ACV appoints Nguyen Cao Cuong as chairman, reaffirms Long Thanh airport launch by end-2026

Vietnam Airports Corporation (ACV) has appointed deputy general director Nguyen Cao Cuong as chairman, as the state-controlled airport operator seeks to stabilize its leadership following recent management upheavals.

Cuong, who had overseen the company's finance-related operations as deputy CEO, was appointed to the position shortly after shareholders had elected him to the board at the company's 2026 annual general meeting on Friday.

Former chairman Vu The Phiet and deputy CEO Nguyen Tien Viet had been arrested earlier this year.

ACV said the alleged violations were attributable to the personal conduct of the individuals involved and did not affect the safe and uninterrupted operation of the country's airports.

Following the arrests, the company appointed Le Van Khien as acting chairman and Nguyen Duc Hung as acting CEO.

Born in 1976, Cuong has more than two decades of experience in Vietnam's aviation sector.

He began his career at Vietnam Airlines in 1999 and later served as CEO of Tan Son Nhat Cargo Services (TCS) between 2016 and 2022 before joining ACV in 2023 as deputy CEO in charge of commercial operations. At ACV, he oversaw airport service operations, revenue development, and receivables management with airlines.

Speaking at the shareholders' meeting, acting CEO Nguyen Duc Hung said ACV's business performance continued to grow in the first half of 2026 despite headwinds, supported by stable corporate governance and flexible management measures.

The company handled 60.5 million passengers in the first six months of the year, equivalent to 48% of its full-year target and up 6% from a year earlier. International passenger traffic rose 13% year-on-year to 24.3 million.

First-half revenue reached nearly VND10.75 trillion ($408.25 million), fulfilling 51% of the year's plan and rising 2% from the same period last year. Revenue from core operations increased 9.2% year-on-year to VND10.38 trillion ($394.42 million).

Pre-tax profit totaled over VND5.86 trillion ($222.76 million), equal to 84% of the full-year target. Profit before tax from core operations reached VND5.48 trillion ($208.17 million), completing 70% of the year's plan and increasing 4% from a year earlier.

On key infrastructure projects, ACV said the T3 passenger terminal at Tan Son Nhat International Airport, which entered operation in April 2025, has helped ease congestion at the domestic terminal with an annual capacity of around 24 million passengers.

The company also said the expanded T2 terminal at Noi Bai International Airport in Hanoi has increased annual capacity to 15 million passengers and achieved strong utilization shortly after opening.

ACV reiterated that bringing Long Thanh International Airport into operation in December 2026 remained a fixed target. Management said construction of Package 5.10, covering the project's main passenger terminal, had been largely completed and had entered the interior finishing and equipment installation phase.

Trial operations are expected to begin in September 2026 under 55 operational scenarios supervised by international consultants ahead of the airport's planned commercial launch at the end of the year.

For smaller regional airports with weak performance, ACV said it would continue centralized accounting while working with local authorities and airlines to open additional routes and promote tourism to improve operating efficiency.

ACV, an investor and operator of airports, runs more than airports across Vietnam.