Keppel seeks US$1 billion for Vietnam investments as it joins country’s international financial centre

SINGAPORE’S Keppel is exploring investment platforms that could raise up to US$1 billion for real estate opportunities in Vietnam, as it joins a group of 10 inaugural members of the country’s international financial centre in Ho Chi Minh City, or VIFC-HCMC.

The potential investments would comprise mainly third-party capital raised through co-investment arrangements with global partners, Keppel said on Wednesday (Oct 28).

“This reflects our longstanding commitment to Vietnam and our confidence in the country’s long-term growth potential,” said Joseph Low, the group’s chief representative in Vietnam and president of its Vietnam real estate business.

The move marks a further expansion of Keppel’s asset management activities in Vietnam, where it has operated for about four decades and built a portfolio of 30 projects with total registered investment capital exceeding S$5 billion.

They include commercial developments, residential properties, retail malls and integrated townships in Hanoi and Ho Chi Minh City. The group has also been pursuing opportunities in energy infrastructure, sustainable urban development and digital connectivity in the country.

Keppel has also been shifting away from traditional property development towards an asset-light business model focused on investment management and recurring income.

Its inaugural Vietnam-focused real estate fund raised US$400 million at its first close in 2020, against a US$600 million target.

The group also outlined plans in July 2025 to establish a Vietnam retail fund, building on its portfolio of commercial properties, including Saigon Centre and Hanoi Centre. It has not disclosed whether the proposed retail fund has been launched.

As an inaugural member through its real estate division, Keppel highlighted the VIFC’s dedicated regulatory framework designed to attract international capital and financial institutions, with provisions for foreign-currency transactions, tax incentives for eligible projects and international dispute-resolution mechanisms to facilitate cross-border investment and financial activities.

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US$2.7 billion in capital, investments till 2027

The other inaugural members of VIFC-HCMC are:

• EQuest Capital;
• Son Kim Capital IFC;
• VinaCapital International Partners;
• Saigon Marina IFC;
• Gemadept;
• Rovela Pay;
• REE Energy Finance;
• IFC Vietnam Commodity Exchange; and
• AG&P Holding Vietnam.

The 10 holding companies have combined registered charter capital and committed capital contributions of US$33.6 million, while their expected capital mobilisation and investment through 2027 totals about US$2.7 billion, VIFC-HCMC said on Oct 28.

Beyond Keppel’s proposed US$1 billion investment platforms, the largest commitments include Saigon Marina IFC’s plan to mobilise about US$816 million for technology and physical infrastructure supporting the financial centre, and AG&P Holding Vietnam’s pledge to mobilise and invest some US$425 million in liquefied natural gas, power and data centres.

EQuest Capital has committed to raising US$325 million for education infrastructure through a cooperation agreement with Standard Chartered Bank’s New York branch.

Son Kim Capital IFC plans to raise about US$275 million for infrastructure development, while REE Energy Finance aims to secure some US$200 million in financing for renewable energy projects.

The VIFC, which operates across Ho Chi Minh City and Da Nang, officially began its initial operational phase in February 2026. By July, VIFC-HCMC had reported about US$20 billion in investment commitments from domestic and foreign partners, although no timeline for deploying the funds was disclosed.

Following the admission of its first 10 members, the centre aims to finalise investment fund licensing rules by November, with regulations for banks, securities firms and other financial institutions to follow.

The latest membership announcement coincides with the Autumn Economic Forum 2026, where Ho Chi Minh City authorities also unveiled 12 investment projects with combined capital of about US$13 billion.

The projects span seaports, logistics, urban development, industrial infrastructure and high technology, including the Can Gio International Transshipment Port, Cai Mep Gemadept-Terminal Link and developments in the Thu Thiem New Urban Area.

Singapore-linked investors are involved in at least two of the projects. Singapore-based Tokgistic, part of TikTok’s business ecosystem, secured approval for the US$987 million Swift Logistics project in Ho Chi Minh City.

Another is the first phase of Vinh Lap Industrial Park, also known as VSIP IV Binh Duong, with investment of nearly US$380 million. The industrial park is being developed through the Vietnam-Singapore Industrial Park venture backed by Singapore’s Sembcorp and Vietnam’s Becamex. THE BUSINESS TIMES