Vietnam As the Market
A fast-growing, macro-stable, ideal investing destination for investors but not without its challenges
Strong Economic Momentum
One of Asia’s strongest growth engines – Vietnam leads ASEAN-6 with 6%+ annual real GDP growth with a resilient macro profile
Supportive Policy Environment
Robust government support (Resolution 68 & 57) are reducing bureaucracy, improving private-sector access, and accelerating digital transformation
Favourable Socioeconomics
Young & rising middle class are driving long-term consumer demand growth
Underserved Financing Gap
SMEs account for ~99% of enterprises in Vietnam yet remain underfunded, creating good opportunity for NGF to capitalize on
Opportunities For Deploying Private Capital In Vietnam
Vietnam’s demographic strength, rising consumption, and digital acceleration are creating fertile ground for private capital to scale high-impact businesses
Support the growth of under-penetrated sectors (e.g., private healthcare)
Invest in critical infrastructure (e.g. data centers, transport...)
Build next-gen enablers (e.g. logistics, education...)
Modernize traditional, fragmented industries by financing innovative SMEs
Capture rising middle-class demand in HCMC, Hanoi, and Tier-2 cities
Fund the next wave of champions, particularly in the blooming local tech scene
Turning Vietnam’s Challenges into Opportunities
While Vietnam's SME landscape contains meaningful frictions in transparency, capability, and alignment, we are uniquely positioned to mitigate these challenges through active ownership and governance discipline
Paper-heavy, manual bureaucracy
Vietnam ranks 70/190 in Ease of Doing Business (World Bank), with high administrative burden as permits, tax, and registration
Vietnam ranks 70/190 in Ease of Doing Business (World Bank), with high administrative burden as permits, tax, and registration
Opaque financial reporting
("two-book system")
Only 25% of enterprises in Vietnam fully compliant with IFRS by mid-2025; 60% cite two-book reconcitation costs as barrier
("two-book system")
Only 25% of enterprises in Vietnam fully compliant with IFRS by mid-2025; 60% cite two-book reconcitation costs as barrier
Leadership capability gap for scaling
46% of VN organizations struggle to fill leadership roles, 41% face retention issues due to skill mismatches
46% of VN organizations struggle to fill leadership roles, 41% face retention issues due to skill mismatches
Potential conflicts of interest
Family-controlled structures and related-party deals can misalign controlling owners and new financial investors
Family-controlled structures and related-party deals can misalign controlling owners and new financial investors
Digital transformation
Deploy e-invoicing, e-signatures, digital workflows, and standardised MIS to reduce delays and improve transparency from Day 1
Deploy e-invoicing, e-signatures, digital workflows, and standardised MIS to reduce delays and improve transparency from Day 1
Strengthening governance & accounting discipline
Enforce a one-book policy, upgrade ERP, introduce internal controls, and use independent audits/FRS bridges
Enforce a one-book policy, upgrade ERP, introduce internal controls, and use independent audits/FRS bridges
Hands-on management
Recruit key C-levels early, and build KPI, budgeting, and performance systems from Day 1
Recruit key C-levels early, and build KPI, budgeting, and performance systems from Day 1
Culture of Integrity & Transparency
Robust shareholder agreements, transparent capital-allocation rules, long-term incentives to reinforce integrity across all stakeholders
Robust shareholder agreements, transparent capital-allocation rules, long-term incentives to reinforce integrity across all stakeholders
SMEs as the Target
An attractive segment in Vietnam for value creation and buyout investing
Target 1
Fragmented Industry Landscape
Highly fragmented industries offer clear opportunities for professionalization and consolidation
Target 2
SME Operational Bottlenecks
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SMEs face predictable bottlenecks: manual processes, two-book systems, leadership gaps, misalignment - areas NGF can reliably improve
Target 3
Value-Creation Upside Potential
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Strong potential for operational improvement and margin expansion through digitalization, KPI-based management, and talent upgrade
Search Fund Value Creation
A proven global model delivering superior risk-adjusted returns
Succession with continuity
Enables a smooth ownership transition while preserving the company’s legacy, culture, and employees
Operational upgrade without disruption
Professional systems, governance, and reporting are introduced progressively—without breaking what already works
A trusted long-term steward
Search Fund CEOs act as owner-operators, fully dedicated to the business rather than short-term financial engineering
Accountable leadership
A highly motivated CEO, along with experienced investors, advisors, and operators who provide capital, pattern recognition, and their expertise to create value creation
Operational excellence & professionalization
Implementation of best-in-class practices in finance, operations, HR, technology, and governance.
Disciplined growth strategy
Expansion driven by clear strategic priorities—organic growth, pricing optimization, new channels, and selective M&A
Earning exceptional higher returns
Decades of global evidence show Search Funds delivering strong risk-adjusted returns, driven by operational value creation
Strong downside protection
Focus on profitable, cash-generative SMEs with stable fundamentals and limited reliance on leverage
Searcher-led alignment eliminates agency costs
The operator’s personal wealth is concentrated in equity, aligning incentives more tightly than traditional fund structures
SMEs evolve into institutional-grade companies
Professional governance, disciplined capital allocation, and capable leadership reduce business failure risk and improve durability across cycles
Higher standards of transparency and compliance
Institutional practices improve financial reporting, tax compliance, and regulatory engagement, strengthening trust in the private sector
Efficient deployment of long-term capital
Capital is directed toward productive growth rather than speculative expansion
