ACV proposed to be the investor of phase 2 of Long Thanh International Airport Project

Part of the terminal and air traffic control tower of Long Thanh Airport. (Photo: Cong Phong/VNA)

Vietnam Airports Corporation (ACV) has just sent a document to the Ministry of Construction proposing to assign the unit as the investor of phase 2 of the Long Thanh International Airport Project.

According to ACV's report, the Long Thanh International Airport Phase 2 construction investment project includes a passenger terminal and other synchronous construction items to help Long Thanh Airport reach a capacity of 50 million passengers/year and 1.5 million tons of cargo/year. The total investment is about VND80,000 billion, invested by ACV's legal capital.

Specifically, ACV reported to the Ministry of Construction for permission to implement according to the approved plan for the investment project to build the third runway and auxiliary works first; then review and synthesize the approved results into the feasibility study report for the investment project to build the Long Thanh International Airport phase 2 to submit to the Minister of Construction for investment decision.

The project to invest in the construction of the third runway and auxiliary works has a scale including main items such as: the third runway; taxiway system (including parallel taxiway system, quick exit taxiway and taxiway connecting to construction items of phase 1); airport equipment system; signage system, paint and other synchronous auxiliary infrastructure... total investment of about 13,000 billion VND, invested by ACV's legal capital source.

For the third runway, ACV basically has enough capital to immediately invest in the third runway of Long Thanh International Airport from after-tax profit in 2024 and in 2025 it is expected to pay dividends in shares to increase charter capital.

For the remaining items of phase 2 of Long Thanh International Airport, ACV plans to balance its own capital and borrowed capital.

Pointing out the current reality, ACV is the investor of Component 3 Project "Essential works in the airport implemented by the airport operator", ACV has been investing in the construction of the entire airport infrastructure, general infrastructure of Long Thanh International Airport and is the operator of Long Thanh International Airport according to regulations. Therefore, ACV continues to invest in phase 2 of Long Thanh International Airport Project to ensure consistency and synchronization in investment, development, exploitation and operation of Long Thanh Airport.

Based on the report, ACV proposed that the Ministry of Construction decide in principle to assign ACV as the investor of phase 2 of the Long Thanh International Airport Project, which includes an open-configuration runway, a passenger terminal and other synchronous construction items to achieve a capacity of 50 million passengers/year and 1.5 million tons of cargo/year before deciding to approve the project.

Previously, the Ministry of Construction submitted a document to the Government for consideration and submission to the National Assembly for approval to adjust the content of Clause 6, Article 2 of Resolution No. 94/2015/QH13 to "Allow the Government to organize the approval of the Feasibility Study Report for Phase 2 of the Project under its authority without having to report to the National Assembly for approval".

According to the report of the Ministry of Construction, based on the forecast of transportation demand, the Feasibility Study Report of Phase 1 of the project has expected the research and investment time of Phase 2 (including the 3rd runway and 2nd passenger terminal) to be from 2028-2032.

With the GDP growth scenario set to reach double digits from 2026, the passenger volume through airports in general, especially Long Thanh Airport in particular, will increase faster than previously forecast. The Ministry of Construction said that it is necessary to organize investment research for phase 2 earlier than expected.

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