ACV Q3/2026 Profit Falls 35% as Long Thanh Airport Costs Pass VND 44,000B

Overview

Airports Corporation of Vietnam (ACV), the state-owned operator of the country’s civil airports, reported Q3/2026 consolidated net profit of VND 2,083 billion, down 35% year-on-year, on net revenue of VND 6,066 billion, a 6% decline. The quarter was hit by the transfer of aviation security fees to Ministry of Public Security units from 1 July 2026, a 29% jump in cost of goods sold, and a foreign-exchange loss. ACV shares trade on UPCOM.

Key Facts

• Q3/2026 net revenue: VND 6,066 billion, down 6% year-on-year.
• Q3/2026 net profit after tax: VND 2,083 billion, down VND 1,127 billion or 35% year-on-year; pre-tax profit VND 2,537 billion, down 36%.
• Aviation service revenue fell 8% to VND 4,943 billion; non-aviation revenue rose 7% to VND 908 billion, including VND 499 billion from space leasing.
• From 1 July 2026 ACV stopped collecting the aviation security service fee, which had contributed VND 447 billion in Q3/2025; collection moved to Ministry of Public Security units.
• Cost of goods sold rose VND 714 billion, or 29%, to VND 3,192 billion; gross profit fell 28% to VND 2,875 billion.
• Financial expenses rose 380% to VND 196 billion, including a VND 168 billion period-end FX revaluation loss; financial revenue fell 56% to VND 165 billion.
• 9M/2026: net revenue VND 19,226 billion (slightly up year-on-year), pre-tax profit VND 10,780 billion (-2%), net profit VND 8,742 billion (-2%).
• Headcount at 30 September 2026: 7,113 employees, down 3,698 or 34% since the start of the year.
• Long Thanh International Airport Phase 1 construction-in-progress: VND 44,129 billion, up VND 9,902 billion or 29% year-on-year; total construction-in-progress VND 47,376 billion.
• Total assets VND 96,602 billion (+5% year-to-date); equity VND 76,339 billion; total borrowings VND 9,185 billion (-5%).

What Happened

ACV published its Q3/2026 consolidated financial statements, according to the filing summarised by Việt Nam hàng ngày. The results show a sharp divergence between the quarter and the nine-month period: Q3 net profit fell 35% to VND 2,083 billion, but 9M net profit was down only 2% at VND 8,742 billion, implying a strong first half. The single largest structural change was the removal of the aviation security fee from ACV’s revenue base from 1 July 2026, a line that generated VND 447 billion in the comparable quarter of 2025.

Cost pressure compounded the revenue loss. Cost of goods sold rose 29% to VND 3,192 billion, cutting gross profit by 28%. Financial revenue fell 56% to VND 165 billion as deposit interest dropped to VND 29 billion from VND 113 billion, while financial expenses rose 380% to VND 196 billion on a VND 168 billion FX revaluation loss. On the balance sheet, construction-in-progress for Long Thanh Phase 1 reached VND 44,129 billion, up 29% year-on-year, and the workforce fell by 3,698 people, or 34%, to 7,113.

Market Context

ACV closed at VND 39,700 on 31 October 2026 on UPCOM, the unlisted public company market. The stock is a state-controlled infrastructure monopoly whose earnings are tied to passenger throughput at airports including Nội Bài, Tân Sơn Nhất and Đà Nẵng, and to the multi-year build-out of Long Thanh. The Q3 miss reflects a regulatory reallocation of fee revenue rather than a collapse in traffic, but it lands while Vietnamese aviation is still recovering international capacity and while the company carries a large construction pipeline.

Strategic Significance

The investment case for ACV rests on Long Thanh, not on any single quarter. Capitalised spend of VND 44,129 billion on Phase 1 is the largest single asset on the balance sheet and will determine depreciation, gearing and eventual aeronautical revenue once the airport opens. The 34% headcount reduction and the 5% decline in borrowings suggest management is offsetting the loss of security-fee income with operating efficiency and deleveraging. The key question for long-term holders is whether non-aeronautical revenue, which grew 7% and includes VND 499 billion of space leasing, can scale fast enough to replace regulated fees that have been reassigned to other state bodies.

What to Watch

• Q4/2026 and full-year 2026 results, the first clean comparison showing the full effect of the security-fee transfer.
• Long Thanh Phase 1 construction progress and any update on the targeted opening date and capital drawdown.
• Monthly passenger throughput data for international and domestic segments.
• Further disclosure on the 34% workforce reduction and any associated one-off restructuring costs.
• Any Ministry of Finance or government guidance on aeronautical fee schedules affecting ACV’s revenue base.