the competitive wholesale electricity market in each specific trading cycle, combined with the volume of actual adjusted power consumption output of the end customers themselves at authorized metering areas. The establishment and transparentization of this risk allocation price formula structure has created a solid legal foundation, bringing confidence to credit institutions providing capital loans to disburse credit sources vigorously, and stimulating the rapid formation of giant energy development corporate platforms.

5.2. Joint venture, acquisition, and expansion activities in medical manufacturing technology and consumer groups

The analytical report also noted specialized cross-border merger and acquisition and joint venture establishment activities in the high-tech sector and the production of modern medical equipment. Vingroup announced the progress of establishing a joint venture company, VinSurgical, registering an investment charter capital level reaching 300 billion VND, equivalent to a capital contribution value of approximately 12 million USD, with the goal of participating in researching, manufacturing, and establishing a production line for equipment supporting surgical processes directly applying robotic arm technology. In the field of distributing community healthcare medical equipment, the competition management authority also issued a document approving in principle the merger and acquisition consolidation plan between the Japanese medical corporation Omron Healthcare and the Japanese partner with research capability Matsuya R&D, aimed at establishing an interconnected medical monitoring equipment production chain in the Vietnam market. In the semiconductor technology materials production services industry, the market continued to witness the investment plan of the specialized technology company Mutek Technology with activities deploying factory projects manufacturing tools and supplying equipment for the semiconductor industry with a fixed capital investment value reaching 4 million USD, locating the factory in the Amata Ha Long industrial park belonging to the Quang Ninh province economic zone to strategically anticipate the wave of shifting and rearranging the supply system chain of technological equipment components on a global scale. The medical healthcare pharmaceutical raw material production industry also recorded investment by Tasco Pharma Joint Stock Company when executing a transaction to acquire a voting rights ratio of 15.89% in Pharmedic Pharmaceutical Joint Stock Company, simultaneously increasing further ownership by 11.6% to consolidate its essential pharmaceutical production processes.

Investment activities into the smart telecommunications segment and internet software platform services also achieved significant progress steps through the formation of platform provision joint ventures. The Japanese mobile telecommunications solution provider KDDI Group executed the signing of a joint venture agreement with the telecommunications entity Vietnam Posts and Telecommunications Group to officially launch into operation a mobile network provision brand system completely without physical stores and only maintaining service via an online commerce platform, supporting the young customer group using smartphones. In another move related to developing software ecosystems within the financial services technology sector applying to small and micro enterprise customer groups in lower-tier urban markets, the accounting technology application So Ban Hang completely negotiated and successfully received Series A funding in the form of equity capital allocated from the portfolios of foreign-nationality venture capital funds, ensuring added lifeline for the next data scale growth phase. The consumer goods chain and retail food processing services market recorded a strategic scale expansion shift when the essential goods distribution supermarket chain model named Bach Hoa Xanh officially held a grand opening ceremony for its first retail service store complex in the capital market of Hanoi. This event marked this retail distribution enterprise shifting focus and proceeding to deploy a business strategy aimed at expanding the allocation of agricultural product distribution market share to the economic areas of Northern provinces, a decision made after the company’s executive board successfully completed reviewing to cut costs and comprehensively restructure operational efficiency based on actual profit measurement reports according to the compact store operation model over the previous two-year business cycle. In the frozen seafood export processing supply industry chain, the food business company Congalsa headquartered in the European market also perfected merger and acquisition dossiers to take over the entire direct production operation capacity of the entity Lenger Vietnam Seafood Co., Ltd., helping this foreign organization comprehensively control the seafood supply chain ensuring food safety for export to the globe’s most demanding markets. In the traditional outsourcing garment business segment, the capital management fund VinaCapital stepped up resource allocation and perfected holding a structural share ratio at the level of 5.02% for TNG Investment and Trading Joint Stock Company aimed at receiving dividends from enterprises supplying garments for international partners boasting extremely positive free cash flows.

Partnership alliance structures in the passenger aviation transport sector and life/non-life insurance provision services in the region also proved massive appeal when two leading companies decided to collaborate in combining customer databases. Vietnam’s low-cost aviation transport business organization, Vietjet, executed a negotiation process concluding with the signing of a distribution cooperation agreement carrying a shared long-term strategic vision regarding exploitation plans alongside the insurance contract provision entity from the Thailand market, Muang Thai Insurance group. The combined transaction between these two cross-border organizations aims toward the goal of designing products serving needs related to integrated travel insurance contracts, medical risk insurance, and being put into execution to cross-sell products directly via the electronic booking system for the passenger group having needs when traveling to the territory and experiencing diverse tourism accommodation services in the neighboring country. At a divestment event belonging to the hotel management sector and securities structuring on the secondary equity capital market at the international financial commercial center, the tourism management company Vinpearl announced perfecting a management transaction structure with the local branch of the global financial organization HSBC regarding the management portfolio of allocating shares of the parent company VIC aimed at obtaining a guaranteed profit ratio through securities business arrangement activities.

