ACV Q3 Profit Falls 35% as Airports Corp Cuts 34% of Workforce

Overview

Airports Corporation of Vietnam (ACV), the state-owned operator of the country’s airport network, reported Q3 net revenue of VND 6,066B, down 6% year-on-year, and net profit of VND 2,083B, down 35%. The company also cut 3,698 employees, or 34% of its workforce, to 7,113 staff as of 30 September. Vietnam Airlines (HVN) grew Q3 revenue 29% but saw parent-company fuel costs rise 61%.

Key Facts

• ACV Q3 net revenue: VND 6,066B, down 6% year-on-year; aeronautical services revenue VND 4,943B, down 8%; non-aeronautical revenue VND 908B, up 7%.
• ACV Q3 net profit: VND 2,083B, down 35% year-on-year; 9M net profit VND 8,742B, down 2%; 9M net revenue VND 19,226B, roughly flat.
• ACV financial costs rose 380% to VND 196B from VND 41B, including a VND 168B unrealized FX loss; financial revenue fell 56% to VND 165B, with deposit interest at VND 29B versus VND 113B.
• ACV headcount fell by 3,698 to 7,113 as of 30 September, a 34% reduction from the start of the year.
• ACV construction-in-progress reached VND 47,376B, up VND 12,176B; the Long Thành International Airport Phase 1 project alone accounts for VND 44,129B, up 29% year-on-year.
• HVN Q3 revenue from sales and services: VND 39,168B, up 29%; air transport revenue VND 27,635B, up 15%; cargo revenue VND 2,774B, up 42%; consolidated net profit near VND 320B.
• HVN parent-company fuel costs rose nearly VND 4,360B, or 61% year-on-year; 9M net revenue VND 114,264B, up 29%.

What Happened

ACV disclosed the results in its consolidated Q3 financial statements. The profit decline was driven less by operations than by the financial line: financial costs jumped 380% to VND 196B on a VND 168B period-end FX revaluation loss, while financial revenue fell 56% as deposit interest collapsed to VND 29B from VND 113B. General and administrative expenses rose 10% to VND 398B. The aeronautical segment, which carries the bulk of ACV’s revenue, fell 8%, while non-aeronautical services grew 7%.

The workforce reduction is the most striking operational data point. ACV ended the quarter with 7,113 employees, down 3,698, or 34%, from the start of the year. The filing does not break out the reason for the reduction, whether restructuring, outsourcing, or attrition. Separately, Vietnam Airlines reported Q3 revenue of VND 39,168B, up 29%, with passenger and baggage revenue of VND 24,316B (+13%) and cargo and parcel revenue of VND 2,774B (+42%). The carrier attributed margin pressure to fuel-price volatility linked to Middle East geopolitical tension, which it said hurt operations in both Q2 and Q3. HVN’s consolidated net profit was close to VND 320B.

Market Context

ACV trades on UPCOM and closed at VND 39,700 on 31 October 2026; HVN closed at VND 20,750. Both names sit in the aviation and infrastructure complex, which has been sensitive to fuel costs, FX, and the long construction cycle at Long Thành. ACV’s balance sheet remains substantial: equity of VND 76,339B, up VND 6,437B from the start of the year, total liabilities of VND 20,263B (down VND 1,745B), and total borrowings of VND 9,185B (down 5%). Cash and equivalents rose 17% to VND 4,969B, while short-term financial investments fell 51% to VND 5,182B.

Strategic Significance

For long-term holders, ACV’s Q3 is a reminder that the Long Thành build-out is the dominant variable. Construction-in-progress of VND 47,376B, with VND 44,129B tied to Long Thành Phase 1, represents a capital commitment that will weigh on free cash flow and depreciation well before the airport opens. The 34% headcount cut, if sustained, could lower the operating cost base and support margins once traffic recovers, but the filing does not quantify the savings. HVN’s 29% revenue growth against a 61% fuel-cost increase illustrates the structural leverage of Vietnamese carriers to jet-fuel prices; the profit line remains hostage to input costs rather than demand.

What to Watch

• ACV’s Q4 and full-year 2025 results, and whether the 34% headcount reduction is disclosed as permanent restructuring or seasonal.
• Long Thành Phase 1 construction progress and any update on the opening timeline, which drives ACV’s capex and depreciation outlook.
• Jet-fuel price and USD/VND movements, given ACV’s VND 168B FX loss and HVN’s fuel exposure.
• HVN’s Q4 fuel-cost trend and whether cargo growth (+42%) can offset passenger-margin compression.
• Any SBV or Ministry of Transport policy guidance on airport fees and non-aeronautical concessions.