MorganFund
Investor Access
Institutional capital for Vietnam's infrastructure

Connecting Wall Street balance sheets to Vietnam's build-out.

MorganFund arranges and structures long-term investment in transport, seaports, real estate, environmental assets and sovereign debt, for banks, pension funds and global asset owners.

Request the investor briefExplore the mandate
TRANSPORT Rail · Expressways · AirportsSEAPORTS Deep-water · TransshipmentREAL ESTATE Logistics · Urban · IndustrialENVIRONMENT Water · Waste · RenewablesG-BOND Sovereign debt
Where capital meets projects

The institutions we work with.

Banks lend, funds allocate and markets price. MorganFund sits between them and Vietnam's project sponsors.

Ho Chi Minh City riverfront skyline at dusk with the Bitexco Financial Tower
BanksSenior lenders and underwriters providing long-dated project debt and bond distribution.
Limestone karsts and floating villages in Ha Long Bay, Vietnam
FundsPension, insurance and infrastructure funds seeking long-duration, inflation-linked returns.
Computer-generated rendering of a corporate reception, boardroom and trading floor with the MorganFund name
Capital marketsBond and loan markets that price risk and give investors a route to exit. Illustrative rendering of a MorganFund office, not a photograph of an existing facility.

Images are for illustration only. They do not depict MorganFund clients, projects or transactions.

Investment mandate

Five sectors, one underwriting discipline.

Each sector follows the same gates: sponsor quality, revenue and tariff structure, land and permitting, currency and convertibility, and exit path.

Transport infrastructure

Expressways, urban and intercity rail, airports and logistics corridors that link Vietnam's industrial clusters to its ports.

  • Toll-road PPP and BOT concessions with traffic and availability structures
  • Rail and metro financing alongside multilateral and export credit agencies
  • Airport and airside logistics assets with dollar-linked revenue
Typical structuring parameters
InstrumentsSenior loans, project bonds, mezzanine, equity
TenorTo be set per project
Revenue basisTolls, availability payments, concession fees
Key risksLand clearance, traffic ramp-up, tariff approval
Credit supportGovernment support and guarantees, where available

Structuring parameters are indicative frameworks for discussion. Terms for any transaction are set in its own offering documents.

Investment solutions

Six capabilities across the capital stack.

MorganFund advises and arranges capital for Vietnam across public and private markets. Each area below is an advisory and structuring service. Any fund or regulated product requires its own licence and offering documents.

Infrastructure and energy

Expressways, rail, airports, power and grid projects financed through PPP, project finance and infrastructure bonds.

Real estate

Industrial parks, logistics and urban districts, with escrow and milestone-based drawdown.

Fixed income

Government bonds, project bonds and green bonds, with curve research and currency hedging analysis.

Private equity

Growth and control equity in infrastructure operators, manufacturers and service platforms.

Venture and digital finance

Fintech, digital assets and tokenisation, aligned with the sandboxes at the Vietnam International Financial Centre in Da Nang.

Green and carbon finance

Sustainability-linked loans, green bonds and carbon credit platforms for projects with measurable impact.

Sovereign debt desk

G-Bond as the foundation of the capital stack.

The government curve prices every other Vietnam asset. We provide research, market access and portfolio construction around it.

Research

Curve and auction analysis

Tenor-by-tenor view of issuance, demand and pricing, written for a Wall Street risk committee.

Access

Custody and execution

Introductions to licensed Vietnamese custodians, brokers and primary dealers for foreign institutions.

Hedging

USD and VND strategy

Analysis of forwards, swaps and cost of carry so that return targets survive currency moves.

G-Bond market snapshot

A domestic market with room for foreign capital.

Vietnam's local-currency bond market is large, held almost entirely by domestic banks and insurers, and priced below investment grade by two of the three major agencies.

VND 4,021.6tnLocal-currency debt securities outstanding at end-Q2 2026Source: ADB AsianBondsOnline
4.43%10-year government bond yield in early September 2026, about 0.4 points above the start of the yearSource: The Star
98.7%Share of local-currency government debt held by banks and insurers at end-2025Source: ADB, via The Star
35–36%Public debt as a share of GDP at end-2025, against a 60% statutory ceilingSource: The Star

Sovereign ratings

Unsecured long-term sovereign debt
FitchBB+, stable (affirmed June 2025)
S&PBB+, stable (affirmed June 2024)
Moody'sTwo notches below investment grade; rating to be confirmed

In January 2026 Fitch raised only its rating on Vietnam's secured Brady bonds, from BB+ to BBB-. The sovereign rating did not change. Ratings may have changed since; check each agency.

