Vietnam’s $16 Billion Mega-Project Sees New Developments, Related Stocks Surge

Recently, the Ministry of Construction issued Decision No. 26/QĐ-BXD on January 9, 2026, appointing Vietnam Airlines Corporation (ACV) as the investor for Phase 2 of the Long Thanh International Airport project.

According to this decision, Vietnam Airlines Corporation (Stock Code: ACV) will serve as the investor for Phase 2 of the Long Thanh International Airport project (excluding technical infrastructure works to ensure flight operations, which will be assigned to the Vietnam Air Traffic Management Corporation).

The Ministry of Construction has tasked ACV with preparing the Feasibility Study Report for Phase 2 of the Long Thanh International Airport, including the possibility of phased investment in various works to meet operational demands.

The Ministry of Construction requires ACV to allocate sufficient capital for the implementation of Phase 2 works at Long Thanh International Airport, ensuring quality, progress, and investment efficiency. ACV must also preserve and grow state capital within the enterprise. Vietnam Airlines Corporation is to closely coordinate with the Vietnam Air Traffic Management Corporation during the preparation and investment of Phase 2 works.

In the stock market, ACV shares have been on a strong upward trend since the beginning of the year. As of the closing session on January 14, the stock price surged nearly 10% to 61,100 VND per share, marking a 25% increase in just two weeks. Consequently, the market capitalization rose to over 212 trillion VND (~8 billion USD).

The Long Thanh International Airport project spans over 5,000 hectares, with a total investment of approximately 340 trillion VND, equivalent to more than 16 billion USD (based on 2014 prices). The project is divided into three phases, with a final design capacity of 100 million passengers and 5 million tons of cargo annually.

Phase 1 involves the construction of two runways in the north and one passenger terminal, along with auxiliary facilities, to handle 25 million passengers and 1.2 million tons of cargo per year. This phase is scheduled for completion and operation by December 31, 2026, at the latest.

Phase 2 includes the addition of one open-configuration runway and one passenger terminal to achieve a capacity of 50 million passengers and 1.5 million tons of cargo annually.

Phase 3 will complete all project components to reach a capacity of 100 million passengers and 5 million tons of cargo per year.

In terms of business performance, ACV’s cumulative revenue for the first nine months reached 19,167 billion VND, with after-tax profit recorded at 8,936 billion VND, representing a 14% and 5% increase, respectively, compared to the same period last year.

Within the revenue structure, aviation services generated over 16,000 billion VND, while non-aviation services contributed 2,429 billion VND, both growing by approximately 15-17% year-on-year due to increased international passenger volumes. Conversely, sales revenue decreased to 777 billion VND (-16%) as the company reduced direct sales activities, opting instead to lease retail space.