Long Thanh airport investor begins work on two link roads
The Airports Corporation of Vietnam (ACV) began construction Friday of two roads linking the Long Thanh International Airport with a national highway and expressway.
Deoca Group, a Vietnamese construction giant, leads a consortium of six companies that will build the roads at a total cost of VND2.63 trillion ($111.3 million). Their construction deadline is December 31, 2026.
The roads are part of sub-project No.3 under phase 1 of the mega airport being built in the southern province of Dong Nai.
The 4.3-kilometer road No.1 will connect the western side of the airport to National Highway 51, establishing a connection between the airport and HCMC and other provinces. With a design speed of 80 kilometers per hour, the road will also enable delivery of machines and equipment to the airport construction site.
The 3.5-kilometer road No.2, which will allow speeds of up to 100 kilometers per hour, will link the airport to the HCMC-Long Thanh-Dau Giay Expressway, a route linking HCMC with Dong Nai province, a manufacturing hub in southern Vietnam.
Construction of the Long Thanh International Airport’s first terminal is set to begin next month. Long Thanh district, where the airport is located, has basically completed site clearance of 1,810 hectares for the project and 722 hectares for reserved areas. Just one house remains to be cleared, local reports have said.
The Long Thanh International Airport is a mega project with a total investment of VND336.63 trillion ($14.12 billion) divided into three phases. The first phase, worth VND110 trillion, will consist of a runway, terminal and auxiliary facilities that can serve 25 million passengers per year. The project kicked off in 2021 and is expected to open in 2025.
The airport will be the nation’s biggest when complete and will reduce overload of the Tan Son Nhat International Airport in HCMC. The terminal is the largest package of the first phase, with an investment of VND35.23 trillion ($1.49 billion). It is expected to be completed in 33 months.
A railway link
To ensure optimum utilization of the Long Thanh airport, Dong Nai is pushing various road projects including the Ben Luc-Long Thanh Expressway, a part of Ho Chi Minh City Ring Road 3; the Phan Thiet-Dau Giay Expressway linking Dong Nai with the south-central province of Binh Thuan; and the Bien Hoa-Vung Tau Expressway connecting Dong Nai with the southern coastal province of Ba Ria-Vung Tau.
Dong Nai also aims to build an urban railway project called Thu Thiem-Long Thanh to transport people between the airport and HCMC.
In the national railway development plan for 2021-2030, approved by the Prime Minister, the 38-kilometer Thu Thiem-Long Thanh railway is deemed a major project with national priority, alongside the Thu Thiem station in HCMC’s district 2 and the Long Thanh airport. Thu Thiem station will eventually become part of the national high-speed railway project.
Initially, the railway project was supposed to follow a public-private partnership (PPP) format. However, the HCMC Department of Transport proposed last week that the project be allowed to use public investment if the PPP format proved difficult to realize.
- Read More
Tecombank Securities becomes largest broker in Vietnam by capital base
Techcombank Securities JSC (TCBS) has become the largest securities company in Vietnam by charter capital after finishing a rights offering last week.
Banking & Finance - Tue, November 19, 2024 | 9:11 am GMT+7
Vietnam airport operator ACV looks to better exploit non-aviation service potential: exec
Vietnam's airports operator ACV expects to earn $145 million from non-aviation services this year, accounting for around 18.83% of its total revenue, which is modest compared to other countries, said deputy general director Nguyen Duc Hung.
Companies - Tue, November 19, 2024 | 7:45 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Economy - Tue, November 19, 2024 | 7:00 am GMT+7
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7
Indonesia eyes to become member of BRICS
Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.
Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7
Former Party chief, chairman of Vinh Phuc province face disciplinary action
Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.
Politics - Mon, November 18, 2024 | 9:17 pm GMT+7
Shaping a waterway into a key shipping channel: Viconship gets dredging nod
A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.
Companies - Mon, November 18, 2024 | 7:08 pm GMT+7
Former assistant to State President appointed general director of state-owned financial firm HFIC
Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).
Companies - Mon, November 18, 2024 | 5:35 pm GMT+7
MBBank’s takeover of weak OceanBank to have limited impact on its credit profile: Fitch
Military Commercial Joint Stock Bank's (MBBank) takeover of Ocean Commercial Bank Limited (OceanBank) will have limited financial impact on the former’s credit profile, Fitch Ratings said Monday.
Banking - Mon, November 18, 2024 | 5:06 pm GMT+7
Win-win philosophy indispensable for sustainable growth: Bamboo Capital founder
A win-win cooperation strategy is not just desirable, but a necessary condition for sustainable development, says Nguyen Ho Nam, founder of Vietnam’s private conglomerate Bamboo Capital Group.
Bamboo Capital - Mon, November 18, 2024 | 4:46 pm GMT+7
Vietnam central bank resumes selling gold after 1-month hiatus
The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.
Banking - Mon, November 18, 2024 | 4:02 pm GMT+7
Vietnam 2nd biggest market of Thai giant Central Retail in Jan-Sept
Thailand’s leading retailer Central Retail earned a revenue of THB37.99 billion ($1.09 billion) in Vietnam in the first nine months of this year, up 0.9% year-on-year.
Companies - Mon, November 18, 2024 | 4:00 pm GMT+7
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7
IP developer KBC to raise $236 mln to restructure debts, augment capital
Kinhbac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will offer 250 million shares to 11 investors for more than $6,000 trillion ($236.4 million) to restructure its debts.
Companies - Mon, November 18, 2024 | 2:17 pm GMT+7
Vietnam's chemical giant Vinachem targets $500 mln trade turnover with Brazil in 2030
Vietnam’s state-run chemical group Vinachem and Brazil’s major trading firm Oceanside One Trading LLC say they will strive to boost their bilateral trade to $500 million in 2030.
Companies - Mon, November 18, 2024 | 12:32 pm GMT+7