A bird's eye view of Long Thành International Airport's construction site. Airports Corporation of Việt Nam (ACV) will borrow a total of US$1.8 billion to invest in the airport. — VNA/VNS Photo Công Phong

HÀ NỘI — Airports Corporation of Việt Nam (ACV) will borrow a total of US$1.8 billion from three commercial banks over 20 years to invest in Long Thành International Airport, set to become the country's biggest airport.

The plan was approved by the ACV’s Board of Directors.

The credits will be provided by the Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank), Việt Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Bank for Investment and Development of Việt Nam (BIDV), among which Vietcombank will oversee the loans’ collaterals.

Those are off-plan and existing assets which will be issued as mortgages.

The $1.8 billion loan will be invested in the third component of the four-part first stage of the Long Thành International Project and will include monies invested in passenger terminals, taxiways and aircraft aprons, with a total investment of VNĐ99 trillion (US$3.9 billion).

Plans would eventually see Long Thành International Airport capable of handling 100 million passengers and five million tonnes of cargo a year.

The project has three phases with a total investment of around VNĐ336.63 trillion. The first phase, estimated to cost VNĐ114 trillion, is expected to go operational in the fourth quarter of 2026 to handle around 25 million passengers.

Long Thành International Airport would then become the biggest airport in Việt Nam and a robust transition hub for the region.

ACV reported revenues of more than VNĐ5.66 trillion, profits of more than VNĐ2.9 trillion in the first three months of this year, up 19 per cent and 79 per cent respectively, against the same period last year.

The company has stated it wants to record revenues of VNĐ20.325 and a pre-tax profit of VNĐ9.378 trillion for 2024.

ACV, which operates 22 airports across Việt Nam, traded at VNĐ97,000 at the opening, up from around VNĐ64,000 at the beginning of this year.

ACV is currently the exclusive provider of aviation services for all domestic and foreign airlines. — VNS