Infrastructure funds, banks, landowners
Owns the SPV and the asset. Receives long-term rent from an asset that already has a design, a tenant and a manager.
01 / 05Logistics centre — designed around the operatorMulti-temperature cold store — 5 000 / 10 000 / 15 000 pallet modulesPort and depot — automated gate and yardProject management — EPCM inherited from CGDPlanning — land chosen by cargo flow
Logistics infrastructure developer & asset manager
Infrastructure
for the flow of
cargo.
CF Land develops cold stores, ports, depots, ICDs and gas tanks for capital owners, leases them back long-term and hands them to CF Group companies to operate. CF Land keeps no large assets on its books and no asset sits empty.
3CF Group operating companies are committed tenants: CF LogX · Long River · CF Energy
5specialised asset classes
6priority regions
3CF Group customers with assets in place and committed offtake
15+years of infrastructure consulting · CGD
100+infrastructure projects advised by CGD
CF Land develops infrastructure built to operating standard for capital owners and tenants — from an empty plot to a leased asset.
Cold storage · ports · depots · ICD · energy tanksRole
Between capital owners
and the operator.
Capital owners have money but no engineering team and no certain tenant. Operators need warehouses and ports built their way but do not want to borrow to build. CF Land does the part in between: develops the asset, signs long-term leases with both sides, and manages the asset once it is built.
→
Develop · lease back · manage
Finds land, designs, manages construction, sets up the SPV, leases from the capital owner and sub-lets to the operator on the same terms; puts in a small share of capital when needed.
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Operating companies, customers, partners
CF LogX, Long River, CF Energy and outside customers and partners that need a specialised asset. They lease a warehouse or port built the way they need, on a long term at a clear price, and put money and people into operations instead of construction.
No large asset ownership
The capital owner holds the asset. CF Land puts only a small share into the SPV, enough for a board seat and shared responsibility.
Strictly back-to-back
Every lease from a capital owner has a matching sub-lease with the same term, pricing mechanism and termination terms. No vacancy risk is held.
Fees first, lease spread later
Development and management fees pay the team. The lease spread is the long-term profit, growing with the number of assets under management.
Engineering is the core capability
Design and project management are what CGD has done for 15 years. CF Land has work from year one, and capital owners have a reason to hand over a project instead of building their own team.
Five asset classes
Infrastructure for
the CF Group ecosystem.
CF Land does not build generic warehouses. The five asset classes below are what CF Group companies need in order to operate: cold storage for CF LogX, ports and depots for Long River, gas tanks for CF Energy. The tenant comes first; the asset is built after.
01 / WAREHOUSINGCold storage & distribution
Multi-temperature cold stores, bonded warehouses, urban distribution near ring roads.
Operator · CF LogX · lease-back ≥ 10 years
02 / PORT · DEPOTPorts, depots, ICDs
Bulk berths, container berths, ISO-tank depots, inland ports — developed and leased back complete with handling equipment.
Operator · Long River · lease-back ≥ 20 years
03 / ENERGYTanks, oil & gas, chemical, LNG
ISO-tank stations, satellite LNG storage, chemical tanks and industrial-gas distribution infrastructure.
Operator · CF Energy · lease-back ≥ 15 years
04 / OPTIONVertiport UAV / eVTOL
Research, design and pilot-scheme applications for unmanned-aviation infrastructure as regulation allows.
Partner · under pilot scheme
05 / URBAN · TODSmart parking & TOD infrastructure
Automated multi-storey car parks, charging and interchange infrastructure around rail stations in major cities — ahead of the TOD model.
Operations · technology partner · Hanoi, HCMCServices
Five things CF Land does
on one asset.
CF Land stays with a project from the day capital owner and operator meet until the asset is sold to a fund, but takes on only the work whose risk it can carry.
Project development
Land sourcing, feasibility, basic design, SPV set-up and legal files — turning the operator's need into a project a capital owner can sign.
Design · EPCM · project management
Delivered by CGD Vietnam — the ecosystem’s logistics-infrastructure consultancy: planning, project formulation, design, review, supervision, project management. Class 1 capability certificate.
Back-to-back master lease
Long lease from the capital owner, sub-let to the operator on the same term and price. The capital owner gets steady rent; the operator gets the asset it wanted.
Asset management
Contract administration, major maintenance, ESG and emissions reporting to the capital owner for the whole lease — even after the SPV is sold to a fund.
