The Cái Mép Hạ downstream port complex that Vingroup filed for in June 2025 now has an approved investor. According to the environmental impact assessment (EIA) for the container port sub-zone, drawn up in November 2026 and now in public consultation, the Ho Chi Minh City People's Committee signed Decision 7309/QĐ-UBND on October 30, 2026. It approved the investment policy and named the investor: a joint venture represented by Cần Giờ Tourist Urban JSC. The decision became public for the first time through the EIA file, which CafeF and Người Quan Sát reported on November 8.CafeFNgười Quan Sát
For anyone holding VHM shares, the detail that matters is the name of the legal entity. Cần Giờ Tourist Urban JSC is a Vinhomes subsidiary. It is also the developer of the Vinhomes Green Paradise reclamation city and the lead member of the joint venture building the Cần Giờ – Vũng Tàu sea crossing. The port is its third project around Gành Rái Bay. Looking at the numbers, the three projects add up to more than VND 514,000 billion in total investment. This post works through them in layers: what the port contains, how the file moved from Vingroup to the joint venture, and where this entity sits inside Vinhomes.
What the port complex contains
The project's full name is the Cái Mép Hạ Downstream Port Complex, Logistics Center and Industrial, Urban and Service Zone. Total investment is VND 204,658 billion, close to USD 7.9 billion.CafeF The site lies in Tân Phước and Tân Hải wards, formerly part of Bà Rịa – Vũng Tàu, next to the Cái Mép – Thị Vải deep-water port cluster. The total study area is about 2,537 hectares.Người Quan Sát
Most of the money goes to sub-zone 3, the container terminal. The EIA file puts this sub-zone's planned investment at VND 153,546 billion, or about 75% of the whole complex.Người Quan Sát
The sub-zone covers about 780.66 hectares and is planned to have 33 berths with about 12 km of total quay length.Người Quan Sát At full build-out, design capacity reaches about 23.4 million TEU a year. The quay can take container ships of up to 250,000 tonnes, carrying about 24,000 TEU. The planned equipment list includes 165 ship-to-shore cranes.CafeF
Those figures describe the scale once both phases are finished. Phase one runs from January 2027 to December 2030 and builds only 3 berths, plus the water area in front of the berths and the container yard. Those three berths are due to start operating in July 2031. Phase two, from 2031 to 2035, adds the remaining 30 berths, and the whole sub-zone is expected to operate from July 2036.Người Quan Sát Put differently, by the end of 2030 the file plans to build less than a tenth of the berths.
The file moves from Vingroup to a joint venture
This project is not new. In June 2025, Vingroup filed a request for investment policy approval for the Cái Mép Hạ complex with the Ministry of Finance. The file was then circulated to 19 ministries, agencies and localities for comment, and on July 24, 2025 the Prime Minister issued a decision setting up a State Appraisal Council for the project.Người Quan Sát
On March 13, 2026, the companies signed a joint venture agreement: Cần Giờ Tourist Urban JSC (lead member), Đất Lành General Trading Co., Thanh Bình Investment Development and Trade Consulting Co., Bình Minh Mới General Services Co., and Hương Hải – Quảng Ngãi JSC. Also in March 2026, according to documents cited by Người Quan Sát, the joint venture took over the file and resubmitted the project proposal. Seven months later came Decision 7309.Người Quan Sát
So the entity named on the project has moved from Vingroup to a company inside Vinhomes. For VIC shareholders, the project stays within the group. For VHM shareholders, it now sits inside a company they own.
This project should be kept apart from a similarly named one nearby: the Cái Mép Hạ general and container port of the Geleximco, ITC and SCIC joint venture. That is a different project with different investors, and it has no connection to the venture led by Cần Giờ Tourist Urban JSC.
Cần Giờ Tourist Urban JSC inside Vinhomes
The company was founded in September 2004. Vinhomes' 2025 annual report, as cited by CafeF, lists charter capital of more than VND 64,560 billion and a direct and indirect beneficial interest for Vinhomes of 99.57%.CafeF
The 99.57% figure needs to be read next to another one. Vinhomes holds only 43.7% of charter capital directly; the rest it owns indirectly through other companies in its system.Người Quan Sát Either way, Vinhomes shareholders receive almost all of this company's profit and loss. Because it is a subsidiary, its assets, borrowings and results are folded into Vinhomes' consolidated financial statements.
The company's project list now has three names:
- Vinhomes Green Paradise: a reclaimed coastal tourism city in Cần Giờ, about 2,870 hectares, investment of more than VND 217,000 billion, groundbreaking in April 2025. The company is the named developer.CafeF
- Cần Giờ – Vũng Tàu sea crossing: a public-private partnership under a build-transfer (BT) contract, preliminary total investment of more than VND 93,015 billion, about 14.06 km long. The Ho Chi Minh City People's Council approved the investment policy on June 19, 2026, and construction started on July 1, 2026. The company leads a joint venture of four investors.CafeF
- Cái Mép Hạ downstream port complex: VND 204,658 billion, with the company leading the joint venture.
By CafeF's addition, the announced capital of the three projects exceeds VND 514,000 billion.CafeF That figure is the total investment of all three projects. In the two infrastructure projects the company is one member of a joint venture, so VND 514,000 billion is not money this company or Vinhomes puts up on its own.
How the three projects connect
According to CafeF, the most direct link is between the city and the sea crossing. The road starts on Biển Đông 2 street, inside the reclamation city, then crosses Gành Rái Bay to Vũng Tàu. For Green Paradise, it is an important route for widening access to the development.CafeF
The sea crossing does not connect directly to the Cái Mép Hạ downstream port. The two projects meet through the shipping channel: per documents reported by Báo Đầu tư and cited by CafeF, the road joint venture proposed lengthening the undersea tunnel section from 3.1 km to 3.85 km, because a shorter tunnel could affect the shipping channel into the region's large ports.CafeF
What VHM holders should take from this
The thesis here is concentration: the three largest projects around Gành Rái Bay now sit under one subsidiary in which Vinhomes holds a 99.57% beneficial interest. Their schedules and funding needs therefore flow into Vinhomes' consolidated statements. How much flows through depends on the capital this company contributes to each joint venture, and the figures available today do not settle that.
Two milestones will. The first is the project file after the EIA consultation and the permitting steps that follow, where each joint venture member's contribution and the equity-to-borrowing split within the VND 204,658 billion should appear. The second is Vinhomes' financial statements for the coming quarters, through construction-in-progress costs and borrowings tied to the Cần Giờ area.
If the consolidated statements break out cash going into each project, shareholders will see how much of Vinhomes' capital each one is using. If those items stay lumped together, the most workable way to follow them is to set each project's actual progress (the first 3 port berths, the bridge and tunnel sections of the sea crossing, the first handovers at Green Paradise) against the quarterly rise in consolidated borrowings.