He said that the number of state-own enterprises dropped 90% from 12,000 over the past two decades thanks to the Government-led restructuring process.

The Vietnamese Government is now stepping up the restructuring of major groups and corporations, PM Dung said, adding that 350 enterprises have been equitized from 2011 until September this year.

The number of state-owned enterprises listed in the stock markets will increase in the time to come, offering opportunities for foreign investors, the Government chief emphasized.

According to the Institute of Mergers, Acquisitions and Alliances (IMAA), the Vietnamese M&A market is predicted to be worth $3.8billion with around 400 deals expected to be announced in 2015.

Not only has the total amount increased, the average value per deal has increased from around US$5-US$8m in 2011 to US$11m in 2014. Recent major deals include  Vingroup's acquisition of 70% stake of Ocean Retails, Mondelez International’s acquisition of 80% stake of Kinh Do for $370m, and Standard Chartered Private Equity’s US$90m acquisition of An Giang Plan Protection.

In his remarks at a recent M&A Forum titled “Countdown to the Next Market Boom”, Deputy Minister of Planning and Investment Dang Huy Dong mentioned that the economic restructuring that involves creating a more friendly environment for foreign and domestic investment is a key factor behind this boom. Indeed, there have been institutional and financial reforms, privatizations, and international integration carried out with many investment, corporate and property laws being amended in the process.

Minister of Planning and Investment Bui Quang Vinh said the plans to equitize SOEs and raise the ratio of foreign ownership in equitized enterprises drew the attention from foreign investors.

Mr. Vinh affirmed that Viet Nam will continue amendments to its institutions and improvement of the legal framework in accordance with international commitments, adding that “Viet Nam accepts the game and stands ready to innovate for higher competiveness.”

Speaking at the forum, Mr. Tony Shale, Chief executive officer of Euromoney Institutional Investor PLC in Asia, said Viet Nam is becoming an increasingly attractive emerging market in the continent.

He went on to say that the Vietnamese Government’s commitments to improve business environment and competitiveness have produced impressive outcomes in foreign investment attraction.

In a recent ASEAN workshop, participants spent five out of six hours to discuss on Viet Nam, reflecting the great attention from foreign investors, according to Mr. Peter R Ryder, Co-Chairman and Chief Executive Officer of Indochina Capital.

Viet Nam is now home to 19,000 valid projects worth some US$270 billion, of which the total disbursed volume reached US$135 billion. In the first nine moths this year, the country lured over US$17 billion, up 53% against the same period last year.