Minority co-investment
A small stake in the SPV when the capital owner wants CF Land to share the risk; exit once the asset is stably let.
Third-party technical services
Design review, supervision and project management for outside owners — so the engineering team is not waiting around for CF Land's own projects.
Technical arm
CGD Vietnam —
project development consultant to CF Land.
CF Land does not draw its own plans. Every planning, project, design, review and project-management file for CF Land is produced by CGD Vietnam — a logistics-infrastructure consultancy of 15 years, specialising in inland ports, river ports, air-cargo terminals, warehousing and industrial parks. Capital owners get drawings from people who have designed the same type of facility and seen it go into operation.
100+
logistics infrastructure projects advised across 21 provinces and one in Australia
Class 1
Construction capability certificate issued by the Ministry of Construction — design and review with no scale limit
15 years
of planning, project formulation, design, review, supervision and project management
2017 →
holding the My Dinh ICD project-management contract through several planning revisions
Construction engineering consulting: planning · project preparation · design · design review · supervision · project management · investment appraisal · surveys. Selected projects: Tay Ninh Logistics Centre and General Port (265 ha) · Hoanh Bo industrial park and seaport (389 ha) · Moc Bai border-gate logistics (131 ha) · Van Lam inland port (124 ha).
Download the CGD Vietnam capability profile (PDF, 47 pages, Vietnamese) ↓ · Figures and portfolio per cgd.vn — CGD Vietnam Construction Consulting JSC. See all projects · capability certificates.
How a project works
Six steps.
One contract each.
Every CF Land project follows this order. The operator confirms demand before there is land; the capital owner signs once there is a tenant; CF Land is paid against milestones and keeps managing after the asset changes hands.
01
Confirm demand
A CF Group operating company or third-party customer gives a conditional lease commitment.
Conditional LOI02
Land · design · FS
CF Land’s engineering team prepares the feasibility study and basic design.
FS + basic design03
Structure the SPV
Capital owner holds the majority; CF Land takes a minority stake to align interests.
SPV charter · shareholder agreement04
Development · EPCM
CF Land signs development and EPCM contracts with the SPV, earning fees by milestone.
Development · EPCM contracts05
Master lease + sub-lease
The SPV leases to CF Land long term; CF Land sub-leases back-to-back to the operator.
Master lease · sub-lease06
Capital recycling
Once stabilised, the SPV can be sold to a fund or REIT; CF Land exits its minority stake and keeps the management contract.
SPV transfer · management contract continuesDevelop – let until stable – sell to a fund and go again is the path Goodman, ESR and LOGOS took: start with an engineering team, become a capital manager later. CF Land follows the same path, in a narrower segment and with tenants already in-house.
Standardised products
Five template designs.
Fast, repeatable.
Each product comes with a template design, estimate and contract, already allowing for the technology of group companies. Exact size is fixed by the tenant and the plot.
Multi-temperature cold store
5 00010 00015 000 pallets
Natural NH₃/CO₂ refrigerants, Aubot racking automation and AGVs, CF Energy SolarFlow™ rooftop solar.
Tenant · CF LogX
Depot & inland port
102030 ha
MQ ICT yard management and automated gates; ISO-tank yard, cleaning and inspection shared with CF Energy.
Tenant · Long River
Energy tanks
2001 0005 000 m³
Following CF Energy’s ISO-tank LNG distribution model; liquefied-gas and dangerous-goods safety standards.
Tenant · CF Energy
Bulk berth
10 00030 00050 000 DWT
Long River – MQ ICT handling equipment and PortTwin™ platform; designed to the operator’s real cargo flow.
Tenant · Long River
Automated multi-storey parking
Modules by bay countChargingService floor
Multi-storey smart parking in the urban core and around rail stations: automated parking systems, app booking, charging, a retail–service floor; automation technology by Aubot.
Tenant · urban operating partner
Six priority regions
One corridor,
North to South.
After the July 2025 provincial mergers, economic regions are larger and three free-trade zones are taking shape. CF Land picks locations by port cluster, by where the operator's cargo goes and by the plot — not by administrative boundaries.
NORTHHai Phong
Lach Huyen and the Hai Phong free-trade zone — ports/depots and cold storage; northern end of the coastal ISO-tank route.
