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ACV's situation after inspectors find problems with Long Thanh Airport project

ACV's situation after inspectors find problems with Long Thanh Airport project

ACV's situation after inspectors find problems with Long Thanh Airport project
The Long Thanh Airport project's first phase has a total investment of over VND109 trillion, with four projects started in 2020. However, by the end of the first quarter of 2025, many items were behind schedule, showing differences between the work done and the approved designs.
Many contractors did not do the work they promised in their bids, but instead gave the work to other companies, which is against the law. The value of the work that was given to other companies without permission was over VND3.4 trillion.
The Government Inspectorate says the problems were caused by the developer and consultants not following the rules and procedures. There were also problems with estimating costs, approving them, and managing the quality of the work.
The people responsible for the problems include the leaders of Vietnam Air Traffic Management Corporation, the leaders of Airports Corporation of Vietnam, and the contractors.
The Government Inspectorate sent information to the Ministry of Public Security to investigate the contractors who broke the bidding rules and the developer Airports Corporation of Vietnam.
The police are investigating 31 people, including former leaders of Airports Corporation of Vietnam, for violating bidding rules and other crimes.
The people being investigated include Vu The Phiet, the former head of Airports Corporation of Vietnam, and Nguyen Tien Viet, the former deputy head.
Airports Corporation of Vietnam has a lot of money, with the government owning most of it. The company is in charge of building the Long Thanh International Airport, a big project that costs almost VND337 trillion.
The company made a lot of money.
Despite problems with the Long Thanh project, Airports Corporation of Vietnam had good business results in the first half of 2026.
The company's revenue was over VND6.4 trillion, and its profit was over VND3.35 trillion, which is a record high. The profit increased because more international passengers used the airport, and the company did not lose money on foreign exchange.
In the first six months, the company's revenue was VND13.2 trillion, and its profit was VND6.7 trillion, which is higher than last year.
The company's assets are now almost VND94 trillion, which is higher than at the beginning of the year. The company's equity is almost VND74.2 trillion, and its bank deposits are lower.
The Long Thanh Airport project is a big part of the company's assets, with a value of VND39.5 trillion.
The company's debt is now around VND9.2 trillion, which is lower than at the beginning of the year.
The Ministry of Construction chose Airports Corporation of Vietnam to develop the second phase of the Long Thanh International Airport.
The company is planning the second phase of the airport and making a study to see if it is feasible.
The second phase of the airport will have a new terminal, a third runway, and other infrastructure, which will increase the airport's capacity to 50 million passengers and 1.5 million tons of cargo per year.
The company is also planning to expand other airports, including Cam Ranh and Da Nang, with investments of nearly VND12 trillion and over VND11.28 trillion, respectively.
Manh Ha