The funding amount corresponds to 45% of the project’s total investment. Vietcombank, as the lead bank, participated in financing $1 billion, along with joint-venture banks VietinBank contributing $450 million and BIDV providing $350 million.
This project marks the largest financing amount in the banking industry and is the first project to be entirely arranged with long-term USD funds from Vietnamese commercial banks, specifically state-owned commercial banks, offering more competitive terms than if ACV had borrowed directly from international financial institutions.
The $1.8 billion syndicated loan for a large-scale project will not only contribute to promoting safe and sustainable credit growth in the future but also demonstrate the stature and strength of Vietnamese commercial banks in arranging finances for complex, large-scale projects.
Representatives of ACV and the joint-venture banks (Vietcombank, BIDV, Vietinbank) sign the credit agreement
Earlier, on March 1, 2022, the project owner, ACV, officially appointed Vietcombank as the lead bank to arrange financing for Component 3 – Essential Works at the Airport under the “Investment Project for Construction of Long Thanh International Airport – Phase 1”. Vietcombank and the joint-venture banks established a joint appraisal team, completed a joint appraisal report, and promptly submitted it for credit approval for the project. Vietcombank, as the lead bank, also reported to the State Bank of Vietnam to unify the contents of the approval for long-term foreign currency lending to ACV.
In late November 2022, the State Bank of Vietnam issued a document approving the long-term foreign currency lending by Vietcombank, VietinBank, and BIDV to ACV for the project.
The Investment Project for Construction of Long Thanh International Airport – Phase 1 is a particularly important national project with significant implications for Vietnam’s socio-economic development. It involves the construction of 1 runway and 1 passenger terminal, along with synchronous auxiliary items, with a capacity of 25 million passengers and 1.2 million tons of cargo per year. Upon the completion of all phases, Long Thanh International Airport is expected to reach a capacity of up to 100 million passengers per year, becoming Vietnam’s largest airport in the future, and aiming to be one of the international air transit centers in the region. The airport is projected to contribute approximately 0.98% to Vietnam’s GDP by 2030, create 200,000 jobs, and have a far-reaching impact on the country’s socio-economic landscape.