CAPITALHanoi
Urban distribution and cold storage near Ring Road 4; smart parking and TOD infrastructure around Ngoc Hoi hub — terminus of the North–South high-speed railway and the capital's southern station complex.
CENTRALNghe An – Ha Tinh
Vung Ang – Son Duong and Cua Lo port clusters, coastal economic zones and the corridor to Laos; Long River has operated port equipment at Son Duong since 2012.
CENTRALDa Nang
Including Quang Nam: Lien Chieu, the Da Nang free-trade zone, the East–West corridor.
SOUTHDong Nai
Long Thanh, Nhon Trach and industrial parks along the port corridor — cold storage and depots near consumption.
SOUTHHo Chi Minh City
Including Ba Ria – Vung Tau and Binh Duong after the merger: the Cai Mep – Thi Vai cluster, Cai Mep Ha free-trade zone. Cold storage, ports/depots, energy tanks.
North · Hai Phong – Lach HuyenCoastal corridor · ISO tank · railSouth · Cai Mep – Thi Vai
Operator demand map
Start with cargo
and the operator.
This is an initial screening map, not a public leasing commitment. Every opportunity still requires the operator to confirm demand, location, capacity and terms before it enters an investment structure.
01 / CF LOGXCold storage · distribution
Multi-temperature storage, bonded warehousing and distribution points near consumption areas or port clusters.
- Corridors to assess
- Hanoi · Hai Phong · Dong Nai · Ho Chi Minh City
- Data to start with
- Temperature, pallets/day, docks, power and operating date
02 / LONG RIVERPorts · depots · ICDs
Bulk berths, container depots, ICDs and yard infrastructure tied to actual cargo routes.
- Corridors to assess
- Hai Phong · Nghe An – Ha Tinh · Cai Mep
- Data to start with
- TEU/DWT, cargo flows, vehicle flows, water/rail links and yard land
03 / CF ENERGYISO tanks · LNG · tanks
ISO depots, satellite LNG stores and tanks for gas or chemical logistics, with their specific safety requirements.
- Corridors to assess
- Hai Phong · North Central Coast · Cai Mep – Thi Vai
- Data to start with
- Gas/cargo type, m³ or tonnes/month, safety, port links and customers
Do you have land or an unfinished project? Send the location, area and timeline. CF Land will reply with an initial screening memo: feasible asset class, missing data and the next diligence step.
Urban · TOD
Ahead of TOD
around rail stations.
The North–South high-speed railway, the metro lines and the 2024 Capital Law allow development around stations (TOD). In major cities, land around hub stations will need car parks, interchanges and services before opening day. CF Land builds this layer the usual way: an operator in place, long-term contracts, the capital owner holding the asset.
Interchange station, parking and transit in one TOD system.
Automated multi-storey parking in the urban core
Hanoi and Ho Chi Minh City lack parking in the centre, at hospitals, schools and administrative areas. Automated multi-storey car parks take little land and come with charging and a service floor; Hanoi is prioritising multi-storey, underground and smart parking.
Urban land 0.5–2 ha · app-based operationInterchange and parking around high-speed rail stations
Every high-speed or metro station needs car parks, bus and taxi bays, urban distribution depots and passenger services. CF Land looks at station-area land under TOD plans, develops it and leases it to an operator.
Park & ride · interchange · urban logisticsNgoc Hoi hub station — Hanoi's southern gateway
Under the plan, the Ngoc Hoi complex is the start of the North–South high-speed railway, the national rail hub and the end of metro line 1, on the National Highway 1 – Ring Road 4 – Ngoc Hoi bridge axis. CF Land is prioritising land near this complex for car parks, interchanges and distribution depots.
Research priority · southern HanoiInformation on the Ngoc Hoi station plan, the North–South high-speed railway and the TOD mechanism under the 2024 Capital Law comes from Government and Hanoi People's Committee publications. Location, scale and timing of each project are assessed separately against detailed plans at the time of implementation.
Context · public sources
The biggest infrastructure cycle
in two decades.
Three things are happening at once that create real demand for specialised logistics assets. The figures below are public and show the direction; each project is still assessed on local data.
> 22 GW
LNG-fired power target to 2030 under the revised Power Development Plan VIII — driving demand for LNG terminals and distribution.
Source: Government portal ↗3 FTZ
Free-trade zones being established in Da Nang, Hai Phong and Ho Chi Minh City (linked to Cai Mep Ha) under special National Assembly resolutions.
