Vietnam Aviation Infrastructure Boom: ACV Leads Expansion to 300M Passengers

Overview

Vietnam’s aviation infrastructure is entering a major expansion cycle from 2025-2030, with the Ministry of Transport proposing the construction of 6 new airports by 2030 and an additional 3 by 2050, aiming to handle 300 million passengers annually. The key project is Long Thanh International Airport, invested by Airports Corporation of Vietnam (ACV, HOSE: ACV), with phase 1 capacity of 25 million passengers per year expected to begin operations in 2026.

Key Facts

• Vietnam currently has 22 airports serving about 100 million passengers annually, with many operating above design capacity.
• The Ministry of Transport proposes building 6 new airports by 2030 and 3 more by 2050.
• Long-term target: 95% of the population can access an airport within 100 km by 2050.
• Passenger traffic is forecast to grow at a CAGR of 10.7%, reaching 300 million passengers per year in 10 years.
• Long Thanh International Airport phase 1, invested by ACV, has a total capital of over VND 100,000 billion and is scheduled to begin operations in 2026.
• Existing airports to be expanded: Noi Bai (25 to 60 million), Tan Son Nhat (28 to 50 million), Da Nang (10 to 25 million), Cam Ranh (6.5 to 25 million).
• ACV closed at VND 46,000 on April 14, 2026, up 0.43% with volume of 222,100 shares.

What Happened

According to a report by SHS Securities, Vietnam’s aviation infrastructure is entering a pivotal expansion phase, described as a “great cycle” from 2025-2030 with a vision to 2050. The Ministry of Transport has proposed building 6 new airports by 2030 and an additional 3 by 2050, aiming for 95% of the population to be within 100 km of an airport by 2050.

The flagship project is Long Thanh International Airport in Dong Nai province, a national key infrastructure project invested by ACV in phase 1 with total capital exceeding VND 100,000 billion. Construction began in early 2021, and phase 1 with capacity of 25 million passengers per year is expected to begin commercial operations in 2026. Upon full completion of all three phases, the airport will handle about 100 million passengers annually, relieving pressure on Tan Son Nhat and boosting the southern key economic region.

Market Context

ACV (HOSE) closed at VND 46,000 on April 14, 2026, up 0.43% with thin volume of 222,100 shares. The stock has been a beneficiary of the infrastructure theme, but the market is awaiting clearer earnings visibility from Long Thanh’s operational ramp-up. The broader aviation sector is supported by strong passenger growth, but ACV’s valuation reflects the long-duration nature of its infrastructure projects.

Strategic Significance

ACV is the sole operator of most civil airports in Vietnam, giving it a monopoly-like position in airport infrastructure. The expansion cycle provides a clear multi-year growth trajectory, with Long Thanh phase 1 adding 25 million passengers capacity from 2026. The government’s commitment to a multi-hub strategy reduces concentration risk and spreads investment across the country. ACV’s ability to execute on time and manage cost overruns will be critical to realizing the value of this pipeline.

What to Watch

• Long Thanh phase 1 operational timeline and any delays beyond 2026.
• ACV’s quarterly earnings reports for progress on construction milestones and passenger traffic recovery.
• Government approvals and funding for the 6 new airports proposed by 2030.
• Regulatory changes regarding airport fees and charges, which impact ACV’s revenue per passenger.
• Foreign ownership limits and any potential capital raising plans for ACV to fund expansion.