Sun Group founds $23 mln airport firm in central Vietnam province Lam Dong

Vietnamese conglomerate Sun Group has established a new aviation-focused subsidiary with charter capital of VND600 billion ($22.84 million) in the central province of Lam Dong, positioning itself for the planned Phan Thiet airport project, according to corporate filings.

The new entity, Sun Phan Thiet Airport LLC, was incorporated on December 19, 2025, and is headquartered in the Phan Thiet coastal urban area.

Its registered business lines include airport construction and civil aviation infrastructure, as well as road and railway construction and real estate development.

Sun Phan Thiet Airport LLC has three shareholders. Sun Airport JSC, a Sun Group subsidiary, holds a controlling 55% stake, while two individual shareholders, Tran Van Hai and Trinh Quang Minh, own 15% and 30%, respectively. Minh also serves as CEO and legal representative.

Sun Airport JSC was established in January 2025 with charter capital of VND1 trillion ($38.07 million). The company operates Sun Phu Quoc Airways and manages Phu Quoc International Airport, both developed within Sun Group’s aviation ecosystem.

The new company was set up shortly after Lam Dong authorities approved, in mid-December 2025, the investment policy for the civil aviation component of dual-use Phan Thiet airport.

Under the approved plan, the civil aviation package will cover about 74.6 hectares and is designed to handle up to two million passengers annually by 2030.

Planned infrastructure includes six aircraft parking stands, two taxiways, a 45-meter air traffic control tower, and a passenger terminal with a total floor area of 16,000-18,000 square meters, along with auxiliary facilities and parking areas.

Total investment for the civil aviation component is estimated at nearly VND3.8 trillion ($144.54 million), with investors required to contribute at least 15% in equity.

Construction is scheduled to take 24 months from the issuance of the investment decision, with an operating term of 50 years.

Prior to the approval, Sun Airport JSC formally submitted an investment proposal in July 2025, seeking to shift the project’s structure from a build-operate-transfer (BOT) model to a commercial investment framework under Vietnam’s Investment Law.

Sun Group, a leading real estate developer, is the investor of Van Don International Airport in Quang Ninh province, northern Vietnam. This is the country's first privately-invested airport and the only that is operating.

Another private group, Masterise, was recently selected by the Government and the Ministry of Public Security as the investor for the Gia Binh International Airport project, located in the northern province of Bac Ninh.

Last July, Lam Dong, Binh Thuan, and Dak Nong provinces were merged to form the current Lam Dong. The new province currently has Lien Khuong airport, which is expected to close from March 4 to mid-August for runway repairs.