Joinus announces financial readiness for Van Don Airport

Dolien Han, CEO and chairman of Joinus, yesterday revealed to the media that the company had confirmed that Australia-based investment firm CastlePines Corporation will invest in the project. Accordingly, the corporation will put $100 million into the project. Total investment needed for the Van Don International Airport is $700 million.

“We are now financially prepared to build the airport,” Han said.

He said that while the total investment is $700 million, the firm had already created access to $1 billion for the project.

Han’s statement came after Prime Minister Nguyen Tan Dung agreed to Quang Ninh People’s Committee selecting Joinus and its partners as “potential investors”. Quang Ninh is home to World Natural Heritage site Ha Long Bay.

Apart from CastlePines Corporation, Han said Joinus had already signed agreements with Posco E&C and Korea Airport Corporation to establish a consortium for the project. Posco is slated to join as engineering, procurement and construction contractor, while Korea Airport Corporation will oversee operations once it is complete.

“This is good news and what we will do next is finish the feasibility study for the project’s next steps,” said Han. He expects the airport to go operational in 2018.

According to Quang Ninh People’s Committee, the project will be implemented under the build-operate-transfer investment form. Joinus and its partners will run the airport over 35 years, starting when the project goes into use.

Van Don international airport is a key infrastructure project in the Van Don Economic Zone, near Ha Long Bay. The Vietnamese government is planning to develop the zone into an international trade and high-class tourism and entertainment centre to serve the development of the northern key economic region.

Joinus and its partners plan to build the airport to have an annual throughput capacity of 6.6 million passengers. Once operational, it is expected to play a headline role in the tourism development of Quang Ninh.