Buyouts in Southeast Asia: When Foreign Funds Choose Control Over Minority Stakes

India’s Marico acquires 75% stake in Vietnam’s Skinetiq JSC

Marico South-East Asia Corporation (MSEA) has entered definitive agreements to acquire a 75% equity stake in Skinetiq Joint Stock Company, valuing the Vietnamese beauty firm at $38.6 million. Founded in 2020, Skinetiq operates as a direct-to-consumer (D2C) company that owns the skincare brand Candid and holds exclusive Vietnamese distribution rights for the global luxury skincare brand Murad.

Skinetiq reported $17 million in revenues in CY2025 while maintaining a sustainable EBITDA margin in the mid-twenties. The company’s growth is driven by its ability to leverage social commerce and dermatology-led content to attract young, digitally savvy consumers, with most revenue generated through online channels.

Vietnam’s beauty market has become an increasingly attractive environment for consumer goods companies. The sector is expected to reach $2.74 billion in 2026, supported by a young population and rapid e-commerce growth. Marico’s acquisition of Skinetiq follows its other recent digital-first investments, including acquiring a 60% stake in the Indian wellness brand Cosmix.

Marico’s acquisition of Skinetiq shows that Vietnam’s D2C beauty market has matured enough to attract major international consumer goods players. By securing Candid - a high-margin, digitally native brand - Marico is positioning itself to invest ahead of the curve in a market projected to grow steadily through 2029. This deal reflects broader interest in Vietnam’s beauty sector, following other significant moves like Alibaba’s investment in the Vietnamese beauty chain Hasaki.

Acquisition of a Vietnamese chicken chain… Why The Ventures is betting on Southeast Asia

Korean venture capital firm The Ventures has made a strategic move in Vietnam by acquiring a 65% controlling stake in Chicken Plus, a Vietnamese chicken franchise with 75 stores. Following the acquisition, the firm is implementing a management shift toward delivery, focusing on reducing store sizes and strengthening delivery and online channels to capitalize on Vietnam’s rapidly growing delivery market.

The Ventures plans to build a comprehensive dining conglomerate modeled after Korea’s Harim, aiming to vertically integrate operations by running its own poultry farms and B2C brands. This acquisition aligns with the firm’s broader view of Vietnam as a favorable investment climate, driven by its population of over 100 million, rising middle-class income, diligent workforce, and consistent government support for foreign investors.

Beyond food and beverage, The Ventures is also expanding into entertainment, preparing a Vietnamese film investment fund and noting that local blockbusters can reach 700-800% ROI thanks to low production costs. The firm’s diverse portfolio in Vietnam already includes companies such as Ecomobi (AI-powered influencer commerce) and Refeed (a climate-tech startup focusing on sustainable aviation fuel). However, the region’s competitive landscape is intensifying as Korean VCs face growing competition from active Japanese CVCs and venture capital firms.

The Ventures’ move marks a significant evolution from passive minority investing to active buyout strategies in Southeast Asia. By leveraging a “time-machine” investment thesis - viewing Vietnam’s current growth stage as similar to Korea 10-12 years ago - the firm is applying proven Korean business models (like high-density delivery and vertically integrated F&B) to a younger, high-potential market. This hands-on approach, backed by a resident partner on the ground, positions them to deliver more reliable exits through M&A as Vietnam’s domestic dining and entertainment sectors scale up.

Vietnamese AI startups attract foreign capital

Early 2026 has seen a surge in multi-million-dollar investments from Japan, Europe, and international funds into Vietnamese AI startups that have demonstrated practical business results.

In the B2B space, NamiTech secured $4 million from Japan’s Toho Gas and Thien Viet Securities (TVS) to scale its voice AI and natural language processing solutions across Asia. Arctis AI raised $1 million in pre-seed funding to automate administrative workflows in the construction industry, achieving rapid expansion in Europe.

On the consumer side, AI Hay - a generative AI knowledge search platform - completed a $10 million Series A round, bringing its total funding to over $18 million. The app has reached 10 million downloads and processes more than 100 million questions monthly.

