Vietnam Party chief raises concerns over efficiency, returns of $16 bln Long Thanh airport project

Vietnam’s Party General Secretary To Lam on Wednesday voiced concerns over potential waste and inefficiencies at the $16 billion Long Thanh International Airport project, questioning its comparative scale, financial returns, and contribution to national economic growth.

Citing the airport’s total investment of around $16 billion, the Party chief noted at a conference that the figure appears significantly higher than comparable projects in Southeast Asia.

The conference aimed to disseminate the Politburo’s Resolution No. 79-NQ/TW on state sector economic development and Resolution No. 80-NQ/TW on Vietnamese culture development.

“When we announce the figure of $16 billion, it makes others surprised. The scale is enormous,” he said, adding that relevant agencies have yet to convincingly demonstrate whether the project surpasses similar developments in countries such as Malaysia or Singapore.

He also questioned how long it would take to recover the $16 billion investment for the state, as well as how much the airport would contribute annually to national GDP growth. “If these calculations are not clear, wastefulness, negative practices, and even losses may arise due to the lack of proper accounting,” he warned.

Project scale, standards

Located in the former Long Thanh district of Dong Nai province in southern Vietnam, the airport spans nearly 5,000 hectares and is designed to meet ICAO’s 4F standard - the highest classification in the international airport ranking system. The 4F rating allows it to accommodate the world’s largest aircraft, including the Airbus A380 and Boeing 747-8.

State-controlled Airports Corporation of Vietnam (ACV) is the investor of the project’s Phase 1, which carries a total investment of nearly VND110 trillion ($4.21 billion). This phase is designed to handle 25 million passengers and 1.2 million tons of cargo annually. The project is entering a crucial stage, with commercial operations targeted for the first half of 2026.

On December 19, 2025, Long Thanh airport officially welcomed its first three passenger flights, following a successful technical test flight on December 15, 2025.

According to ACV’s fourth-quarter 2025 financial statement, construction-in-progress costs for phase 1 of Long Thanh project reached VND34.19 trillion ($1.3 billion), up more than VND21 trillion compared to the beginning of the year.

The Ministry of Construction recently assigned ACV as the investor for phase 2, excluding certain aviation technical infrastructure components.

In addition to Long Thanh, ACV is implementing several other investment projects, including a cargo terminal at Cat Bi International Airport (VND294 billion or $11.26 million) in the northern port city of Hai Phong, Doppler weather radar systems at Hanoi-based Noi Bai International Airport (VND113 billion) and Tan Son Nhat International Airport (VND111 billion) in Ho Chi Minh City.

ACV financial performance

For the full year 2025, ACV reported consolidated net revenue of VND25.96 trillion ($994.64 million), up 15% year-on-year. Its after-tax profit reached a record VND12.07 trillion ($462.45 milion), an increase of more than 3% compared to 2024.

As of December 31, 2025, the corporation’s total consolidated assets stood at over VND90.9 trillion ($3.48 billion), up more than VND13.6 trillion from the start of the year. Total liabilities were nearly VND21 trillion, including more than VND9.7 trillion in borrowings, mainly long-term debt.

Total equity reached nearly VND70 trillion ($2.68 billion), comprising charter capital of over VND35.8 trillion and undistributed after-tax profit of more than VND20.87 trillion.