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. The digital version is available here.
