Six of Vietnam's largest private conglomerates are splashing nearly 4.9 quadrillion VND (200 billion USD) across 40 major projects, underscoring the growing role of the private sector in driving the country's infrastructure, industrial and urban development.

A corner of Hanoi. Real estate is the sector which attracts the largest share of planned private investment.

According to a recent report by BIDV Securities (BSC), these projects span residential and urban developments, airports, expressways, high-speed rail, industrial facilities and other strategic infrastructure.

Property developer Vingroup accounts for the largest planned investment, with 12 projects worth totally 2.3 quadrillion VND.

Sunshine Group ranks second with five projects worth about 818 trillion VND.

Other major investors include Sun Group, with ten projects worth 457 trillion VND, THACO with five projects worth 342 trillion VND, Masterise Group with three projects worth 232 trillion VND, and Hoa Phat Group with four projects worth 12.5 trillion VND.

There is also a joint project between THACO and Hoa Phat with an estimated investment of around 714 trillion VND.

BSC noted that the report excludes approximately 1.5 quadrillion VND earmarked for five metro lines in Hanoi, as those projects are financed with State capital.

It also excludes several Masterise and MIK Group property developments as information is unavailable, as well as projects still at the proposal stage.

Real estate is the sector which attracts the largest share of planned private investment. Vingroup alone is expected to invest nearly 1.9 quadrillion VND in property projects, while Sunshine Group plans 818 trillion VND.

A consortium involving THACO, Dai Quang Minh and Hoa Phat is expected to invest nearly 737 trillion VND while Sun Group plans around 392.5 trillion VND in real estate.

The companies are also expanding into transport infrastructure and industry.

Vingroup plans to invest about 224.5 trillion VND in high-speed rail projects, more than 105 trillion VND in energy and 80 trillion VND in steel production.

Masterise and Sun Group are pursuing airport projects valued at approximately 196 trillion VND and 8.5 trillion VND, respectively.

Sun Group also plans to invest more than 25 trillion VND in expressways, while Masterise is developing bridge projects worth around 35 trillion VND.

BSC said the investment plans are expected to boost credit demand and could make banks among the main beneficiaries in 2027, as large private corporations seek financing for capital-intensive projects.

However, the concentration of lending to a small number of conglomerates and mega-projects could increase credit concentration risks for the banking sector, BSC warned.

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