Investment Division·Long-termPilot
Cash-Flow SME Buyouts
Acquire control of profitable small businesses whose owners want to transition, in sectors where the family has expertise; hold and operate for the long run.
- Desk
- Private Equity
- Book
- Controlled subsidiaries
- Horizon
- Long-term · 5+ years
- Last reviewed
- 11 Sept 2026
Thesis
Vietnam has hundreds of thousands of first-generation SMEs reaching succession age without heirs. Buying at 3–5× earnings, then improving governance and digitising can yield 15–25% cash returns, above most listed assets.
Rules
Entry
Positive profit ≥ 2 years, EBITDA ≥ VND 3bn, full legal/financial/tax due diligence, former owner stays ≥ 12 months.
Exit
Default hold. Sell only on offers ≥ 8× earnings or structural sector decline.
Sizing
5–15% of NAV per deal; max 5 subsidiaries.
Risk limits
- No personal guarantees on subsidiary debt
- Subsidiary net debt/EBITDA ≤ 2.5×
KPIs
- Cash yield on invested capital ≥ 15% from year 3
- Audited financials annually
Instruments
- Equity transfer into the family holding company (LLC)
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