Credit / Infrastructure Debt
The Infrastructure Debt strategy
Long-dated credit for a market funded by short-dated deposits
Vietnamese banks fund half their lending long while most of their deposits are short. Infrastructure needs tenors that match its assets. We arrange senior, mezzanine and refinancing capital where that gap is widest.
- 01 · Instruments
- Senior, mezzanine, holdco and refinancing
- 02 · Security
- Project assets, cash flows, share pledges
- 03 · Counterparties
- Sponsors, SOEs, banks seeking to share risk
- 04 · Tenor
- Matched to asset life
Where we build next
What we pursue
Each stage narrows the field: what the state has committed to, what fits this strategy, our screen, and where we are looking now.
Simon_sees, CC BY 2.0 01 · System pressure
146% of GDP
in bank credit, with about 80% of funding short term.
Source: The Investor
Illustrative. Cuong Tran, public domain 02 · Unmet demand
$115bn
of estimated transport need in 2026-30; only 12 of 30 approved transport PPPs have signed contracts.
Source: VietNamNet
Illustrative. Tycho, CC BY-SA 3.0 03 · Our screen
Contracted cash flow
Revenue that services the debt on its own, security we can enforce, and a sponsor with equity at risk.
Illustrative. NKSTTSSHNVN, CC BY-SA 4.0 04 · Where we look
Refinancing and mezzanine
Refinancing short bank tenors on operating assets, mezzanine behind development-lender senior debt, and holdco lending to platforms.
How we execute
Monitoring the market for deals
We watch Vietnam’s credit market continuously for assets where tenor, not credit quality, is the constraint, and follow each loan from first contact to final repayment. Key areas of the work include:
- Market monitoring – Work with sponsors and banks on assets where tenor, not credit quality, is the constraint.
- Underwriting – Size debt on contracted cash flow; stress tariffs, curtailment and currency.
- Structuring – Set covenants, reserve accounts, security and intercreditor terms to the standard international lenders expect.
- Syndication – Bring in development lenders, insurers and co-lenders to hold alongside.
- Portfolio monitoring – Report on covenants and asset performance throughout the loan term.
Featured research
Vietnam’s banks are carrying a load its capital markets should share
Credit has reached 146 percent of GDP, funded mostly by short-term deposits. Long-dated infrastructure needs deeper bond and equity markets.
Among the conclusions:
- Credit reached about 146 percent of GDP in 2025 and grew by roughly 19 percent in the year, faster than deposits.
- About 80 percent of bank funding is short term, while about half of lending is medium or long term. The regulator has raised the cap on using short-term funds for longer loans from 30 to 40 percent.
- The corporate bond market raised $21.8 billion in 2025, but more than 90 percent was privately placed.
- Equity market capitalisation stands at 61 percent of GDP, below Malaysia and Thailand, while gross savings, at 38 percent of GDP, are the highest among the large Southeast Asian economies.
For investors, sponsors and developers
Allocation and Investment Requests
Investors can request an allocation to invest alongside us. If you are raising equity or debt for an infrastructure asset or platform in Vietnam or the region, tell us about it here; the answers help us see quickly whether it fits one of our strategies.
Every request is read by the team. You can also write to NDD@corvusindustries.com.
Related research
- Vietnam’s banks are carrying a load its capital markets should shareCredit has reached 146 percent of GDP, funded mostly by short-term deposits. Long-dated infrastructure needs deeper bond and equity markets.
- Vietnam’s power investors fear contracts more than currenciesPrivate investment in Vietnamese electricity fell 96 percent in 2023 after pricing rules changed. Revenue certainty, not the dong, sets the cost of capital.
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Every enquiry is answered personally.
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Analysis of Vietnam’s projects, capital and rules, sent when we publish.