Source: National Assembly ↗16–18 %
Vietnam’s logistics cost as a share of GDP — well above the 8–12 % of developed economies; headroom for more efficient specialised infrastructure.
Source: Ministry of Industry and Trade ↗Green from the first drawing
- Every new asset to EDGE, LEED or LOTUS green-building standards
- CF Energy SolarFlow™ rooftop solar on warehouses and depots
- Natural NH₃/CO₂ refrigerants for cold stores
- Electrified yard equipment at depots and ports
- Operating and emissions data reported to capital owners
Why capital owners care
- Access to green financing from development institutions and domestic banks
- ESG-compliant assets are easier to transfer to funds at recycling
- Multinational tenants with emissions targets choose assets with measured data
- One ESG file reused for every project
Green infrastructure designed to run for the long term.
CF Group ecosystem · since 2011
Tenants in-house.
Technology too.
CF Group was founded on 12 October 2011 in Hanoi and operates as a holding company with the mission "Transform the way cargo flows" — through professional service, technology innovation, energy transition and infrastructure development. Four pillars: Port & Logistics · Technology · Energy · Infrastructure. CF Land is the member company for the Infrastructure pillar; the others operate and equip the assets CF Land develops.
Joint venture with a Taiwanese partner since 2013; operating and maintaining handling equipment at Son Duong port (Formosa Ha Tinh) since 2012; 25 million tonnes+ of bulk cargo unloaded; 400+ staff; coal unloading and port management contract at Vung Ang II, 2025–2028.
→ Tenant for ports, depots, ICDslongriver.com.vn ↗LNG, LPG and CNG in ISO tanks; SolarFlow™ rooftop solar; SteamFlow™ industrial steam.
→ Tenant for tanks and ISO stations; rooftop power for every assetcfenergy.vn ↗Inherits the CF Cold (−22 °C) and CF Clean (18–20 °C) automated warehousing lines with 15 000–30 000-pallet AS/RS and Solar + BESS micro-grids; cold-chain 3PL and integrated logistics.
→ Tenant for cold stores and distributioncfg.vn › 3PL Logistics ↗Real-time monitoring with AI and IoT; 500+ projects, 62 customers in 8 countries, 2 patents.
→ Yard management, automated gates, PortTwin™cfg.vn › AI · IoT ↗AGVs, AMRs, autonomous forklifts, AS/RS and control platforms for warehouses, factories, ports; AGV systems and technology exported to Japan, Cambodia and the Philippines.
→ Racking and movement automation in cold storesaubot.vn ↗Planning, project formulation, design, review, supervision, project management; 100+ projects, Ministry of Construction Class 1 certificate.
→ All technical files for CF Land projectscgd.vn ↗Member figures per cfg.vn and the CF Group 2025 capability profile. Inter-company contracts at market rates, independently audited.
International partnerships
An investment bridge
into Vietnam’s logistics infrastructure.
CF Land supports international companies, investment funds and operators seeking to develop logistics real estate in Vietnam. One point of contact connects market screening, site selection, local engineering, investment structure, operators and post-construction asset management.
Understand the market before choosing land
Screen logistics corridors, port clusters, industrial parks, planning and real tenant demand; identify the asset class that fits the Vietnam entry strategy.
One local team throughout
CGD handles planning, feasibility, design, review and project management; CF Land coordinates the SPV, capital partners and development programme.
Secure an operator before building
Connect with CF LogX, Long River, CF Energy or an appropriate partner to validate operating requirements, lease structure and the path to scale the asset.
International points of contact in the ecosystemFrom Taipei, Tokyo and Dubai
From Taipei, Tokyo and Dubai
to a project in Vietnam.
CF Land uses CF Group's international representative offices as the first point of contact for regional partners. Investment files and project contracts are confirmed by CF Land for each opportunity.
Discuss an investment opportunity in Vietnam →
TAIWANTaipei
9F, No. 89, Section 2, Keelung Road, Taipei, Taiwan R.O.C.
+886 2 2737 4229
JAPANTokyo
Saeki Building, 2-4 Kajichō, Chiyoda City, Tokyo 101-0044, Japan
UAEDubai
Dubai Multi Commodities Centre (DMCC)
A commodities-trading and financial-services gateway connecting investment opportunities across the Middle East.
Representative-office information from CF Group ↗.
