Equity / Opportunistic
The Opportunistic strategy
Greenfield and special situations in the 2026–30 build-out
The largest projects of the decade are approved and short of capital. We look to work with the state and its partners on development-stage positions, PPP structures and situations that need restructuring before they can be financed.
At a glance
- Entry
- Development rights, PPP and JV positions, restructurings
- Revenue
- Concessions and contracts at completion
- Counterparties
- Ministries, provinces, SOEs, international sponsors
- Hold
- Shorter, milestone-driven
The opportunity in figures
$136.3bn
of investment needed for power alone in 2026–30 under the revised PDP8, beside a VND 3.4 quadrillion national project programme.
Source: Vietnam Briefing$67.6bn
for the North–South high-speed railway, approved and short of capital, alongside Can Gio port, where the sponsor consortium funds 15%.
Source: The Investor12 of 30
approved transport PPPs have signed contracts. The rest need new structures before they can be financed.
Source: VietNamNet
A development-stage partner
We come in before projects are bankable: alongside the state and its partners on land, permits and structure, then hand on to longer-hold capital once the risk has moved.
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.
Vietbook, CC BY 3.0 01 · National programme
$136.3bn
for power alone in 2026-30 under the revised PDP8, beside a VND 3.4 quadrillion project programme.
Source: Decision 768/QĐ-TTg via Vietnam Briefing
Illustrative. Nathan.cima, CC BY-SA 4.0 02 · Approved and short of capital
$67.6bn railway
plus Can Gio port, where the sponsor consortium funds 15% and the remainder must be raised.
Source: The Investor
Stevetruong, CC BY-SA 4.0 03 · Our screen
Clearable in 24 months
Land, permits and an offtake or concession route that can be secured within two years, with a named public sponsor.
Cécile Patry-Morel, CC BY-SA 4.0 04 · Where we look
Southern gateways
Can Gio and its hinterland logistics, station-area development on Metro Line 2, Thu Thiem around the financial centre, and stalled PPPs that need new structures.
Featured research
Vietnam’s building boom rests on private money
The state budget covers less than a fifth of the VND 3.4 quadrillion programme launched in December 2025. Whether the rest arrives will test the 10 percent growth target.
Among the conclusions:
- The state budget funds about 18 percent of the VND 3.4 quadrillion (roughly $129 billion) programme. State-owned enterprises, banks, private developers and foreign investors are expected to provide the other 82 percent.
- Provincial administrations manage 157 of the 234 projects, which makes local authorities, not central ministries, the principal counterparty for investors.
- The Party’s target of at least 10 percent annual growth for 2026-30 is almost four points above the 2021-25 average, while investment has held at about 30 percent of GDP for a decade.
- Power is the largest single requirement. The revised PDP8 calls for $136.3 billion over 2026-30, including a more than thirtyfold increase in planned battery storage.
Intelligence
What is being built now
Ho Chi Minh City and the south
Illustrative. Hai Phong terminal, Nathan.cima, CC BY-SA 4.0 ApprovedCan Gio, Ho Chi Minh CityCan Gio International Transshipment Port
VND 128.9tn ($4.95bn)
Investor approval in April 2026 to VIMC, Saigon Port and MSC’s TiL; 4.8m TEU capacity targeted by 2030. The consortium funds 15%; the rest must be raised.
Source: The Investor
Illustrative. Metro Line 1, Xuanphuocle, CC0 Under constructionHo Chi Minh CityMetro Line 2, Ben Thanh–Tham Luong
VND 55tn ($2.1bn)
11.3 km, mostly underground; broke ground January 2026, service targeted around 2030.
Source: The Star
Illustrative. Tran Van Ngoc, CC0 OperatingHo Chi Minh City (Thu Thiem, former District 1) and Da NangInternational Financial Centre
686 ha planned in HCMC
Established under Resolution 222/2025; Da Nang opened in January 2026, the HCMC hub followed.
Source: Baker McKenzie
Vietnam
Illustrative. Hanoi, Ongbac9999, CC BY-SA 3.0 ApprovedHanoi to Ho Chi Minh City, 20 provincesNorth–South high-speed railway
VND 1,713.5tn ($67.6bn)
1,541 km at 350 km/h; groundbreaking due by end-2026, completion targeted for 2035.
Source: Viet Nam NewsIllustrative. Thu Thiem bridge, Cécile Patry-Morel, CC BY-SA 4.0 ApprovedNationwideTransport PPP pipeline
$49.9bn across 30 projects
30 transport PPPs approved in principle, 12 at signed contract; the 2026-30 transport need is put at almost $115bn.
Source: VietNamNet
Status and figures as reported by each source, October 2026.
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 building boom rests on private moneyThe state budget covers less than a fifth of the VND 3.4 quadrillion programme launched in December 2025. Whether the rest arrives will test the 10 percent growth target.
- Vietnam’s new investment law trades permission for accountabilityThe 2025 Law on Investment cuts approvals at the outset and moves oversight to inspection afterwards. The burden on investors shifts rather than lightens.
Corvus briefings
Analysis of Vietnam’s projects, capital and rules, sent when we publish.