ACV Leadership Arrests: Board Admits Control Failure, 2026 Profit Forecast Down 41%

Overview

Airports Corporation of Vietnam (ACV) reported that several top leaders were arrested for sophisticated violations at the Long Thanh and Tan Son Nhat airport projects, which the board could not control. The company has appointed replacements and forecasts a 41% profit decline for 2026, though operations remain normal.

Key Facts

• On January 26, 2026, several ACV leaders were arrested, including Chairman Vu The Phiet, board member Nguyen Tien Viet (also Deputy General Director and Director of Long Thanh Airport Project Management Board), for violations related to Long Thanh and T3 Tan Son Nhat projects.
• ACV stated the violations were “very sophisticated, beyond the control of the board of directors and many regulatory agencies.”
• The company appointed Le Van Khien as acting Chairman and Nguyen Duc Hung as acting General Director.
• ACV forecasts 2026 net profit to decline 41% versus 2025.
• ACV targets serving 126 million passengers in 2026 (+10% YoY) and total revenue of VND 21,141 billion (+2% YoY).
• The company emphasized that operations at all airports continue normally and safely, with no impact on 2025 results.

What Happened

In a supplementary document released ahead of its annual general meeting on June 19, 2026, ACV provided details on the arrest of several key leaders. On January 26, 2026, former Chairman Vu The Phiet, board member Nguyen Tien Viet (also Deputy General Director and head of the Long Thanh project management unit), and others were prosecuted and detained for legal violations related to the Long Thanh and T3 Tan Son Nhat airport projects. ACV described the violations as “very serious” and “sophisticated,” exceeding the control capabilities of the board and multiple regulatory bodies.

The company has since appointed replacements: Le Van Khien as acting Chairman and Nguyen Duc Hung as acting General Director. ACV stressed that the case is complex and that investigations are ongoing. It also stated that the arrests do not affect 2025 results and that airport operations remain normal due to standardized international processes and automation.

Market Context

ACV shares closed at VND 44,500 on June 18, 2026, down 0.22% on low volume of 377,600 shares. The stock trades on HOSE. The leadership crisis and 41% profit decline forecast add uncertainty to a stock already facing headwinds from global geopolitical tensions and fuel price volatility, as noted in ACV’s own outlook. The company’s status as a critical infrastructure operator may provide some resilience, but governance concerns could weigh on investor sentiment.

Strategic Significance

The arrests highlight governance risks at Vietnam’s state-owned airport operator, which manages key national infrastructure projects. The board’s admission that violations were beyond its control raises questions about internal controls and oversight. The 41% profit decline forecast for 2026 suggests that the company expects material financial impact from the disruptions or from necessary remediation. However, ACV’s essential role in Vietnam’s aviation sector and its monopoly-like position may limit downside. The new leadership’s ability to restore investor confidence and execute the Long Thanh project will be critical.

What to Watch

• Outcome of the ongoing investigation and any further arrests or legal actions.
• Q2 2026 earnings release to assess the actual financial impact and operational metrics.
• Updates on the Long Thanh and T3 Tan Son Nhat project timelines and budgets.
• Any changes in dividend policy or capital expenditure plans due to the profit decline.
• Regulatory or government responses to strengthen governance at state-owned enterprises.