Dien May Xanh gears up for 2026 IPO, reshaping Vietnam’s retail investment landscape
Mobile World Group (MWG) has officially approved a 2026 IPO for its consumer electronics retail arm, Dien May Xanh (DMX). This move aligns with MWG’s broader strategy of restructuring into specialized subsidiaries, as seen with An Khang and AVAKids. Ahead of the listing, DMX will issue a private share placement equal to 1% of its charter capital, restricted from transfer for 18 months. The IPO is designed to attract investors seeking brands with proven profitability, strong retail presence, and a roadmap for sustainable growth.
DMX currently operates over 2,000 stores and contributed 44% of MWG’s total revenue in the first 10 months of 2025. Combined sales with The Gioi Di Dong reached 87,000 billion VND (approx. $3.5 billion USD), reflecting a 17% year-on-year increase. By listing DMX independently, MWG aims to unlock shareholder value and offer high-quality retail stock to both domestic and foreign investors.
Dien May Xanh's planned 2026 IPO is a landmark event that promises to reshape Vietnam's capital market. MWG's strategic move reflects a global trend: carving out strong subsidiaries to unlock shareholder value and sharpen operational focus. A successful IPO will give local and foreign investors a high-quality anchor stock in Vietnam's growing consumer market, deepening the appeal of the country's retail and consumer sectors.
Vietnam–Japan push open innovation to bridge startup–corporate gap
Vietnam and Japan are ramping up their innovation partnership through a new "open innovation" model that connects startup solutions with corporate challenges. Spearheaded by the National Innovation Center (NIC), the Japanese Embassy, and UNDP Vietnam, this model aims to accelerate commercialization in deep-tech and AI - two areas where Vietnam’s startup scene is growing rapidly, with 178,000 new enterprises launched in the first 11 months of 2025. Japan, with its 3.7 million businesses seeking cross-border technology, provides the market scale and demand to help Vietnam’s startups go global.
The two countries are addressing long-standing barriers in the innovation ecosystem. Startups often struggle with market access and forming corporate partnerships, while large companies lack channels to test new domestic technologies. Initiatives like the VietLeap AI Accelerator (run by NIC with JICA, BCG, and the Japanese Embassy) and a NIC capacity-building program supported by the Japanese Government and UNDP are bridging this gap. So far, over 50 matching sessions have been organized to validate solutions, lower risks, and fast-track proof-of-concept (PoC) trials.
This initiative strategically shifts Vietnam-Japan cooperation from traditional trade toward co-creation and tech transfer. By solving corporate challenges with startup solutions, it creates a "long-term market bridge" leveraging Japan's scale with Vietnam's dynamic AI and deep-tech ecosystem. The success of this model is critical for Vietnam to mature its tech ecosystem and achieve its long-term goals of green and digital transformation.
Daikin acquires Vietnamese BMS firm to power smart, green buildings
Japanese giant Daikin Industries has agreed to acquire Anh Nguyen Company, a Ho Chi Minh City-based firm known for integrated building systems and energy management solutions. The deal, executed through Daikin’s local subsidiary Daikin Air Conditioning Vietnam, is expected to close in the first quarter of fiscal year 2026. While the transaction value remains undisclosed, the acquisition reflects a growing trend among global investors: moving from hardware alone to bundled, tech-driven “one-stop” solutions in high-growth markets like Vietnam.
Founded in 2006, Anh Nguyen has built a strong reputation in Vietnam’s construction and real estate sectors by offering building management systems (BMS), ELV systems, and security solutions. The company serves over 100 major clients, including Vingroup, Sun Group, and Keppel Land, particularly in resort, hotel, and factory segments. By integrating Anh Nguyen’s BMS expertise with Daikin’s HVAC products, the combined entity aims to reduce energy consumption by 15-25% and support Vietnam’s Net Zero 2050 goals. A single provider will now handle design, construction, and after-sales services, streamlining operations and cutting inefficiencies between contractors.
Daikin's acquisition of Anh Nguyen is a strategic M&A deal signaling foreign investment's shift toward integrated technological solutions for energy efficiency and smart building management in Vietnam. By acquiring Anh Nguyen's BMS expertise and connections with top Vietnamese developers, Daikin gains a competitive edge in the premium commercial and residential segment while supporting Vietnam's building modernization and Net Zero goals.
Vietnam launches state-backed venture funds to boost tech startups
At TECHFEST Vietnam 2025, policymakers officially introduced a game-changing move for the local startup ecosystem: the launch of national and local venture capital funds under Decree 264/2025/NĐ-CP. For the first time, the Vietnamese government is stepping in as a co-investor alongside private capital to close funding gaps in deep-tech and green-tech. The State is signaling strong support by accepting higher risk tolerance and committing to long-term investment cycles, including fund-of-funds models and potential cross-border investments to access cutting-edge technology early.
Hanoi is leading this national push with its own pilot venture capital fund, targeting a fund size of 1,200 billion VND (around $49.5 million USD). The state will contribute up to 49% of the capital, keeping control with private investors while still ensuring public backing. Beyond capital, Hanoi has rolled out six complementary policies, from regulatory sandboxes for new technologies to covering up to 70% of expert consulting fees. Together, these moves position the city as a model for other provinces aiming to build sustainable innovation ecosystems.
Decree 264/2025/NĐ-CP establishes State Venture Capital Funds as a policy intervention to accelerate Vietnam's innovation ecosystem. Through a PPP model accepting higher risk, the government addresses critical funding gaps in deep-tech and green-tech. Hanoi's pioneering approach, combining regulatory reform with ecosystem support, sets the nationwide standard. This signals the State's commitment to innovation as essential for achieving long-term economic and sustainability goals.
Vietnam upgraded in market ranking: A boost for a vibrant IPO–M&A cycle
FTSE Russell’s official upgrade of Vietnam’s stock market to “Secondary Emerging Market” status, effective from September 2026, marks a turning point in attracting international capital. The reclassification is expected to bring in around $6 billion in passive investment, along with an additional $15–20 billion in active capital, FDI, and private equity over the next five years.
More importantly, the upgrade is set to trigger a new IPO–M&A capital cycle, enabling Vietnamese companies to access capital more efficiently, scale up operations, and exit more transparently. This presents a major opportunity to elevate Vietnam’s financial market from being merely a capital magnet to becoming a dynamic engine for long-term value creation.
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