What investors should weigh

  • Foreign investors held 0.1% of local-currency government bonds at end-Q1 2026, so access and liquidity for foreign funds need case-by-case review.
  • Yields on local-currency government bonds rose by an average of 18 basis points across maturities between 1 June and 31 August 2026.
  • Government auctions in September 2026 fully allocated the 5-year and 10-year bonds, while 15-year and 30-year offerings drew no bids.
  • The government targets an investment-grade rating by 2030. Analysts point to foreign-exchange reserves and bank capital as gaps.

Sources: ADB AsianBondsOnline, The Star, Government portal, VinaCapital. Retrieved October 2026.

Why Vietnam, why now

Growth, foreign capital and a state that plans to build.

Official statistics point to fast growth and record foreign direct investment, directed at the sectors that need infrastructure: electronics, semiconductors, AI, digital infrastructure and green energy.

8.02%GDP growth in 2025Source: GSO
8.18%GDP growth in the first half of 2026Source: GSO
USD 50bn+Registered FDI in the first nine months of 2026, the highest for the period since 2009Source: MPI
2045National goal of reaching high-income statusPolicy goal

Trade and supply chains

An extensive network of free trade agreements, deep integration in global supply chains and a competitive manufacturing base support demand for ports, logistics and power.

Gateway ports

The Government approved the investment policy for the Can Gio International Transshipment Port, and press reports describe a consortium planning to invest.

Government portal

Growth ambition

Vietnam has set a GDP growth target of 10% for 2026, which raises the pace of the infrastructure programme.

The Investor

Figures come from the official sources named and may change. MorganFund does not warrant them.

Market outlook, 2026

What the research says about the year ahead.

Figures below are from VinaCapital Fund Management's January 2026 report, Looking Ahead at 2026. They are the manager's own estimates and forecasts unless a government source is named.

+40%Growth in infrastructure disbursement in 2025VinaCapital estimate
+20–30%Forecast rise in infrastructure disbursement in 2026VinaCapital forecast
8% to 10%2026 GDP growth: about 8% base case, up to 10% upside case, which matches the Government targetVinaCapital scenarios
~5% of GDPFDI inflows in 2025, up 9% on the yearVinaCapital report

Tailwinds

  • Infrastructure spending is expected to lift real estate first, then consumption.
  • Exports to the United States rose 28% in 2025, and the trade surplus was about 4% of GDP.
  • Government debt is well below 40% of GDP, which leaves fiscal room for public investment.
  • New rules on land clearance and compensation could revive up to 80% of stalled real estate projects.

Risks named by the research

  • VND depreciation is the biggest risk to the liquidity outlook. The State Bank of Vietnam aims for about 3% a year.
  • Twelve-month deposit rates are forecast to rise by 50 to 100 basis points, to about 7%. A surge above 8% is a named downside.
  • Infrastructure and real estate forecasts depend on approval and land-clearance reforms that are not yet tested nationwide.
  • Global shocks include a US recession and a yen carry trade unwind.

Source: VinaCapital Insights, Looking Ahead at 2026, and Việt Nam News, January 2026. Forecasts may change. MorganFund is not affiliated with VinaCapital.

How we work

From screening to close in five stages.

Stage 1

Origination

Screen projects with government and sponsor counterparties.

Stage 2

Diligence

Legal, technical, financial and ESG review with independent advisers.

Stage 3

Structuring

Capital stack, risk allocation, hedging and security package.

Stage 4

Syndication

Present to banks and funds under NDA, with data room access.

Stage 5

Monitoring

Covenant tracking, reporting and investor updates through maturity.

Priority pipeline, 2026 to 2030

Where the capital is needed.

Priority infrastructure programmes, with scale and status as reported from official sources. Project-level information is shared with verified institutions under NDA.

SegmentScale and status
Expressways5,000+ km targeted by 2030. 29 PPP priority projects worth about VND 923 trillion (about USD 35.5 bn), of which about VND 846 trillion is required from non-budget sources. Examples: Eastern North–South (Mai Sơn–Cam Lộ, about 415 km; Quảng Ngãi–Dầu Giây, about 551 km), Hanoi Ring Road 5 (about 225 km), HCMC Ring Road 3.
North–South High-Speed RailAbout 1,541 km; USD 58–67 bn. Construction targeted to begin by end-2026, with completion by 2035 (timeline to be verified). National backbone project.
Aviation, ports, logisticsLong Thành International Airport (Phase 1 underway); selected seaport and logistics corridor upgrades.
Energy transitionRevised PDP VIII: renewables, grid modernisation, LNG and offshore wind frameworks.
Urban rail and utilitiesMetro expansion in Hanoi and HCMC; climate-resilient and water infrastructure.

