Noi Bai, Tan Son Nhat airport terminals to be completed in 2025: investor ACV

The T3 passenger terminal at Tan Son Nhat International Airport in Ho Chi Minh City will be completed by April 30, 2025, two months ahead of schedule, while the expansion of the T2 passenger terminal at Noi Bai International Airport in Hanoi is slated for completion next year.

State-run Airports Corporation of Vietnam (ACV), the investor of the two projects, confirmed the information at a conference to review its 2024 performance and launch tasks for next year last Friday.

ACV is the operator of 22 airports across the country. Total passengers through its airports reached 96% of the year's target, and 97% of the previous year’s figure.

Of this, 41 million were international passengers, up 26% year-on-year, while 68 million were domestic, down 15%. Total cargo throughput rose by 19% from 2023 to nearly 1.51 million tons, while aircraft movements decreased by 7%, totaling 663,000.

The corporation’s total revenue for 2024 hit VND21.5 trillion ($844.63 million), surpassing its target by 6% and reflecting an 8% increase from 2023. Its pre-tax profit is estimated at VND11.98 trillion ($470.64 million), a 35% rise year-on-year.

The company’s financial indicators remained robust, with a return on assets (ROA) of 10.98% and return on equity (ROE) of 15.02%. It contributed VND4.5 trillion ($176.8 million) to the state budget.

As for other major infrastructure projects, ACV expects the basic construction of Long Thanh International Airport in the southern province of Dong Nai to be completed by 2025.

The corporation already signed a contract with an Incheon Airport-led consortium to receive management and operational consultancy for the project, ensuring smooth and safe operations from the airport's opening.

The T3 passenger terminal at Tan Son Nhat is progressing on schedule, with approximately 80% of the project completed.

Other ongoing projects include the expansion of Noi Bai’s T2 passenger terminal, the expansion of an apron at Dong Hoi Airport in the central province of Quang Binh, and the construction of a cargo terminal at Cat Bi Airport in the northern city of Hai Phong.

ACV is also preparing to launch several other key infrastructure projects in the coming years. These include the expansion of the T2 terminal at Cat Bi Airport, the T2 terminal at Dong Hoi Airport, and the upgrade of Ca Mau Airport, all of which have received in-principle approval from the Prime Minister.

Looking ahead to 2025, ACV sets a target of transporting 118.9 million passengers, a 7.4% increase compared to 2024. This includes 44 million international passengers (up 7.2%) and 72.9 million domestic ones (up 7.4%).

Its total revenue for 2025 is projected to reach VND21.8 trillion ($856.4 million), a modest 1% year-on-year rise, with net revenue rising 6% to VND20.92 trillion. Financial revenue is expected to drop by 50% to VND864 billion due to investments in ongoing projects, while pre-tax profit is estimated at VND10.71 trillion ($420.7 milion).

In terms of infrastructure development, ACV is committed to completing national priority projects on schedule, in line with government directives. The corporation is also pushing to finish the T3 terminal at Tan Son Nhat ahead of the 50th anniversary of Vietnam’s reunification on April 30, 2025, two months before the original deadline.

It plans to begin construction on several significant transport infrastructure projects, including the T2 terminal at Cat Bi and the upgrade of Ca Mau and Dong Hoi airports, in the first quarter of 2025.