Vietnam's ACV expects 17% profit drop, plans $1.52 bln investment in Long Thanh airport this year
State-owned Airports Corporation of Vietnam (ACV), which operates 22 airports nationwide, expects its 2025 pre-tax profit to decline 17% year-on-year to VND10.53 trillion ($402.56 million) due to foreign exchange losses.
This year, ACV aims for nearly VND22.24 trillion ($850.15 million) in revenue this year, up 2% from last year, according to disclosures at its 2025 AGM held on Monday.
Nguyen Van Nhung, ACV’s chief accountant, explained that the Japanese yen (JPY)/Vietnamese dong (VND) exchange rate has risen 13% year-to-date and is projected to increase another 5.7% by year-end.
ACV currently holds a JPY-denominated loan equivalent to VND11 trillion ($420.5 million) and anticipates total FX losses of VND1.7 trillion ($65 million), with over VND1 trillion already incurred in the first half of the year.

Airports Corporation of Vietnam manages all 22 commercial airports in Vietnam. Photo courtesy of ACV.
ACV chairman Vu The Phiet noted that the H1 pre-tax profit was estimated at VND5.85 trillion ($223.65 million), down 23% year-on-year, largely due to exchange rate volatility.
Despite financial headwinds, ACV reported strong recovery in international air travel, particularly from mainland China, alongside steady growth in key markets such as Japan, South Korea, Taiwan, Southeast Asia, Australia, and India.
This year, ACV aims to serve 119 million passenger arrivals, an 8% increase from 2024. Of these, international travelers are expected to reach 45 million, up 9%, while domestic passengers are forecast at 74 million, up 7%. Cargo throughput is projected at 1.58 million tons with 722,000 aircraft movements.
Besides, the firm plans to invest nearly VND39.83 trillion ($1.52 billion) in Long Thanh International Airport project in the southern province of Dong Nai this year. Phase one is scheduled for completion by the end of 2025, with operations beginning in 2026.
Upon launch, Long Thanh is expected to absorb 80-85% of international and 10-15% of domestic traffic from Tan Son Nhat International Airport in neighboring Ho Chi Minh City. The airport is projected to handle 15-16 million passengers in its first year, with phase one’s designed capacity at 25 million passengers annually.
Phase-two investment planning is also underway, with ACV expecting the project to break even within 14 years.
To finance the project, ACV has sought a $1.8 billion loan from domestic banks though disbursement has not yet begun. The corporation is utilizing VND36 trillion ($1.4 billion) of its internal capital to fund development.
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