The Underground Race at Vinamilk Approaches Its End: Thai Billionaire Gains the Upper Hand, Will the Famous Sabeco Acquisition Repeat?

After the famous acquisition of Sabeco in 2017, Thai billionaire Charoen Sirivadhanabhakdi continues to eye Vinamilk. F&N Dairy Investments, owned by Charoen, has repeatedly registered to buy shares in Vinamilk but faces competition from Jardine Cycle & Carriage (JC&C), a major shareholder. In December 2025, F&N announced a deal to acquire over 96 million shares from JC&C for about 6 trillion VND, potentially increasing F&N’s stake in Vinamilk to 25%. Following this transaction, JC&C will decrease its stake and may withdraw from the board. This opens opportunities for F&N to increase its influence in Vinamilk, while the state investor SCIC also plays a key role in future dealings. If the state shareholder divests, F&N will be the top candidate to acquire Vinamilk, which is currently providing significant returns for Charoen.