ACV Invests VND 39.5 Trillion in Long Thanh Airport, Q2 Profit Hits Record

Overview

ACV (Airports Corporation of Vietnam) reported a record second-quarter net profit of over VND 3,350 billion, up 29% year-on-year, driven by improved gross margin and the absence of forex losses. The company’s H1 net profit reached nearly VND 6,700 billion, up 17%, surpassing its full-year plan. ACV has invested approximately VND 39,500 billion in the Long Thanh International Airport phase 1 project, accounting for 94% of its total construction in progress.

Key Facts

• Q2 2026 net profit: over VND 3,350 billion, up 29% YoY (record high).
• Q2 revenue: over VND 6,300 billion, nearly flat YoY.
• H1 2026 net profit: nearly VND 6,700 billion, up 17% YoY.
• H1 revenue: VND 13,200 billion, up nearly 4% YoY.
• H1 profit before tax exceeded the full-year 2026 plan by 18%.
• Total assets at June 30: VND 94,000 billion, up nearly 24% from year-start.
• Construction in progress: nearly VND 42,000 billion, of which VND 39,500 billion is for Long Thanh phase 1 (94%).
• Total borrowings at quarter-end: VND 9,200 billion, down 5% from year-start.

What Happened

ACV released its Q2 2026 financial statements, revealing a record quarterly net profit of over VND 3,350 billion, a 29% increase from the same period last year. Revenue was nearly flat at over VND 6,300 billion, but profitability improved due to a better gross margin and the absence of foreign exchange losses that had weighed on previous results. For the first half, net profit reached nearly VND 6,700 billion, up 17% year-on-year, on revenue of VND 13,200 billion.

The company’s balance sheet shows total assets of VND 94,000 billion, up 24% since the start of the year. Notably, construction in progress surged to nearly VND 42,000 billion, with the Long Thanh International Airport phase 1 project accounting for VND 39,500 billion—94% of the total. This underscores ACV’s heavy capital commitment to the flagship airport project. The company also reported total borrowings of VND 9,200 billion, primarily ODA loans for infrastructure, down 5% from the beginning of the year.

Market Context

ACV, listed on the UPCOM exchange, closed at VND 39,200 on August 1, 2026. The stock has been supported by strong earnings momentum and the strategic importance of the Long Thanh airport project. The company’s H1 results beat its full-year plan, reflecting robust operational performance despite flat revenue growth. The aviation sector in Vietnam continues to recover, and ACV’s dominant position as the operator of major airports positions it to benefit from rising passenger traffic. The market has responded positively to ACV’s earnings beat, though the large capital expenditure for Long Thanh remains a key focus for investors.

Strategic Significance

ACV’s record profit and continued investment in Long Thanh phase 1 highlight its dual role as a high-margin infrastructure operator and a major capital spender. The company’s ability to fund the project while maintaining profitability is a positive signal for long-term investors. The upcoming phase 2 of Long Thanh, for which ACV was appointed as investor in January 2026, will require significant additional capital. ACV’s plans to expand Cam Ranh and Da Nang airports further underscore its growth strategy. The company’s financial strength, with equity of VND 74,200 billion, provides a solid foundation for these projects, but investors should monitor the pace of capital deployment and potential funding needs.

What to Watch

• Q3 2026 earnings release, expected in October, to see if profit growth continues.
• Progress on Long Thanh phase 2 feasibility study and capital allocation plans.
• Updates on Cam Ranh T1 terminal project, with investment of VND 10,628 billion and expected operation from January 2030.
• Changes in foreign ownership limits or any new capital raising activities.
• Passenger traffic data at ACV’s airports, which will indicate demand trends.