The recently announced Marico – Skinetiq transaction has drawn attention not only for its roughly VND 750 billion value, but also for the legal questions it raises in Vietnam’s evolving M&A landscape.
In this article, Vilasia’s Ngu Truong and Nam Trinh discusses key issues highlighted by the deal, including competition law notification thresholds, the implications of a Vietnamese company becoming foreign-invested after the transaction, and the use of multi-stage payment structures to allocate post-closing risk.
The article also explores a distinctive feature of modern D2C transactions: when enterprise value is closely tied to a founder’s personal brand, acquiring shares may not necessarily mean acquiring the business’s most valuable asset.
The article was originally published in Vietnamese in The Saigon Times on March 5, 2026.
