Incheon International Airport expands operation to Vietnam

Incheon International Airport expands operation to Vietnam, Illustrative image (Photo: VNA)

Seoul - The Incheon International Airport Corporation announced on August 8 that it has been selected as a prioritised contractor for the project on consulting services for operation of Vietnam's new Long Thanh International Airport.

Long Thanh, located in the southern province of Dong Nai, is expected to help reduce congestion at the overloaded Tan Son Nhat International Airport in Ho Chi Minh City – Vietnam’s largest economic hub. It is designed to be developed in three phases from 2026 to 2050 at a cost of 18.3 trillion KRW (13.3 billion USD) to serve 100 million passengers and 5 million tonnes of cargo.

The corporation has formed a joint venture with PMI, a Vietnamese partner company that is carrying out the basic design of the airport's passenger terminal. It has led overall in technology and cost evaluation, surpassing other international airport operators such as France's ADP and Germany's Fraport.

If the contract is signed, the Korean firm will provide consulting services to support the successful launch of Long Thanh airport. This includes drafting airport operation concepts, developing commercial strategies, and delivering consultations on trial operation. The project is set to be completed within 24 months from the contract signing date, with a value of approximately 11 billion KRW (8.06 million USD).

Incheon International Airport Corporation President and CEO Lee Hag-jae stated that by signing this project with Vietnam, the corporation will establish a new base for its overseas business in Southeast Asia, following Batam Airport in Indonesia and Manila Airport in the Philippines.

It aims to operate more than 10 airports abroad by 2040 to realise its strategy of expanding international business and becoming a global airport specialist.

ACV secures $1.8 billion in syndicated loans for Long Thanh Airport, ensuring on-schedule completion by 2026 Airports Corporation of Vietnam (ACV) has secured a $1.8 billion loan from three state-owned banks over a 20-year term to finance the construction of Long Thanh International Airport.

India's Adani eyes numerous investment projects in Vietnam Adani Group, one of India's leading corporations, is keen on investments in Vietnam, from Lien Chieu Port to Vinh Tan 3 Thermal Power Plant and key airport projects.

ACV proposes second runway at Long Thanh Internatinal Airport A proposal has been made to build a second runway at Long Thanh Airport and level the area for the T3 terminal to improve operational efficiency.