Joint ventures are creating new opportunities for international capital to enter Vietnam’s real estate market by combining financial resources and investment expertise with local partners’ land banks and development capabilities.

This trend comes amid a recovery in real estate investment across Asia Pacific, alongside increasingly diverse deal structures. In Vietnam, partnerships in the industrial and residential sectors demonstrate the potential to connect international capital with local execution capabilities.

TABLE OF CONTENTS 1. Notable Joint Venture Models in Vietnam 1.1. BW Industrial Development: Combining International Capital with Industrial Property Development Expertise 1.2. Frasers Property and GELEX Infrastructure: Expanding into the Residential Sector 2. International Capital Returns as Deal Structures Diversify 3. From Capital to Execution

1. Notable Joint Venture Models in Vietnam

1.1. BW Industrial Development: Combining International Capital with Industrial Property Development Expertise

BW Industrial Development is a notable example of a joint venture in the industrial property sector. Established in 2018 by Warburg Pincus and Becamex IDC, BW aims to develop an industrial and logistics property platform in Vietnam, combining international investment expertise with local development capabilities and market knowledge.

According to Warburg Pincus, BW controls a land bank of more than 10.32 million sq m across key economic and industrial zones nationwide. This scale illustrates how a joint venture platform can expand by accumulating land and developing a portfolio of projects over time.

1.2. Frasers Property and GELEX Infrastructure: Expanding into the Residential Sector

Another example is the partnership between Frasers Property and GELEX Infrastructure. Before announcing plans for a new joint venture, the two companies had already collaborated on industrial and logistics developments in Vietnam.

On 7 February 2026, the two companies announced a conditional agreement to establish a new joint venture, with Frasers Property expected to hold a 51% stake and GELEX Infrastructure the remaining 49%. The proposed venture aims to pursue real estate development opportunities in Vietnam, including in the residential sector.

According to the press release from Frasers Property and GELEX Infrastructure, ANmaison in Hai Phong was identified as the proposed joint venture's first residential project, with an estimated investment of approximately VND 8 trillion. A 113-hectare integrated urban development in Dong Nai was also included in the venture's proposed development pipeline.

Despite differences in sector focus and scale, both examples illustrate a common approach: international capital and investment expertise can be combined with local partners' land banks, development capabilities and market knowledge. Joint ventures may therefore offer a suitable structure for parties seeking to participate in an investment opportunity together, rather than undertaking an entire project independently.

2. International Capital Returns as Deal Structures Diversify

The development of joint venture models in Vietnam comes amid a recovery in real estate investment across Asia Pacific. According to Savills Global Capital Markets Research Q2 2026 – Asia Pacific, real estate investment across the region reached US$46 billion in Q2 2026, an 18% increase year on year. Globally, investment totalled approximately US$250 billion, up 13% year on year, according to Global Capital Markets Research Q2 2026.

Alongside the recovery in investment activity, deal structures are also becoming increasingly diverse. According to Savills' report, the market is seeing a range of approaches, including the acquisition of partners' equity stakes, minority share disposals and portfolio restructuring. In this context, joint ventures are a notable structure for parties seeking to co-develop projects or build investment portfolios. By allocating ownership stakes, capital contributions, decision-making rights and delivery responsibilities, partners can tailor arrangements to the objectives and resources involved in each transaction.

Cross-border capital is accounting for a growing share of acquisition activity. In the first half of 2026, cross-border investors accounted for 35% of total acquisition value across Asia Pacific, up from 28% in the same period a year earlier.

Alongside the recovery in international capital flows, a wider range of transaction structures is emerging. Savills has recorded a high proportion of partial ownership transactions, while investment partnerships and joint ventures are becoming more prominent across various sectors, from residential developments and asset portfolios to corporate transactions and data centre platforms across the region.

These developments indicate that international investors are broadening their approach to real estate opportunities across Asia Pacific. Rather than acquiring an entire asset, investors can participate in a development project, an asset portfolio or an investment platform alongside a partner.

This approach allows parties to adjust their level of involvement, allocate capital and share resources according to the objectives of each transaction. Joint venture capital, in particular, can bridge international investors' financial resources with the established strengths of local partners.

3. From Capital to Execution

In Vietnam, the choice of investment structure can significantly influence whether an opportunity can be successfully realised. A real estate project may require suitable land, a clear legal framework, development expertise, market knowledge and operational capabilities.

For international investors, partnering with a local business can provide the capabilities needed to realise an investment opportunity. Conversely, Vietnamese businesses can gain access to additional capital, expertise and international networks through joint ventures, alongside other options such as asset disposals and mergers and acquisitions.

However, the form of partnership is not the only factor determining the viability of an investment opportunity. Matthew Powell, Director of Savills Hanoi, comments:

Once these fundamental conditions are met, a joint venture can enable the parties to complement each other's strengths and pursue an investment opportunity together.

“Every transaction has its own objectives and structure, so there is no single partnership model that suits every project. What makes joint ventures particularly notable is their ability to bring together different resources within a single investment opportunity, from capital and land to development expertise and market knowledge,” Mr Powell added.

As international investors gain more ways to access Vietnam's real estate market, the scale of available capital is only one part of the investment equation. Transaction structures, partner selection and execution capabilities will increasingly influence how capital is allocated and translated into tangible projects in Vietnam.

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