Chairman of Vietnam's major airport operator ACV arrested

Airports Corporation of Vietnam (ACV), which manages 22 airports nationwide, said two of its senior executives have been arrested by police as part of an investigation into alleged violations of bidding regulations which caused "particularly serious consequences".

In an extraordinary disclosure report released on Thursday, ACV said the Ministry of Public Security's investigative agency had detained Vu The Phiet, chairman of the board of directors, and Nguyen Tien Viet, a board member and deputy CEO.

According to the notice received by ACV on Wednesday, the two executives are under investigation for allegedly receiving money to facilitate contractors winning bids, in violation of bidding regulations and causing “particularly serious consequences”.

At a meeting on Thursday of the State Steering Committee for key national transport projects, Prime Minister Pham Minh Chinh instructed the Ministry of Finance to direct ACV and relevant agencies to resolve difficulties and ensure the company maintains normal operations.

Prior to the arrests, ACV had changed its legal representative. On February 25, the company informed the Hanoi Stock Exchange that its board had appointed board member Le Van Khien as the company’s legal representative until further notice. Khien, born in 1973, was a representative of the state’s capital in ACV, holding a 11.22% stake.

Earlier in February, ACV also appointed Nguyen Duc Hung, a deputy CEO, as deputy CEO in charge of the company’s executive board. Pham Thi Phuong, head of accounting at the finance and accounting department, was assigned to oversee accounting operations, though the assignment was terminated two days later.

ACV plays a central role in Vietnam’s aviation infrastructure sector, managing and operating 22 airports across the country, including major international gateways such as Noi Bai International Airport and Tan Son Nhat International Airport.

The company is also the main investor of the first phase of the Long Thanh International Airport project, which has a total investment of more than VND100 trillion ($3.81 billion).

ACV reported a record net profit of VND12.07 trillion ($464.81 million) in 2025, up 3% from a year earlier. Its balance sheet expanded sharply as capital spending accelerated.

As of December 31, 2025, its total consolidated assets stood at more than VND90.9 trillion ($3.5 billion), up by VND13.6 trillion ($523.77 million) from the start of the year, reflecting a sharp shift toward long-term investment.

Vu The Phiet, 53, holds a master's degree in business administration and has worked in the Vietnamese aviation industry since 1995. He previously held positions such as director of Noi Bai International Airport and deputy general director and then general director of ACV in August 2018. Since September 2024, Phiet had served as chairman and Party chief of ACV.