Infrastructure expansion creates greater scope for private and international capital

The delivery of large-scale infrastructure projects is creating growing demand for long-term capital in Viet Nam. Alongside public investment and bank lending, private sector participation, capital markets and international investment are providing additional sources of funding for development. As opportunities expand, connecting capital with the right projects will increasingly depend on project quality and investment readiness.

TABLE OF CONTENT 1. Major Projects Drive Demand For Capital 2. International Capital Continues To Seek Opportunities In Viet Nam 3. Project Quality Will Shape Access To Capital

1. Major projects drive demand for capital  

As Viet Nam enters the 2026-2030 development period, investment is accelerating across strategic transport networks, urban infrastructure, energy and the digital economy. The increasing scale of these projects is driving demand for long-term capital and encouraging greater participation from a broader range of funding sources. 

One notable example is Gia Binh International Airport, with total investment of approximately VND196.4 trillion. The project is being developed in phases, with the initial phase targeting completion of the infrastructure required to serve APEC 2027. By 2030, the airport is planned to have capacity for approximately 30 million passengers and 1.6 million tonnes of cargo annually. Related air navigation facilities are also being developed under a public-private partnership (PPP) structure, demonstrating the range of investment models being used across the wider project.

Opportunities for international capital are also expanding. In August 2026, the Ministry of Construction proposed four railway projects for inclusion in the draft National List of Projects Calling for Foreign Investment for 2026-2030. The four projects: Bien Hoa - Vung Tau, Ho Chi Minh City - Can Tho - Ca Mau, Mu Gia - Vung Ang and Thap Cham - Da Lat – have a combined proposed investment of approximately VND445.1 trillion, equivalent to around US$17 billion, and are expected to be developed under PPP structures.

The expanding project pipeline demonstrates that the next phase of Viet Nam's development is not only about the amount of capital required, but also about creating appropriate investment structures that enable effective participation from private and international investors. While public investment and bank lending will continue to play important roles, capital markets and investment partnerships can provide additional sources of long-term funding. 

2. International capital continues to seek opportunities in Viet Nam 

This expanding investment pipeline comes as foreign investment into Viet Nam continues to grow. According to the Foreign Investment Agency under the Ministry of Finance, total registered foreign investment reached US$38.06 billion in the first seven months of 2026, up 58% year-on-year. This included US$21.05 billion in newly registered capital, US$10.43 billion in additional capital and US$6.58 billion through capital contributions and share purchases. Disbursed foreign investment reached US$15.2 billion, an increase of 11.8%.

Notably, capital contributions and share purchases reached US$6.58 billion, increasing by 61.6% year-on-year. Real estate remained one of the largest recipients of foreign investment, ranking second after manufacturing with US$5.65 billion in registered capital, equivalent to 14.9% of the total. Source: Foreign Investment Agency, Ministry of Finance, 26 August 2026. 

According to Neil MacGregor, CEO of Savills Viet Nam, these figures reflect Viet Nam's continued appeal to international capital. However, as the range and scale of investment opportunities expand, investors are placing greater emphasis on project quality, execution capability and the clarity of investment structures.

3. Project quality will shape access to capital 

Beyond direct investment in new projects, foreign investors can enter the market through capital contributions, share acquisitions, M&A, joint ventures and development partnerships. For projects that already have an established development platform, these structures can provide a more efficient route to market while introducing additional capital to support further development. 

The latest foreign investment data also points to growing activity through these routes. The Foreign Investment Agency recorded 1,815 capital contribution and share purchase transactions in the first seven months of 2026, with their combined value increasing by 61.6% year-on-year. The Agency also noted that some investors are increasingly using this route to gain faster access to established customer networks, distribution systems and existing legal platforms rather than building their presence entirely from the ground up.

However, greater availability of capital does not mean that every project will be equally positioned to access it. For large-scale developments, due diligence typically focuses on legal status, land-use rights, ownership structures, financial obligations, the feasibility of development plans and the ability to generate sustainable cash flows. These factors are increasingly important in determining the investability of an opportunity. 

Vietnamese businesses bring distinct advantages, including local market knowledge, development experience and execution capabilities. Combining these strengths with international capital, expertise and networks can create further opportunities through M&A, joint ventures and other investment partnerships. 

As Viet Nam continues to expand its investment ambitions, a broader mix of funding sources will become increasingly important. The ability to translate capital into viable projects will depend not only on market demand, but also on project quality, investment structures and execution capability. These factors will play an important role in determining the competitiveness of Vietnamese businesses as they seek access to long-term capital.

We support our clients to structure the project, enhance its investability, and connect with international investors. Invesment Services - Savills Vietnam EXPLORE OUR SERVICES CONNECT WITH SAVILLS