Gelex invests $304 mln in Gia Binh airport project

Gelex Group has invested VND8 trillion ($303.54 million) in a company developing the Gia Binh International Airport in northern Vietnam, driving a sharp increase in its investments in associates in the first quarter of 2026.

According to its consolidated financial statements, Gelex recorded a new investment of VND8 trillion in Masterise Aviation Infrastructure, the developer of the Gia Binh airport project. The group classified the stake as an investment in an associate.

Previously, Gelex Infrastructure, a subsidiary of the group, approved in February 2026 a plan to contribute capital to own a 20% stake in Masterise Aviation Infrastructure.

The company was established on February 13, 2026 through a corporate spin-off, with initial charter capital of VND32.25 trillion ($1.22 billion) and headquarters in Bac Ninh province. Just two weeks later, it raised its capital to over VND40.31 trillion ($1.53 billion).

Vu Hoang Long, born in 1982, serves as CEO and legal representative of Masterise Aviation Infrastructure. He has prior experience in the aviation sector, having held positions at Southern Airports Services JSC (SASCO) and Cam Ranh International Terminal. Since November 2024, he has also been CEO of Petro Long Son Industrial Park Investment, a subsidiary of Gelex Infrastructure, and became a board member in June 2025.

Profit rises despite higher costs

In the first quarter of 2026, Gelex reported net revenue of over VND10.72 trillion ($406.82 million), up 35.4% year-on-year.

By segment, electrical equipment remained the largest contributor, generating VND7.06 trillion ($267.9 million) in revenue, up 38.2% and accounting for 65.9% of total revenue.

Building materials posted over VND2.1 trillion ($79.79 million), up 47.6%, while real estate and industrial parks brought in VND1.26 trillion, up 8.4%. Utilities infrastructure revenue rose 44.7% to VND266 billion ($10.09 million), supported by the commissioning of phase two of the Song Da clean water project.

Rising business activity also led to higher costs. Financial expenses surged more than 71% to VND576 billion ($21.85 million), mainly due to interest expenses, which climbed 65% year-on-year to VND404 billion.

Despite this, Gelex reported net profit of VND578.7 billion ($21.96 million), up 32.6% from a year earlier.

As of the end of the first quarter, total assets stood at VND87.02 trillion ($3.3 billion), up 18.4% from the start of the year. Inventories accounted for the largest share at VND19.59 trillion ($743 million), increasing by more than VND5 trillion.

Investments in associates rose 275% over the period, largely due to the group’s capital injection into Masterise Aviation Infrastructure, the company behind the Gia Binh airport project.

Gia Binh International Airport has total estimated investment of more than VND196 trillion ($7.51 billion), with phase one requiring approximately VND146.2 trillion ($5.6 billion).

The project, located in Bac Ninh province and about 40 km from central Hanoi, is expected to handle 30 million passengers and 1.6 million tons of cargo annually by 2030. The figures by 2050 will be 50 million passengers and 2.5 million tons.

It will be built to ICAO 4F standards. Total investment comprises equity capital (not less than 15%) and loans. The project's lifespan is 70 years.

The development will be carried out in two phases. In phase 1, from now to 2027, essential facilities will be completed to serve the APEC Summit in 2027. From 2026-2030, remaining phase 1 works will be finalized to ensure full operational capacity of 30 million passengers and 1.6 million tons of cargo per year.

For phase 2, from 2031-2050, construction will focus on expanding capacity to 50 million passengers and 2.5 million tons of cargo annually.

The project will require about 1,885 hectares of land, including 922 hectares currently used for two-crop rice farming.