ACV to invest in key projects in 2022

February 14, 2022 | 00:00

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Airports Corporation of Vietnam (ACV) will continue to invest in expanding and upgrading existing airports, and new projects in 2022, despite reaching lower profit levels in 2021 than in 2020.

The Noi Bai International Airport – one of the airports operated by ACV

According to ACV, it will expand and upgrade Phu Bai and Con Dao airports, while kicking off the construction of Terminal T3 of Tan Son Nhat International Airport and a new terminal at Cat Bi airport.

ACV, the investor of the country’s would-be largest Long Thanh International Airport project, plans to borrow foreign currency loans from local banks for the project. The Commission for the Management of State Capital at Enterprises and the State Bank of Vietnam have greenlit the endeavour. ACV plans to complete the first phase in June 2025.

As of December 31, ACV’s total assets reached VND54.48 trillion ($2.36 billion), down over VND2 trillion ($86.95 million) from earlier 2021. Of the total amount, nearly 60 per cent, or VND32.72 trillion ($1.42 billion) are short-term deposits at banks, slightly down from earlier last year.

According to ACV chairman Lai Xuan Thanh, the corporation’s total capital for investment and development is VND36 trillion ($1.56 billion), while the rest comes from bank loans.

ACV made revenues of VND960 billion ($41.7 million) and a profit of VND330 billion ($14.34 million) in the fourth quarter of 2021 thanks to a strong increase in financial service revenues after incurring a record loss in the third quarter. As a result, the group earned a profit of over VND830 billion ($36. million) in 2021, down nearly 50 per cent from 2020.

By Bich Thuy

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