Ho Chi Minh City (VNA) - Vietnam's expanding infrastructure pipeline is driving demand for medium- and long-term capital, increasing the focus on projects that are investment-ready and capable of deploying funds efficiently.
Rising demand for capital
As Vietnam enters the 2026-2030 development period, the country is accelerating investment in strategic transport networks, urban infrastructure, energy and the digital economy. The growing scale of projects is driving demand for medium- and long-term funding while drawing on a broader range of capital sources.
One of the projects attracting attention is Gia Binh International Airport in Bac Ninh province, with total investment estimated at around 196.38 trillion VND (7.53 billion USD). The project is being developed in phases, with the first phase focused on completing facilities needed to serve APEC 2027. By 2030, the airport is expected to handle around 30 million passengers and 1.6 million tonnes of cargo a year. Several supporting aviation facilities are also being developed under public-private partnership (PPP) arrangements, highlighting the range of investment models being used across the project.
The scope for international capital is also expanding. In August 2026, the Ministry of Construction proposed adding four railway projects to the draft national list of projects seeking foreign investment for 2026-2030. The projects, namely Bien Hoa-Vung Tau, Ho Chi Minh City-Can Tho-Ca Mau, Mu Gia-Vung Ang and Thap Cham-Da Lat, have a combined estimated investment of around 445.1 trillion VND (17 billion USD), and are proposed to be developed under PPP arrangements.
The expanding project pipeline shows that Vietnam's next phase of development will require not only more capital, but also investment structures that allow private and international investors to participate effectively. While public investment and bank credit will remain important, capital markets and other investment partnerships can provide additional medium- and long-term funding.
Vietnam is increasingly viewed as a promising market for digital infrastructure, according to Cushman & Wakefield's 2026 Asia Pacific Data Centre Investment Landscape.
Nguyen Thanh Tu, Associate Director of Capital Markets at Cushman & Wakefield Vietnam, said Vietnam offers an attractive long-term opportunity for digital infrastructure investors. As one of the region's markets with the largest supply gaps, Vietnam benefits from strong demand growth, competitive development costs and the potential for attractive returns.
"As digital transformation continues across sectors, we expect to see growing interest from developers, operators and investors seeking to participate in Vietnam's growth story," she said.
Recently, a consortium comprising Saigon Technology-Telecommunication JSC (SAIGONTEL), World Harmony Co. Ltd. (WVU) and SAIF Eagle II Investment Co. Ltd. submitted a letter of intent (LOI) to the Tay Ninh provincial People's Committee to study the development of an AI data centre complex on about 20 hectares at Nam Tan Tap Industrial Park in Tan Tap commune.
The project targets a total IT load capacity of 200 MW, with the first phase planned at 100 MW and estimated investment of $3.5 billion. The consortium aims to break ground in the fourth quarter of 2026 and begin commercial operations in 2027.
Demand for capital is rising as foreign investment into Vietnam continues to grow. According to the Foreign Investment Agency's online portal, registered foreign investment, including new registrations, additional capital and capital contributions/share purchases, reached $38.06 billion in the first seven months of 2026, up 58% from a year earlier.
Of which, newly registered capital totaled $21.05 billion, additional capital $10.43 billion and capital contributions and share purchases $6.58 billion. Disbursed foreign investment reached $15.2 billion, up 11.8% year-on-year, while capital contributions and share purchases rose 61.6%.
Real estate remained one of the largest recipients of foreign investment, ranking second after manufacturing and processing with $5.65 billion in registered capital, or 14.9% of the total.
Neil MacGregor, Managing Director of Savills Vietnam, said the figures show that Vietnam continues to attract international capital. But as the scale and range of investment opportunities expand, investors are paying closer attention to project quality, execution capabilities and the clarity of investment structures.
Vietnam does not lack investment opportunities. The next step is to turn those opportunities into projects capable of attracting and deploying capital efficiently. Investors will look beyond growth potential to assess legal clarity, ownership structures, the feasibility of development plans and the ability to execute over the long term, he noted.
Project quality key to accessing capital
In the first half of 2026, foreign direct investment (FDI) disbursement reached its highest level in five years, while capital contributions and share purchases rose by nearly 90%. Public investment disbursement also improved from previous years. These macroeconomic drivers are helping rebalance supply and demand in Vietnam's real estate market.
From a macro perspective, strong FDI disbursement and increased M&A activity continue to reflect investor confidence in the market, said David Jackson, CEO of Avison Young Vietnam.
At the same time, accelerated development of major transport infrastructure is expected to create stronger regional links and new growth hubs. In this environment, a project's competitiveness will depend less on the size of its supply and more on its ability to meet genuine end-user demand and generate sustainable cash flow, he said.
For projects that already have a development foundation, capital contributions and share purchases, M&A, joint ventures and development partnerships can help investors enter the market more efficiently while providing additional funding to keep projects moving.
In the first seven months of 2026, the Foreign Investment Agency recorded 1,815 capital contribution and share purchase transactions, with their total value up 61.6% from a year earlier. The agency also noted that some investors are using such transactions to gain rapid access to existing customer networks, distribution systems and legal platforms rather than building them from scratch.
MacGregor held that Vietnamese companies have their own advantages, including local market knowledge, project development experience and execution capabilities. Combining those strengths with international capital, expertise and networks can create opportunities to bring projects into development through M&A, joint ventures and other investment partnerships.
The question is not only how much more capital Vietnam can attract, but how that capital can be matched with the right projects. Companies and projects with clear legal foundations, transparent structures and viable development plans will be better positioned to access international capital, he said.
As Vietnam continues to expand its investment pipeline, diversifying funding sources will become increasingly important. Turning capital into viable projects will depend not only on market demand, but also on project quality, investment structures and execution capabilities.
These factors will also become increasingly important to the competitiveness of Vietnamese companies as they seek access to medium- and long-term capital./.
