Vietnam was home to one of Asia’s quickest-growing stock markets last year with 48% growth, backed by some major stake sales by both state and private firms. However, it has lost 13% in the past three months as investors fretted about the impact of Sino-US trade tension.

Last year, the Southeast Asian nation posted a record US$10.2 billion in deal value, boosted by Thai Beverage PCL’s purchase of 54% of the country’s biggest brewer Sabeco for US$4.8 billion, Vietnam’largest-everer deal.

M&A deal value in the first half of 2018 reached US$3.35 billion, up 39% from the same period last year, the government said, citing data complied by Vietnam M&A Forum.

The property sector dominated deals during that period, with Singapore state investor GIC Pte Ltd leading the purchases, the Forum said.

GIC bought shares in real estate firm Vinhomes JSC, Vietnam’s second-biggest listed company by market capitalisation, for US$853 million in April. It also bought into Vincom Retail JSC earlier this year.

Future deals would focus in the real estate and consumer sectors, while telecommunications, energy, infrastructure, pharmaceuticals and education are also likely to attract funds, including those involved in a privatisation drive, the M&A Forum said.

The government plans to sell shares in hundreds of state firms, including brewer Habeco, telecoms firm MobiFone Corp, and lenders Vietcombank and BIDV.