Nguyen Cao Cuong Elected Chairman of ACV, Brings 20+ Years Aviation Experience

Overview

Airports Corporation of Vietnam (ACV) elected Mr. Nguyen Cao Cuong as Chairman of the Board of Directors at its annual general meeting on June 19. Mr. Cuong, who has over 20 years of experience in the aviation industry, previously served as Deputy General Director of ACV and held leadership roles at Tan Son Nhat Cargo Services (TCS) and Vietnam Airlines. His appointment comes as ACV manages the development of Long Thanh International Airport and the operational integration with Tan Son Nhat.

Key Facts

• Mr. Nguyen Cao Cuong was elected Chairman of ACV at the AGM on June 19, 2025.
• He has over 20 years of aviation experience, starting at Vietnam Airlines in 1999.
• From 2016 to 2022, he served as General Director of Tan Son Nhat Cargo Services (TCS).
• He was Deputy General Director of ACV from 2023, overseeing commercial operations and airline debt recovery.
• ACV closed at VND 44,500 on June 18, down 0.22%, with volume of 377,600 shares.
• ACV manages the majority of Vietnam’s airport infrastructure, including Tan Son Nhat and the upcoming Long Thanh airport.

What Happened

At the annual general meeting on June 19, shareholders of Airports Corporation of Vietnam (ACV) approved the election of Mr. Nguyen Cao Cuong as Chairman of the Board of Directors. Mr. Cuong, born in 1976 in Bac Ninh, holds a bachelor’s degree in finance and banking. He began his career at Vietnam Airlines in 1999, working in operations control, foreign affairs, and cargo commerce. He later led Tan Son Nhat Cargo Services (TCS) from 2016 to 2022, a major cargo handler at Tan Son Nhat Airport. After returning to Vietnam Airlines as Director of the Airport Services and Operations Center (ASOC) from 2022 to 2023, he joined ACV as Deputy General Director in 2023, overseeing commercial operations and airline debt management.

Mr. Cuong has publicly emphasized the importance of connectivity between Long Thanh International Airport and Tan Son Nhat Airport. He argues that efficient transport links are critical for passenger experience, airline network planning, and cargo logistics, and that Long Thanh should be integrated into the broader transportation and logistics network of the southern key economic region.

Market Context

ACV shares closed at VND 44,500 on June 18, down 0.22% on low volume of 377,600 shares on HOSE. The stock has been under pressure amid concerns about cost overruns and delays at Long Thanh Airport, as well as regulatory changes affecting airport fees. The leadership change introduces a chairman with deep operational experience in both passenger and cargo services, which may reassure investors about ACV’s ability to navigate these challenges.

Strategic Significance

The appointment of Mr. Cuong signals continuity in ACV’s management, given his recent role as Deputy General Director. His background in cargo services and airport operations aligns with ACV’s focus on expanding non-aeronautical revenue and improving efficiency at major airports. His stated priority on connectivity between Long Thanh and Tan Son Nhat suggests that ACV will advocate for better transport infrastructure, which could enhance the commercial viability of Long Thanh. For long-term investors, the key question is whether Mr. Cuong can accelerate the Long Thanh project timeline and improve ACV’s financial performance through better cost control and revenue diversification.

What to Watch

• Progress on Long Thanh International Airport construction milestones and any updates on cost estimates.
• ACV’s Q2 2025 earnings report, expected in August, for signs of margin improvement.
• Any announcements regarding airport fee adjustments or new commercial service contracts.
• Statements from Mr. Cuong on connectivity plans between Long Thanh and Tan Son Nhat.
• Changes in ACV’s dividend policy or capital expenditure guidance.