6. Long-term market analysis conclusion

Data gathered throughout May 2026 plays a crucial role, acting as a typical tool providing the most necessary volume of information to truthfully reflect the strategic orientation present in the investment environment of Vietnam’s corporate asset transfer transaction market over the roadmap of the entire year 2026. Market observations prove that the operating economy is not completely devoid of published capital mobilization transactions bearing economic value with extraordinarily high scale; however, the structural focus of those activities has undergone an extremely clear shift. The business objective evaluation process of executive organizers has transformed from priorities for conducting corporate legal entity acquisitions through purely mechanical valuation methods to a new focus dedicating maximum attention to negotiating deals carrying the nature of comprehensive restructuring of working capital sources and medium- and long-term loan capital sources, striving to execute functional consolidation aimed at optimizing production and business ecosystems sharing closed similarities, as well as perfecting the structuring and reallocation of ownership rights composition members to avoid risks arising from internal management board conflicts. The new legal institutional framework platforms are being enacted by the central government agency system and the National Assembly of Vietnam applying extremely tight and consistent rules, establishing a standardized operational benchmark from a series of regulations mandating the public, truthful, and detailed disclosure of information lists of direct proxy shareholders and trustees of the commercial bank system groups recorded in detail inside the documents of the Law on Credit Institutions 2024, linked with thorough compliance to very strict standards regarding ratings and collateral asset quality of the approval process for retail corporate bond issuance dossiers for capital mobilization, as well as criteria for dispersing registered shareholder organization structures for new listings or maintaining existence according to the Law on Securities and the amended code Law No. 56/2024/QH15, thereby creating a control fence cycle establishing a business and investment environment that is naturally and transparently competitively purified and compliant with international practices regarding financial defensive safety for the investing public.

To participate successfully on a financial scale, for the corporate community and the investor system evaluating references with specialized strategies, the directional decisions to proceed with executing the project disbursement cycle rapidly, achieving high profit margins and protecting the vast majority of one’s asset volume achievements for plans during the deployment period of the latter half of the 2026 business operation cycle, depend largely on the capacity to design, control, and execute three core structural component groups.

The first fundamental organizational factor requires the executive to possess the capability to structure and design a truly commensurate valuation transaction structure, combining a profound understanding and consistent flexibility satisfying an absolute balance between increasing commercial profit margin efficiency and restricting the lowering of capability to incur consequences accompanied by legal liability risks when executing transactions. The second organizational condition factor attaches to an extremely refined, detailed preparation volume bearing rigorous audit investment regarding the systemization process of documents in terms of the completeness of dossiers of the standardized legal organization process and extreme transparency in submitting implementation reports obligating the provision and disclosure of information streams; this carries particularly urgent and paramount significance for a series of verification reports related to the information of member companies or individuals possessing specially related relationships, as well as classifying, establishing, and perfecting the structural dossier confirmation documents of registering processing rights towards the volume and quality of collateral assets and assets used as underwriting means at distribution institutions on the securities debt market, especially the private market serving the bloc of investors possessing securities trading business licenses and identified professional operating individuals verified by depository centers. The final deciding specialized factor helping perfect the management model is the capacity to direct, proceed with screening, practical evaluation, and forecasting linked selection decisions for the most appropriate and exact ecosystems, including all commodity sector groups bearing in-depth arguments of highly trendy business nature with sufficiently massive scale to deploy potentials directly enjoying all capital flows and sustainable development growth opportunities on a long-term scale originating from decision mechanisms supporting policies applying the absolute latest breakthroughs; a research case considered as a typical and most perfect scale model on the entire market up to the current time is the process of planning and constructing physical infrastructure systems toward developing economic sectors belonging to the group of building transport infrastructure networks, multi-modal integrated logistics chain distribution service classification center models with linked allocation of investment in transmission base construction serving the industry moving towards green energy with low-emission energy conversion technology combined with eco-friendly transport processes with technological applications having been enacted with untying measures and entirely institutionalized by specialized legal decree mechanisms operating a network for purchasing and selling a volume of energy products, which is electricity generated directly and supplied independently at an extremely large scale at the level of the entire national power grid system.

Strict, absolutely transparent compliance preparation towards mandatory normative policy frameworks as well as the application combining optimal, effective utilization and perfecting the operational system through all platforms created by regulations limiting condition barriers of this new legal classification adjustment control institution will become the supporting tool capability for forming an incredibly monopolistic competitive capacity advantage, creating an altering shift shaping the structural network establishing foundational ownership capital flow allocation bearing top decisive influence significance bringing vital supremacy reserved for the profit growth allocation scale of the system of all issuing organizations within the domestic economic region along with funds operating specifically on transaction buying and selling structures currently striving to operate and seeking the goal of establishing a stable, safe, high-quality growth rate scale enhancing defensive control capability carrying long-term sustainable nature on the allocation playground across global trading floors of the environmental structure system of the entire capital arrangement market in Vietnam throughout the time period of the business plan cycles for the upcoming operational financial years. A good governance mechanism is proof of an efficient capital market. Managing credit granting, organizing operational system networks complying with information standards, ensuring procedural dossiers are established completely transparently contributes immense value to the productivity of allocating asset resources for enterprises executing equitization regulations. Chief executive officers of industrial corporation groups are assigned the great responsibility of maintaining the discipline of mobilized capital structure from the banking organization system on principles preventing manipulation and enforcing ownership inspection activities via entirely voluntary compliance methods in operating the board of directors apparatus to lead projects to success. The credit institution act, securities law on bond issuance, and combination with the decree establishing the power purchase and sale mechanism are the legal elements constituting the best economic protection business environment system structure. Capital structure and shareholder structure when executing registered charter capital issuance at brokerage centers ensure the effectiveness of long-term stable operation on the information system. Stock market activities promoting the structural effect of coordinating circulating asset flows help support long-term investment operation strategies, perfecting projects, bringing comprehensive economic profitable structural efficiency in a dynamic economy. Operating parties co-coordinate completing the issuance funding structure project for the purpose of restructuring the securities circulation system funding portfolio to optimize allocation costs for long-term business operations in 2026. The process of allocating securities market restructuring transactions operates most efficiently when promulgated laws go into perfect execution. The process of verifying the quality of major shareholders carries practical significance in the secondary transaction securities issuance activity of the financial market credit institutions coordinating the national operational platform.

HARLEY MILLER LAW FIRM

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