Vietnam airports operator ACV posts record profit in 2025 amid Long Thanh project acceleration

State-owned Airports Corporation of Vietnam (ACV), which operates 22 airports nationwide, reported a record net profit of VND12.07 trillion ($464.81 million) in 2025, up 3% from a year earlier.

According to its Q4 financial statements, ACV posted consolidated revenue of VND25.96 trillion ($999.79 million) last year, up 15% year-on-year.

In Q4, its revenue climbed 18% year-on-year to VND6.79 trillion ($261.63 million), though net profit edged down nearly 2% to VND3.14 trillion ($120.74 million).

ACV’s balance sheet expanded sharply as capital spending accelerated. As of December 31, 2025, its total consolidated assets stood at more than VND90.9 trillion ($3.5 billion), up by VND13.6 trillion ($523.77 million) from the start of the year, reflecting a sharp shift toward long-term investment.

Cash and bank deposits fell by more than VND11.5 trillion ($442.89 million) to about VND15 trillion ($577.69 million), while short-term receivables declined by over VND4 trillion ($154.05 million) to VND8.2 trillion ($315.8 million).

In contrast, long-term assets surged to over VND64 trillion ($2.46 billion) from VND36.5 trillion ($1.41 billion) at the beginning of the year.

Fixed assets nearly doubled to close to VND25 trillion ($962.81 million), while construction-in-progress rose to more than VND35.4 trillion ($1.36 billion).

The Long Thanh International Airport project in the southern province of Dong Nai accounted for the bulk of that figure, with phase one capitalized VND34.19 trillion ($1.32 billion), an increase of more than VND21 trillion ($808.79 million) over the year.

In mid-January 2026, Vietnam’s Ministry of Construction reaffirmed ACV’s role as investor for phase two of Long Thanh airport.

Other ongoing investments include a cargo terminal at Cat Bi International Airport in Hai Phong city, weather radar systems at Noi Bai and Tan Son Nhat airports, and airport infrastructure upgrades nationwide.

As of end-2025, ACV’s total debt stood at nearly VND21 trillion ($808.79 million) at year-end, with borrowings of more than VND9.7 trillion ($373.57 million), largely long-term. Owners’ equity reached nearly VND70 trillion ($2.7 billion), supported by retained earnings of VND20.87 trillion ($803.76 million).