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

In brief: On 28 May 2026 in Ho Chi Minh City, Koru Capital Co-Founder Nguyen Manh Khoi moderated the panel "Vietnam's Global Founders — Capital, Talent, and the Rise of Cross-Border Champions" at the Vietnam Innovation and Private Capital Summit 2026 (VIPC Summit...

It was a privilege to take part in the UEH CEO Program, where our co-founders Anh Le and Khoi Nguyen shared the fundamentals of capital raising and valuation with Vietnam's current and emerging generations of business leaders. The conversations spanned different rooms...

The scale: Vietnam's jewelry market is worth ~US$4.3bn — about 75% of the country's total dairy market and roughly 1.5× its beauty & personal care market. The tailwind: ~5% CAGR through 2030, underpinned by household income rising from ~US$5,200 to ~US$6,900 per...

The moment: Koru co-founder Khoi Nguyen joined the panel on the positioning of the VIFC at the Vietnam International Financial Centre Symposium 2026, held in HCMC on 29 May 2026 as part of Vietnam ADR Week 2026 (VAW), moderated by A&O Shearman's Duc Tran. The...

With arguably the best EBITDA margin among Asian beverage chains, what could the Q1 2027 listing be worth? Our read on the multiple, the comps, and the turnaround that sets up the story. The event: Jollibee Foods Corporation (JFC), which holds 60% of parent SuperFoods...

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