How We Add ValueAdvisory
PPPs & Project Finance
We help authorities prepare projects that investors will bid on, and help sponsors and lenders take them to financial close under Vietnam's PPP Law.
What we do
Most PPPs fail before the tender, not after it.
Projects often reach the market without a risk allocation lenders can accept: demand risk left with the sponsor, unclear termination payments, or tariffs that cannot be adjusted. Bidders price that in or stay away.
We work on the preparation that decides whether a project is bankable, and on the financing that gets it built. On any one project we act for one side: the procuring authority or a bidder, never both.
- 01Project approvedThe authority approves the investment policy and starts preparation.
- 02 · Failure pointRisk left with the sponsorDemand risk, termination payments and tariff changes are not allocated.
- 03Tender launchedThe project goes to market on terms lenders have not tested.
- 04 · Failure pointLenders declineBanks will not lend against risks the sponsor cannot control.
- 05 · Failure pointBidders price in or stay awayFew bids arrive, or bids arrive at a price the state cannot accept.
- 06Back to the startThe tender is cancelled or relaunched, often years later.
The gap
Vietnam needs private capital to build. Most of its PPPs have not reached that point.
- 01$115bn
of transport investment Vietnam is estimated to need in 2026–30, far more than the state budget can cover.
Source: VietNamNet - 0212 of 30
approved transport PPPs have reached a signed contract. The rest are still looking for terms investors will accept.
Source: VietNamNet - 0382%
of the 234 projects launched or opened in December 2025 were funded outside the state budget.
Source: Government of Viet Nam
Key capabilities
What we bring to the mandate
- Project preparation
- For authorities. Pre-feasibility and feasibility studies, value-for-money analysis and market sounding.
- Risk allocation
- For either side. Contract structure, revenue mechanisms, guarantees and termination terms lenders can accept.
- Tender support
- For one side only. Bid documents and evaluation for authorities, or bid strategy and submissions for sponsors.
- Project finance
- For sponsors. Debt sizing, lender processes and engagement with development finance institutions and export credit agencies.
- Financial close
- For sponsors and lenders. Conditions precedent, security and financing documents brought to signature.
Our sectors
Transport
Expressways, bridges, ports and airports
The largest PPP pipeline in the country, mostly BOT expressways and bridges, with ports and airport services increasingly offered to private investors. Demand risk and toll-setting are where most projects stall.
Power
Power plants and transmission grids
Generation is largely privately developed under power purchase agreements; transmission is opening to private investment under the revised Electricity Law. Offtake terms and grid connection decide bankability.
Water and waste
Water supply, drainage, wastewater and solid waste
Provincial projects under BOO and BOT contracts, where tariffs set by local authorities determine whether a project can carry debt. Fast-growing industrial provinces are the most active.
Social infrastructure
Hospitals and education
Availability-payment structures, where the authority pays for a facility that meets agreed standards, are allowed under the PPP Law but still rare. Payment security from the budget is the key question.
Digital infrastructure
Data systems and information technology
Newly eligible under the PPP Law, covering government data centres and shared systems. Projects are early, and the first tenders will set the pattern.
Our approach
The project cycle
- 1
Pre-feasibility
We test whether the project can stand as a PPP and which contract type fits.
Investment policy decision
- 2
Feasibility and approval
We build the feasibility study, financial model and risk matrix for investment approval.
Feasibility study approval
- 3
Tender
We support the procurement process for the side we represent, through to award.
Investor selection
- 4
Financing
We run the lender process and negotiate the financing terms.
Lender credit approval
- 5
Financial close
We bring the contract and financing documents to signature and hand over to operations.
PPP contract signed
Who you work with
Nguyễn Đức Đạt
Founder, Corvus Industries
Corvus is founder-led. Every mandate is run personally from first conversation to closing, with specialist counsel and advisers brought in where the deal needs them.
Meet our leadershipPreparing a project, or bidding for one? Start with a conversation.
Every enquiry is answered personally.
Discuss a projectCorvus briefings
Analysis of Vietnam’s projects, capital and rules, sent when we publish.