Government Inspectorate Flags ACV, Vinaconex, Fecon Violations at Long Thanh Airport

Overview

The Government Inspectorate has publicly released its findings on violations by ACV (Airports Corporation of Vietnam), TCT 36, Vinaconex (VCG), Fecon (FCN), Vietur, and other contractors at the Long Thanh International Airport project. The report identifies illegal subcontracting worth over VND 1.5 trillion and recommends transferring the case to the Ministry of Public Security for investigation.

Key Facts

• The Government Inspectorate’s conclusion No. 318/KL-TTCP dated June 18, 2026, was made public.
• At Package XD02 (Component Project 2), TCT 36 transferred work worth over VND 75 billion without owner approval.
• The TCT 36-Newtatco joint venture subcontracted about VND 99 billion in work to other entities.
• At Package 5.6 (Component Project 3), the Hancorp-Vinaconex-Fecon joint venture subcontracted about VND 87 billion without ACV’s approval.
• At Package 5.10, seven main contractors (Newtecons, Ricons, Hancorp, CC1, Vinaconex, ATAD, Phuc Hung) transferred work worth approximately VND 1.596 trillion.
• The Vietur joint venture subcontracted about VND 1.652 trillion in work.
• The Inspectorate also flagged that Vietur’s bid used foreign currency for part of the bid value, and the contract was paid in USD, contrary to the 2013 Bidding Law.

What Happened

The Government Inspectorate has concluded its investigation into the implementation of the Long Thanh International Airport Phase 1 project, a VND 109.111 trillion investment. The report details multiple instances of illegal subcontracting, where contractors transferred work to other entities without the owner’s approval, violating the 2013 Bidding Law.

Specifically, at Package 5.10, the Inspectorate found that seven main contractors collectively transferred work worth about VND 1.596 trillion. Additionally, the Vietur joint venture subcontracted approximately VND 1.652 trillion. The Inspectorate also noted that Vietur’s bid used foreign currency for a portion of the bid value, and the contract was subsequently paid in USD, which poses a risk of losses for ACV due to exchange rate fluctuations. The Inspectorate has recommended that the Prime Minister direct the Ministry of Construction and other relevant ministries to review and rectify bidding practices, and has transferred the case to the Ministry of Public Security for further investigation.

Market Context

ACV (UPCOM) closed at VND 38,800 on July 28, 2026, while VCG (HNX) closed at VND 15,350 and FCN (HOSE) at VND 10,500. The Long Thanh project is a key national infrastructure project, and these violations could lead to delays, penalties, or reputational damage for the involved contractors. The sector has been under scrutiny, and this news may weigh on sentiment for construction and infrastructure stocks.

Strategic Significance

The investigation highlights ongoing governance and compliance risks in Vietnam’s large-scale infrastructure projects. For ACV as the project owner, the findings may lead to tighter oversight and potential cost overruns if contracts need renegotiation. For contractors like VCG and FCN, involvement in illegal subcontracting could affect their ability to bid on future public projects. The referral to the Ministry of Public Security raises the possibility of criminal charges, which would be a significant escalation.

What to Watch

• Further announcements from the Ministry of Public Security regarding the investigation.
• Any adjustments to project timelines or budgets for Long Thanh Phase 1.
• ACV’s response and any remedial actions taken.
• Impact on VCG and FCN’s order books and future bidding eligibility.
• Market reaction in the construction and infrastructure sector over the coming weeks.