ACV Faces Accelerated Investigation, Restructuring at Long Thanh Airport

Overview

Deputy Prime Minister Phạm Gia Túc has directed the Ministry of Public Security to accelerate the investigation of violations at the Long Thanh International Airport project and ordered the Ministry of Finance to restructure the organization of the Airports Corporation of Vietnam (ACV). This comes as the VND 336 trillion national key project faces intense pressure to achieve commercial operation by the mandatory 2026 deadline.

Key Facts

• Deputy Prime Minister Phạm Gia Túc issued the directive via Government Office Announcement No. 204/TB-VPCP dated April 21, 2026.
• The Ministry of Public Security must urgently investigate and clarify violations, focusing on key leaders of investors and contractors directly involved in construction.
• The Ministry of Finance must urgently restructure the organization at ACV and establish a working group to resolve payment obstacles, with completion required before April 22, 2026.
• The Long Thanh International Airport Phase 1 project is a national key project valued at approximately VND 336 trillion.
• The project successfully conducted its first technical flight on December 19, 2025, but faces significant remaining workload and challenges including unresolved payment issues and high material costs.
• The mandatory target is to complete and put the project into commercial operation within 2026.

What Happened

According to a Government Office announcement (No. 204/TB-VPCP) dated April 21, 2026, Deputy Prime Minister Phạm Gia Túc concluded a meeting reviewing the implementation progress of the Long Thanh International Airport Phase 1 investment and construction project. While acknowledging that the project has basically met important milestones, including a successful first technical flight on December 19, 2025, the Deputy Prime Minister noted immense pressure to complete the entire project in 2026. Significant challenges remain, including unresolved payment obstacles, unfavorable weather conditions for construction, insufficient on-site labor, and high fuel and material prices.

The Deputy Prime Minister directed the Ministry of Public Security to instruct its functional agencies to urgently accelerate the investigation and handling of violations during the project’s implementation. The investigation must clarify the extent of violations by related organizations and individuals, especially key leaders of investors and contractors directly involved in construction supervision. Simultaneously, the Ministry of Finance was ordered to urgently restructure the organization at ACV and establish a working group to guide the resolution of payment-related obstacles as directed by the Prime Minister, with completion required before April 22, 2026.

Market Context

ACV (HOSE) closed at VND 46,000 on April 14, 2026, up 0.43% with volume of 222,100 shares. As the state-owned operator of Vietnam’s major airports and the primary investor in the Long Thanh project, ACV’s stock often reacts to news regarding project timelines, cost overruns, and regulatory scrutiny. The directive introduces a new layer of administrative and investigative pressure that could influence investor sentiment around near-term execution risks and governance transparency.

Strategic Significance

For long-term investors, the directive underscores the Vietnamese government’s prioritization of the Long Thanh project’s 2026 completion, even if it requires accelerated investigations and organizational restructuring at ACV. The move aims to clear procedural and payment logjams that have hindered progress, potentially unlocking faster capital disbursement for compliant contractors. However, it also signals heightened regulatory oversight of ACV’s management and procurement practices, which could lead to personnel changes or operational adjustments that affect the corporation’s efficiency and risk profile beyond this single project.

What to Watch

• Completion of the Ministry of Finance’s organizational restructuring at ACV before the April 22, 2026 deadline.
• Findings and any enforcement actions from the Ministry of Public Security’s accelerated investigation into project violations.
• Progress on resolving payment obstacles to contractors, as monitored by the newly established working group.
• ACV’s upcoming financial reports for Q2 2026, which may reflect impacts from the investigation and restructuring efforts.
• Any announcements regarding changes to ACV’s leadership or board composition following the organizational review.