These developments reflect a shift in investor mindset. International investors have moved away from funding mere “ideas” and now prioritize AI startups that prove tangible cost savings, productivity gains, and scalability. Vietnam is also viewed as a high-potential destination thanks to its abundant tech talent, competitive development costs, and a domestic market of more than 100 million people. Vietnamese engineers are moving beyond “software outsourcing” to building specialized, core AI products for global markets.

All in all, there is a significant maturation of the Vietnamese AI ecosystem. AI is no longer just a “buzzword” or a movement of “surface-level” trends; it has become a practical tool for business transformation. By focusing on vertical-specific solutions - such as construction management or healthcare customer service - Vietnamese startups are effectively bridging the gap between technological potential and commercial reality.

Ho Chi Minh City launches Vietnam International Financial Center (VIFC-HCMC) announces four strategic pillars

Ho Chi Minh City officially launched the Vietnam International Financial Center in HCMC (VIFC-HCMC) on February 11, 2026. The newly established center is built on four core financial sectors.

• The first pillar, aviation finance, focuses on providing aircraft leasing, insurance, and fleet financing to reduce Vietnam’s dependence on foreign financial hubs.
• The second pillar, maritime finance, aims to leverage Vietnam’s export-driven economy to expand trade finance and maritime risk management capabilities.
• The third pillar centers on digital finance (fintech), emphasizing “on-chain” economics such as tokenized assets and smart contract–based letters of credit (LC).
• The fourth pillar targets the international interbank market, with plans to build global-level international exchanges and cross-border payment systems, including QR-based payment infrastructure.

VIFC-HCMC has outlined ambitious membership and capital goals. The center aims to reach 200 members this year, including companies with market capitalizations between $1 billion and over $10 billion. Over the next five years, it plans to attract 5,000 businesses and $100 billion in total capital. Significant commitments have already been secured, including $6.1 billion for aviation finance and $2 billion for smart city data infrastructure from partners such as FPT and UAE’s G42. Founding members include major institutions such as Sovico Group, MB Bank, TPBank, VinaCapital, Gemadept, and TikTok.

The launch of VIFC-HCMC represents a fundamental shift from a traditional “destination for capital” to an “infrastructure for capital allocation” deeply integrated with the real economy. By prioritizing high-tech infrastructure and innovative models like blockchain-based T+0 clearing, the city is betting on digital differentiation to compete with regional rivals like Singapore and Dubai. Success will depend on the transition from vision to execution, specifically the center’s ability to maintain real liquidity and improve its current global financial ranking.

Legalities to early operations for Vietnam’s IFC

Vietnam has completed the core legislative and policy framework required to support the development of its International Financial Centre (IFC). The enabling framework now spans taxation, finance, banking, dispute resolution, labour, land, and governance. While this foundation is in place, substantial work remains to transition from establishing legal documents to building an internationally viable financial hub.

The year 2026 has been designated as a period of institution-building. During this phase, Vietnam will develop fundamental institutions, including executive and supervisory bodies, while staffing essential professional functions. A key objective for the coming months is to reach initial operational functionality, enabling the IFC to process real cases and manage early applications.

Experts estimate that the path to full maturity - where processes operate seamlessly and rules are fully internalized by the market - may take seven years or more. Institutions that join in the initial phase will have the opportunity to act as both users and contributors, helping to set norms and refine administrative procedures. Success in the first year will be measured by foundational progress, such as core institutions becoming operational and the legal framework being applied in practice.

The establishment of the IFC marks a pivotal moment in Vietnam’s economic journey, signaling a shift from founding legal documents to the creation of a functioning financial hub. While the completion of the legal framework is a significant milestone, the true challenge lies in the iterative process of learning and calibration required to build international credibility. By investing heavily in fundamentals like governance and digital administrative systems now, Vietnam is laying the necessary groundwork for a sophisticated, long-term financial ecosystem.

Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.