ACV Posts Record Q1 Net Profit of 3,346B VND, Warns on Long Thanh Labor Shortage

Overview

Airports Corporation of Vietnam (ACV) posted a record quarterly net profit of 3,346 billion VND in Q1 2026, up 7% year-on-year, as aviation service revenue surged. The company, which is the state-owned developer of the Long Thanh International Airport project, warned that a labor shortage of nearly 6,000 workers could delay the project’s completion beyond the current target of Q4 2026.

Key Facts

• ACV reported Q1 2026 net profit of 3,346 billion VND, up 7% YoY and the highest since equitization over a decade ago.
• Q1 revenue reached 6,860 billion VND, up 8% YoY, with aviation services contributing 5,700 billion VND.
• Non-aviation activities (rental, advertising, utilities) generated over 850 billion VND, about 12% of total revenue.
• Retained earnings after tax stood at 20,340 billion VND as of end-Q1.
• ACV invested approximately 800 billion VND in Long Thanh phase 1 during Q1, bringing total construction costs to over 35,000 billion VND.
• The company disclosed a shortage of nearly 6,000 workers for the Long Thanh project, risking schedule delays.
• The Ministry of Finance holds a 95.4% stake in ACV, which has total assets of over 90,500 billion VND and charter capital of nearly 35,830 billion VND.

What Happened

ACV announced its Q1 2026 financial results, showing record net profit of 3,346 billion VND, a 7% increase from the same period last year. Revenue rose 8% to 6,860 billion VND, primarily driven by aviation services including landing fees, ground handling, passenger services, and security. Non-aviation activities contributed over 850 billion VND.

In its annual report released in late April, ACV management described 2026 as “an important transitional milestone” and emphasized improving operational efficiency. However, in a recent report to the government, ACV warned that a shortage of nearly 6,000 workers at the Long Thanh airport project could delay its completion. The company aims to finish construction in Q3 2026 and commence commercial operations in Q4 2026.

Market Context

ACV shares closed at 46,000 VND on April 14, 2026, up 0.43% with low volume of 222,100 shares on HOSE. The stock has been supported by strong earnings momentum but faces overhang from execution risks at Long Thanh. Vietcap Securities recently pushed back its assumption for the airport’s operational launch from mid-2026 to the first half of 2027, reflecting growing concerns.

Strategic Significance

ACV’s record profit underscores the resilience of Vietnam’s aviation sector as passenger traffic recovers. However, the Long Thanh project is the key strategic catalyst for the company’s long-term growth. Any delay beyond 2026 would postpone the expected revenue uplift from the new airport, which is designed to handle 25 million passengers annually in phase 1. The labor shortage highlights broader infrastructure execution challenges in Vietnam, which could affect investor sentiment toward ACV and related logistics plays.

What to Watch

• ACV’s official 2026 business plan to be presented at the upcoming annual general meeting.
• Progress updates on Long Thanh labor recruitment and construction milestones in Q2 2026.
• Any revision to the commercial operation timeline by ACV or government announcements.
• Q2 2026 earnings release to see if profit growth momentum continues.
• Foreign ownership changes, as ACV’s high state ownership limits free float.