The Billion-Dollar Projects: Vietnam’s Key Sectors in the Global Spotlight

Enhancing Aviation Collaboration

During his state visit to India, Prime Minister Pham Minh Chinh met with Gautam Adani, Chairman of Adani Group and Asia’s richest billionaire with a net worth of $122 billion, ranking among the top 25 in the world.

At the meeting, the head of Adani Group expressed his intention to strengthen cooperation with Vietnamese partners in aviation and logistics, including the development of Long Thanh Airport Phase 2 and Chu Lai Airport. Adani Group is India’s largest airport operator.

The group seeks the Vietnamese government’s direction, facilitation, and consideration of proposals to promote investment activities in Vietnam.

In response, Prime Minister Pham Minh Chinh appreciated the group’s business model, scale, vision, and contribution to India’s economic development and other countries; acknowledged the group’s performance in Vietnam in the past; and welcomed their intention to collaborate, invest, and expand their investment in Vietnam in the coming time with a total investment of about $10 billion.

The Prime Minister also welcomed the group’s proposal to participate in the construction of Long Thanh Airport Phase 2 and Chu Lai Airport. He suggested they coordinate with Vietnamese agencies to complete the necessary procedures according to legal regulations. The Prime Minister affirmed that Chu Lai Airport has a very strategic location, favorable conditions, and great potential for development.

The head of the Vietnamese government also proposed that the Adani Group enhance technology transfer and cooperate with Vietnamese enterprises to help them improve their capacity and participate in the Adani Group’s supply chain and development ecosystem.

“The government always accompanies and creates favorable conditions for investors to effectively, successfully, and sustainably deploy their business activities in Vietnam, including strategic infrastructure fields,” the Prime Minister emphasized.

Long Thanh Airport Phase 2 Construction Project

The Long Thanh Airport Project is a special national project of great significance to Vietnam’s socio-economic development. The total investment for the project is estimated at VND 336,630 billion (approximately $16 billion), with 4% allocated for the first phase.

In June, the Ministry of Transport proposed that the Prime Minister consider assigning the Vietnam Airports Corporation to develop a research plan for the investment in Phase 2 of the Long Thanh Airport.

According to Resolution 94/2015, the National Assembly determined the investment scale of the Long Thanh Airport in phases. Phase 2 involves the construction of an additional runway and passenger terminal to achieve a capacity of 50 million passengers per year. Phase 3 will complete the project to reach a capacity of 100 million passengers and 5 million tons of cargo per year.

The Ministry of Transport stated that to prepare the site for the T2 passenger terminal and the second runway in Phase 2 of the project, the government needs to direct the preparation of a feasibility report for Phase 2 and submit it to the National Assembly for approval.

In 2023, the Prime Minister assigned the Ministry of Transport to lead the research on the implementation plans for Phase 2 of the Long Thanh International Airport project, along with the construction of an additional runway, to be carried out immediately after the completion of Phase 1.

Currently, at the Phase 1 construction site of the Long Thanh International Airport, approximately 4,000 engineers and workers from Vietnam and abroad are working with the support of over 2,000 construction machines. The project is accelerating its progress to be operational by the end of 2025.

Chu Lai Airport Upgrading Project

In 2023, the Prime Minister approved the master plan for the development of the national airport and airfield system for the period of 2021-2030, with a vision towards 2050. Accordingly, Chu Lai Airport was planned to become an international airport.

Between 2021 and 2030, Chu Lai International Airport is expected to be expanded to 4F standards with a designed capacity of about 10 million passengers per year. The planned area for the airport is 2,006.56 hectares, with a total estimated investment of VND 15,968 billion, equivalent to $630 million.

By 2050, Chu Lai International Airport will continue to be developed to 4F standards, but the designed capacity will increase to 30 million passengers per year, with the same area, and an estimated investment of VND 37,950 billion, or about $1.5 billion.

Chu Lai Airport is located in Nui Thanh district, Quang Nam province, bordering Quang Ngai province. Upgrading the airport to an international one is expected to be a strong driver for the economic and social development of both Quang Nam and Quang Ngai provinces.

Currently, the socialization project for Chu Lai Airport has been proposed by the Quang Nam Provincial People’s Committee to the Ministry of Transport and is awaiting the formation of a nationwide airport development mechanism through socialization. Quang Nam has proposed two investment options:

The first option is for ACV to partner with capable private enterprises to jointly invest in and develop the airport, with ACV as the exclusive operator for both the current western area and the newly developed eastern area of Chu Lai Airport.

The second option is to have two operators: ACV will continue to manage the western area, while a second operator will be invited to invest in the eastern area of the airport as planned.