This potential deal by CDH is a testament to the interest shown by foreign investors in Vietnam's lucrative retail market after previously moves by investors from South Korea, Japan, and Thailand. Last September, Lotte Group opened its new mall in Hanoi’s Tay Ho district, while THACO opened its third Emart hypermarket in Ho Chi Minh City.

According to a survey by the Japan Trade Promotion Organisation, every single one of Japan's retail businesses in Vietnam has expansion plans here. Japanese retail group Aeon is accelerating the planned opening of new malls and other stores in Vietnam.

Mobile World, the parent company of Bach Hoa Xanh, first revealed its plan to sell a minority stake in 2022. However, the plan was put on hold amidst the challenging market conditions at that time. The company resumed the sale process last year, which gained the attention of Singapore-based sovereign wealth fund GIC and other investors from Thailand.

Established in 2002, CDH is a diversified alternative asset manager covering private equity, venture capital, mezzanine, real estate, and wealth management. Meanwhile, Bach Hoa Xanh, which was founded in 2015, runs more than 1,700 stores in Vietnam's southern and south-central provinces.