CF Land news
Read the full series ↗
TENANTSTenants in-houseWhy capital owners sign with CF Land before there is land.
CONTRACTSBack-to-back, no vacancy riskTwo matching contracts — the lease spread is a fee for work, not a bet.
ENGINEERINGDrawings signed by people who understand operationsCGD — 15 years, Class 1, 100+ projects — CF Land's engineering team.
TIMINGAhead of TOD at Ngoc HoiParking and interchange must exist before the station opens.
Read before you decide
Four notes from CGD’s consulting desk.
Four technical articles for capital owners and tenants weighing an asset, written by the team that will sign the drawings. Plus a project readiness check in 2 minutes (Vietnamese).
COLD STORAGECold-store design: 7 decisions to fix before the layoutTemperature, racking, docks, refrigerant — get one wrong and you redraw everything.DEPOT · ICDFrom TEU per year to inland-port land areaHow to convert throughput into hectares before hunting for land.CAPITAL OWNERSAppraising a logistics-centre investmentCompare options and operating scenarios before signing the SPV.ESGGreen warehouses: the new lease requirementWhy multinational tenants ask for certification before they ask for rent.
Frequently asked
What capital owners and tenants
usually ask.
Does CF Land do car parks and TOD infrastructure?
Yes. Multi-storey car parks in major cities, and parking and interchanges around high-speed and metro stations, are the fifth asset class. Same approach: a committed operator, the capital owner holds the asset, CF Land develops – leases back – manages; automation by Aubot and MQ ICT.
Is CF Land a real-estate investor?
Not in the usual sense. CF Land does not buy land, build and hold on its balance sheet. It develops assets for capital owners, leases them back long term and sub-leases back-to-back to operators; it takes only a minority SPV stake when needed.
Who owns the asset?
The capital owner — infrastructure fund, bank, industrial-park developer or landowner — holds the majority of the SPV. CF Land holds the development capability, the leases and the asset-management contract.
What does “back-to-back” mean in practice?
For every lease CF Land signs with a capital owner there is a matching sub-lease with the operator — same term, same rent escalation, same termination terms. At no point does CF Land hold an empty asset.
Who are the tenants?
Mainly the three CF Group operating companies — CF LogX (warehousing, cold storage), Long River (ports, depots, ICDs), CF Energy (tanks, ISO stations, LNG stores) — and their strategic customers. Third parties needing specialised assets can also be tenants.
How can a landowner take part?
Owners of land near ports or industrial parks can contribute land-use rights to the SPV or lease land to it long term; CF Land handles development, design and tenants. The landowner gets stable cash flow instead of building and finding customers alone.
Who does the engineering on CF Land projects?
CGD Vietnam — the ecosystem’s logistics-infrastructure consultancy, Ministry of Construction Class 1 certificate, 100+ projects. CGD does planning, project formulation, design, review, supervision and project management; CF Land structures the deal, signs the leases and manages the asset. Owners outside the ecosystem can still engage CGD directly.
Are assets designed to green standards?
Every new asset to EDGE, LEED or LOTUS; rooftop solar, natural refrigerants, electrified yard equipment; emissions data collected and reported to capital owners.
What is CF Land’s role after the SPV is sold to a fund?
It keeps the asset-management contract and the master lease. The new owner gets cash flow and a manager in place; the operator does not change; CF Land continues to earn management fees and the lease spread.
Glossary
One shared language.
- SPV
- A dedicated entity owning one asset; capital owner holds the majority, CF Land a minority.
- Master lease
- Long-term lease of the whole asset between the SPV and CF Land.
- Back-to-back
- A sub-lease that mirrors the head lease in term, price and termination.
- EPCM
- Engineering, procurement, construction management — CF Land manages, contractors build.
- AUM
- Total value of assets CF Land manages for capital owners.
- Capital recycling
- Selling a stabilised SPV to a fund/REIT to fund the next project.
- EDGE · LEED · LOTUS
- Three green-building certification standards applied to new assets.
- ICD
- Inland container depot — an inland customs clearance and container consolidation point.
Opportunity screening memo
Land, capital,
or a need to lease?
Send a few initial details. CF Land will respond with a screening memo: feasible asset class, appropriate structure, missing data and the next step.
01 · Not a tender document02 · Not a substitute for diligence03 · A project proceeds only when the operator confirms demand