Privatization Milestone: Entire Vietnamese Airport Assets Transferred to Private Ownership

Recently, a handover ceremony for the assets of Phu Quoc International Airport took place at the Phu Quoc Special Administrative-Economic Zone People’s Committee.

The handover involved key stakeholders, including the An Giang Provincial People’s Committee, Vietnam Airports Corporation (ACV), the Southern Airports Authority, and the investor responsible for the airport’s expansion project.

All parties agreed to conduct the asset handover and acceptance process in strict adherence to regulations, ensuring transparency and compliance.

According to NLĐ, Sun Group’s subsidiary, Sun Airport Company (SAC), is the recipient of the transferred assets.

ACV transferred all existing assets at Phu Quoc Airport in their current state, including runways, taxiways, service roads, security and emergency facilities, flight operation equipment, and related infrastructure. The An Giang Provincial People’s Committee acted as the coordinating agency, receiving assets from ACV and immediately transferring them to SAC under a special mechanism guided by the Ministry of Finance. This streamlined process ensures uninterrupted airport operations.

Upon asset acceptance, SAC is obligated to compensate for the remaining value of the assets, as assessed by ACV.

During the transition period, ACV will continue to manage flight operations to maintain safety and continuity. Full operational rights will only be transferred to SAC once they have fully accepted the assets and met all industry-specific requirements.

Following the handover, SAC and relevant authorities will expedite key projects, including Terminal 2, a new runway, expanded apron, and auxiliary systems, in line with the government’s directives from the November 14 meeting.

The approved upgrade plan will elevate the airport to ICAO Category 4E, enabling it to accommodate wide-body aircraft such as the Boeing 747, 787, and Airbus A350. Spanning 1,050 hectares, the project will increase the airport’s capacity to 20 million passengers annually, a 4.5-fold increase from current levels.

Runway infrastructure includes the expansion of the existing Runway 1 and the construction of a new Runway 2, measuring 3,500 meters and 3,300 meters, respectively. These enhancements will support wide-body aircraft and boost reception capacity. The apron will be expanded to over 100 parking positions, including 45 for wide-body aircraft, complemented by a modern hydrant fueling system.

Designed by CPG Singapore, Terminal 2 integrates advanced operational technologies, such as remote check-in, automated baggage sorting, and biometric identification, reducing processing times to 15-20 seconds per passenger.