Koru Market Signals | M&A Investor Briefing Aug–Oct 2025

Earlier this year, Koru was among the stakeholders invited to provide inputs for Vietnam’s upcoming government-backed VC initiatives.
Now, it’s official. Under Decree 264/2025, Vietnam has formally outlined the establishment and operation of the National Venture Capital Fund and local venture capital funds, marking a major step toward deepening state participation in the startup and innovation ecosystem.

Why did a milk tea giant like Mixue buy a beer chain? On 30 Sep 2025, Mixue announced that it will acquire Fulujia Fresh Beer, China’s largest freshly tapped beer chain with ~1,200 outlets across 28 provinces. Founded in 2021, Fulujia pioneered the “fresh beer to-go” concept, selling chilled draft beer in takeaway cups priced at only $8–$1.4 per 500 ml.

Vietnam is gradually opening markets that were once illicit—but under strict controls. The latest example: a draft proposal to legalize international football betting with a daily cap of ₫10 million (~$380), up from the current ₫1 million per category.

Vietnam is in its golden population era. But in just 10–20 years, that golden ratio will transition into a grey population. When it does, demand for elderly care services—particularly nursing homes—will grow at unprecedented speed.

We’re glad to have our CEO Khoi Nguyen to attend as a Guest Speaker at Axel’s Healthcare Economics Masterclass. Stay tune for insights regarding healthcare economics and M&A insights in healthcare

We’re excited to see our co-founders Hang Allison Nguyen and Khoi Nguyen sharing about Koru Capital’s story and investment philosophy on Vietnam Innovators Digest – partnering with Vietnam’s greatest SMEs – companies that have gone past the stage of 0 to 1 and now need the right partner to explode from 1 to 10.

Vietnam has taken a historic leap into the digital future. With Resolution 5/2025/NQ-CP now passed, the country is set to launch its first regulated digital asset exchange—marking a turning point in financial innovation.
To help you navigate what this means, we’ve summarized 5 key highlights from the Resolution:

We are currently mandated by a leading player in the hospitality space to source and evaluate attractive investment opportunities. What we’re looking for:

We’re excited to officially launch our sub-brand Koru Capital Investment – a dedicated investment arm focused on leveling-up the next generation of Vietnamese SMEs.

We are back with our Q2.2025 consumer watch. This quarter, consumer demand seems to be impacted. Brands attribute the impact largely to new tariff and tax policies, which have created divergent performances across categories. Here are some highlights: