Keppel explores Vietnam property platforms to raise up to US$1 billion
The Singapore group has joined the first 10 members of Vietnam’s international financial centre in Ho Chi Minh City.
Keppel said on Oct 28 that it is considering platforms to attract up to US$1 billion for Vietnamese property investments. The Singapore group has become an inaugural member of VIFC-HCMC, the country’s international financial centre in Ho Chi Minh City, through its real estate division.
Most of the potential funding would come from third-party investors through arrangements to co-invest with global partners, the company said. The initiative would extend its Vietnamese asset management business as it moves towards an asset-light model centred on managing investments and generating recurring income.
Keppel’s operations in Vietnam span about four decades. Its portfolio comprises 30 projects whose registered investment capital exceeds S$5 billion, covering commercial and residential property, shopping malls and integrated townships in Hanoi and Ho Chi Minh City.
The company’s first Vietnam-focused property fund attracted US$400 million at its initial close in 2020, against a target of US$600 million. Keppel announced plans for a Vietnamese retail fund in July 2025 but has not disclosed whether it has launched.
VIFC-HCMC said its 10 founding members expect to mobilise capital and make investments totalling about US$2.7 billion through 2027. Their combined registered charter capital and committed contributions amount to US$33.6 million.
The financial centre operates in both Ho Chi Minh City and Da Nang and entered its initial operating phase in February 2026. After admitting the members, it aims to complete rules for licensing investment funds by November 2026, followed by regulations covering banks, securities companies and other financial institutions.
