M&A (Mergers & Acquisitions - mergers and acquisitions) in the consumer - retail industry is one of the main driving forces creating changes in market structure, promoting business model innovation and improving customer experience. With the industry being directly linked to people's daily needs, the growth rate and profit margin in retail are always attractive to investors. In the global picture, Japan stands out as both a market where large domestic M&A deals take place, and an investor actively seeking opportunities in developing countries, including Vietnam.

1. Current status of M&A in the consumer - retail industry in Japan

1.1 General trends

Japan is one of the largest retail markets in the world but is facing the challenge of an aging population, slowing domestic consumption and fierce competition from e-commerce. This motivates Japanese corporations to carry out M&A to:

- Restructure the portfolio of non-core sales activities, focusing on strategic products).

- Improve supply chain efficiency through merging retail chains and improving logistics.

- Looking for new momentum in the international market, especially Southeast Asia.

1.2 Some numbersRecent typical deals

- KKR & Walmart sell Seiyu to Trial Holdings (2025 - 2.5 billion USD): Seiyu - a supermarket chain with more than 300 stores - was acquired by Trial Holdings to deploy a "smart retail" model applying data and AI. This is a step that reflects the trend of digitizing the Japanese retail industry.

- Seven & i Holdings and Couche-Tard (2025 - 46 billion USD, failed): Although this was a deal that could have created the world's largest convenience store chain, it failed due to management problems and conservative psychology. It shows that cross-border M&A in Japan still faces many barriers.

1.2 Some recent typical deals

- KKR & Walmart sell Seiyu to Trial Holdings (2025 - 2.5 billion USD): Seiyu - a supermarket chain with more than 300 stores - was acquired by Trial Holdings to deploy a "smart retail" model applying data and AI. This is a step that reflects the trend of digitizing the Japanese retail industry.

- Seven & i Holdings and Couche-Tard (2025 - 46 billion USD, failed): Although this was a deal that could have created the world's largest convenience store chain, it failed due to management problems and conservative psychology. It shows that cross-border M&A in Japan still faces many barriers.

1.3 Comment

In Japan, M&A is mainly aimed at strengthening the domestic market, improving operational capacity and technology, But when they reach out, the corporations congregateencounter cultural barriers. This is contrary to their open and patient approach when investing in Vietnam.

2. M&A between Japan and Vietnam in the consumer - retail industry

2.1 Opening phase (2010–2015)

- Unicharm – Diana (2011): Unicharm acquired Diana, entering the personal hygiene products market. This is one of the pioneering deals, paving the way for the Japanese M&A wave in Vietnam. 

- Kirin – Interfood (2015): Kirin holds 57.25% shares of Interfood (Wonderfarm), entering the beverage industry - a high growth segment in Vietnam. 

2.2 Expansion period (2016–2020)

- Sojitz – Saigon Paper: Sojitz buys 95% of Saigon Paper, controls one of the largest paper businesses in Vietnam, and holds the entire value chain from raw materials to consumer products. 

- Taisho – Hau Giang Pharmaceutical: Gradually increased the ownership rate and control of the largest pharmaceutical company in Vietnam, thereby expanding the health care segment. 

- AEON Group: Officially operates a chain of shopping centers in Hanoi and Ho Chi Minh City, affirming its position as the largest foreign retailer in Vietnam. 

2.3 Boom period (2021–2024)

- Maruha Nichiro – Saigon Food (2021): Acquisition to expandsupply of seafood and processed foods, serving both domestic and export. 

- SMBC – FE Credit (2021, worth 1.4 billion USD): Huge deal in consumer finance, showing that Japan is not only interested in goods but also expanding into services associated with consumption. 

- Nitori (2023): Opening the first store in Binh Duong, aiming for 70 stores in the next 10 years. 

- AEON Entertainment – ​​Beta Media (2023, 200 million USD): Joint venture to open 50 cinemas by 2035, to take advantage of the rapidly growing middle class. 

- Sojitz – Finviet & DaiTanViet: Investing in fintech and distribution, promoting the digitalization of consumer goods wholesale networks. 

2.4 Comment

The deals show that Japanese businesses do not stop at pure manufacturing or retail, but also build ecosystems: from fast-moving consumer goods, processed foods, to distribution, modern retail, consumer finance and entertainment.

3. Why is Vietnam attractive to Japanese investors?

• Golden population structure:  Vietnam has more than 100 million people, of which 60% are of working age. This is a dynamic consumer group, open to new products. 
• Income increases rapidly: The middle class is expected to account for 26% of the population by 2026, opening up demand for high-quality consumption. 
• Retail market grows steadily: Retail revenue in 2023 will reach nearly 250 billion USD, growing at a rate of 9–10%/year, among the fastest in Asia. 
• Stable political environment, international integration: Vietnam participates in many FTAs, creating favorable conditions for import and export and expanding the supply chain. 
• Competitive production costs: Compared to China and Thailand, Vietnam still has a cost advantage, and the logistics infrastructure is increasingly perfect. 

4. Japan - Vietnam M&A journey: From penetration to ecosystem

- Phase 1 - Penetration: Acquiring Vietnamese businesses with existing brands and networks (Unicharm–Diana, Kirin–Interfood). 

- Phase 2 – Strengthening the value chain: Controlling production and distribution (Sojitz–Saigon Paper, Maruha Nichiro–Saigon Food). 

- Phase 3 – Ecosystem expansion: Joint ventures and investments in finance, entertainment, fintech (SMBC–FE Credit, AEON–Beta Media, Sojitz–Finviet). 

Common characteristics are patience and long-term. Japanese businesses do not "surf" but often increase their ownership rate in stages, then gradually bring in their own technology, management and products.

5. Impact on businesses and the Vietnamese market

- Improving governance standards: Japan's participation brings financial disciplineh, standard management processes, and commitment to high quality. 

- Improving production technology Japan often transfers technology, helping Vietnamese businesses upgrade their lines and product standards. 

- Creating competitive pressure: Domestic businesses must restructure and invest more methodically to maintain market share. 

- Expanding export opportunities: With a global network, Vietnamese businesses can access the Japanese market and other countries more easily. 

While the Japanese domestic market is still cautious with cross-border M&A, in Vietnam, Japanese corporations demonstrate a strategic vision: using M&A as a tool to establish a comprehensive consumer ecosystem. From tDiana paper, Wonderfarm beverage, Saigon paper, Aeon shopping center, Nitori furniture store or SMBC consumer finance - all reflect Japan's "deep roots" roadmap in Vietnam.