ACV Q1 2026 Net Profit Hits Record VND 3,346B, Long Thanh Airport Progress Slows

Overview

ACV (Airports Corporation of Vietnam) reported a record net profit of VND 3,346 billion in Q1 2026, up 7.2% year-on-year, with revenue reaching VND 6,861 billion (+7.7%). The strong earnings were driven by aviation services, but the company faces headwinds at its flagship Long Thanh airport project, where construction progress slowed amid legal issues and leadership changes.

Key Facts

• Q1 2026 net profit: VND 3,346 billion, a record high, up 7.2% YoY.
• Q1 2026 revenue: VND 6,861 billion, up 7.7% YoY.
• Aviation services contributed VND 5,709 billion (83% of total revenue).
• Non-aviation revenue (rental, advertising, utilities): VND 856 billion (12% of total).
• Gross profit was flat at VND 4,345 billion vs. VND 4,348 billion in Q1 2025, as cost of goods sold rose 24.6%.
• Financial income fell 40% to VND 150 billion due to lower deposit interest.
• Construction in progress at Long Thanh airport reached VND 35,002 billion, but only VND 775 billion was added in Q1 2026, compared to VND 10,722 billion in Q4 2025.
• On March 4, 2026, police detained two ACV board members (Vu The Phiet and Nguyen Tien Viet) for alleged bidding violations.

What Happened

ACV released its Q1 2026 consolidated financial statements, showing a record net profit of VND 3,346 billion, the highest quarterly profit in the company’s history. Revenue grew 7.7% to VND 6,861 billion, primarily driven by aviation services (cargo handling, ground services, passenger services, security), which accounted for 83% of total revenue. Non-aviation activities, including rental, advertising, and utilities, contributed VND 856 billion.

Despite the strong earnings, the company’s flagship project, Long Thanh International Airport, experienced a sharp slowdown in construction progress. Work-in-progress at the site increased by only VND 775 billion in Q1 2026, compared to VND 10,722 billion in Q4 2025. The slowdown follows the arrest of two ACV board members on March 4, 2026, for alleged violations of bidding regulations. In response, ACV appointed Le Van Khien as acting Chairman and Nguyen Duc Hung as Deputy General Director in charge of operations. On May 4, the Prime Minister urged the company to quickly fill the vacant Chairman and CEO positions to resolve contractor payment issues and legal hurdles.

Market Context

ACV shares closed at VND 46,000 on April 14, 2026, up 0.43% on light volume of 222,100 shares. The stock trades on HOSE. The record profit may provide near-term support, but the ongoing legal issues and construction delays at Long Thanh airport could weigh on sentiment. The broader Vietnamese aviation sector has benefited from rising passenger traffic, but ACV’s capital-intensive expansion plans remain a key risk.

Strategic Significance

ACV’s record profit underscores the resilience of its core aviation services business, which benefits from Vietnam’s growing air travel demand. However, the Long Thanh airport project is critical to ACV’s long-term growth, as it will significantly expand capacity. The current legal and leadership disruptions pose execution risk. The government’s intervention to expedite the project suggests political will to resolve issues, but delays could push back revenue contributions from the new airport. Investors should monitor the pace of construction and management stability.

What to Watch

• Resolution of leadership vacancies: appointment of permanent Chairman and CEO.
• Q2 2026 construction progress at Long Thanh airport (quarterly work-in-progress additions).
• Outcome of police investigation into bidding violations and any further legal actions.
• ACV’s Q2 2026 earnings report, expected in July 2026.
• Government directives or policy changes related to airport infrastructure funding.