Property giant Sun Group eyes central Vietnam airport investment

Sun Group, Vietnam's leading real estate developer, proposed 14 projects in the south-central province of Khanh Hoa, including the Van Phong International Airport, at a meeting with provincial leaders last Wednesday.

According to a document submitted by the provincial People’s Committee to the Ministry of Transport in late 2024, Khanh Hoa proposed developing Van Phong International Airport through a public-private partnership (PPP), with an initial estimated cost of VND9.2 trillion ($363 million).

The state will oversee relocation, land clearance, and certain flight operation infrastructure, while PPP investors will be responsible for building airport facilities, civil aviation areas, and a connecting traffic system.

Van Phong airport will be located in Van Thang commune in Van Ninh district, 65 km south of Nha Trang town, 108 km south of Cam Ranh International Airport, and 48 km south of Tuy Hoa Airport in the neighboring province of Phu Yen. Its northeast-southwest runway will be 3,050 meters long.

The airport will span 497 hectares, including 10 ha managed by the military. Notably, it will be built on land reclaimed from the sea

The project will have an initial capacity of 1.5 million passengers a year. It will meet level 4E design standards and also function as a level 1 military airport.

If approved, work will start as early as this year and the completion deadline will be by 2029. The airport is part of Van Phong Economic Zone, one of three key economic zones in Khanh Hoa province.

According to the master plan of Khanh Hoa, the 150,000 ha zone plays a leading role in attracting investment and is a driving force of the economic development of neighboring regions and the whole country.

Also at the Wednesday meeting, Sun Group expressed its wish to develop several urban areas in the province such as Co Ma, Tu Bong, and Dam Mon, and the Ho Na luxury resort. Notably, the Co Ma urban area is scheduled to start in July 2025.

Addressing the function, Chairman of the provincial People’s Committee Nguyen Tan Tuan affirmed that Khanh Hoa always welcomes and creates the most favorable conditions for businesses and investors to implement projects in the province.

During the implementation process, any difficulties or obstacles will be promptly resolved by the provincial leadership and relevant departments, he noted. Tuan asked Sun Group to accelerate the progress of the ongoing projects in the province.

Sun Group is one of the leading multi-sector conglomerates in Vietnam, engaging in real estate, resort tourism, entertainment, and infrastructure investment. Recently, the group also proposed investing in the second phase of Phu Quoc International Airport in the southern province of Kien Giang to serve the 2027 APEC Economic Leaders’ Week.

It committed to completing this project within 16-18 months after land clearance is finished. Once completed, the airport can accommodate 18-20 million passengers and handle 50,000 tons annually.

Sun Group has invested in Van Don International Airport in the northern province of Quang Ninh under a build-operate-transfer (BOT) format. It has also been designated as a contractor for the Gia Bình International Airport project, with a committed completion time of 12 months.