Source: MorganFund open letter to investors, 12 October 2026, citing official figures. USD conversions are approximate. Verify before reliance.

Vietnam International Financial Centre

One centre, two destinations.

Established under National Assembly Resolution 222/2025/QH15 and Government Decree 323/2025/ND-CP, with preferential tax regimes and a specialised VIFC Court.

Ho Chi Minh City

Capital markets and banking

Capital markets, banking, asset management, green and digital finance, aviation and maritime finance. Reported capital commitments of about USD 20 billion (source to be confirmed).

Da Nang

Fintech and digital assets

Fintech, digital assets, tokenisation, regulatory sandboxes, and pilots for commodity and carbon credit trading.

For investors

International bond channel

International bond issuance, funds and asset managers, green finance, and commodity and carbon platforms.

Available financing structures

  • Public-private partnerships with revenue-sharing and risk-allocation provisions
  • ODA and concessional loans from the World Bank, ADB, AIIB and bilateral partners
  • Blended and commercial finance: long-term bank credit, export-credit facilities, infrastructure bonds, private equity
  • State budget and on-lending for foundational segments that crowd in private capital

Key considerations for investors

  • Land acquisition and resettlement timelines
  • Traffic and revenue risk allocation, and tolling frameworks
  • Currency convertibility and hedging
  • PPP and procurement law implementation, and permitting
  • ESG and social safeguards

Next steps: a preliminary discussion on fit (sector, ticket size, instrument); introductions to relevant ministries and project owners; structured due diligence once a specific opportunity is identified.

Leadership and governance

Decisions are taken by committee, not by individuals.

MorganFund is organised around clear lines of authority. Each opportunity is reviewed independently of the team that originates it before it is presented to investors.

Board of Directors

Sets strategy, risk appetite and capital allocation. Approves signing authority and reviews the annual audit.

Executive Management

Chief Executive Officer, Chief Investment Officer, Chief Financial Officer and Chief Risk and Compliance Officer. Responsible for execution and for reporting to the Board.

Investment Committee

Reviews every opportunity for fit, structure, pricing and exit path before it is presented to investors.

Risk and Compliance Committee

Oversees credit, currency, legal, KYC, AML and sanctions controls, independent of origination.

Our teams

  • Origination
  • Structuring and capital markets
  • Research and G-Bond desk
  • Infrastructure and energy
  • Real estate
  • ESG and impact
  • Legal, compliance and risk
  • Investor relations
Advisory Council

Market experience from global financial centres.

The Advisory Council is designed to bring together senior practitioners from global banks, asset managers and infrastructure investors in New York and other major financial centres.

  • Market viewInvestor appetite, pricing, covenants and what institutions expect from a Vietnam transaction.
  • StructuringInstruments, currency hedging and rating considerations for cross-border capital.
  • StandardsGovernance, disclosure and ESG practice to the standard that international investors apply.
  • IndependenceCouncil members advise MorganFund. They take no investment decisions, and their participation does not imply that their institutions endorse any project or offering.
  • DisclosureMembership is disclosed in writing to qualified investors.
Governance and risk

Underwritten like a bank, reported like a fund.

Our framework follows Basel III and IFRS conventions, and we map every transaction to Vietnamese rules including the investment, securities and PPP laws that apply to it.

  • CreditCounterparty limits, covenant packages and independent credit review before syndication.
  • CurrencyHedging policy for USD investors, with VND convertibility assessed per deal.
  • RegulatoryLegal counsel in New York and Hanoi confirm licensing, foreign-ownership limits and repatriation.
  • ComplianceKYC, AML and sanctions screening on every investor and counterparty.
  • ESGEnvironmental and social review against IFC performance standards.
Investor access

Request the Vietnam investor brief.

Qualified institutional investors can request our sector briefs and pipeline report. We reply within two business days.

Global headquartersNo. 45 Rockefeller Plaza, New York, NY 10020, USA
Regional officeSuite 12A02, C2, D’Capitale, Tran Duy Hung St., Hanoi, Vietnam