According to inspection conclusions, Phase 1 of the Long Thanh Airport project carries a total investment exceeding VND109 trillion, comprising four component projects implemented since 2020. However, by the end of the first quarter of 2025, numerous items remained behind schedule, showing discrepancies between executed volumes and approved designs.

Notably, across several bidding packages, many contractors failed to directly execute committed work volumes as pledged in bid dossiers, instead subcontracting work to other entities, showing signs of illegal bid transfers under the Law on Bidding. The total value of work showing signs of illegal transfer exceeded VND3.4 trillion.

The Government Inspectorate attributed the causes to the developer and consulting units failing to fully comply with sequences, procedures, and contractual terms. Deficiencies persisted in cost estimation, appraisal, approval, contractor selection, quality documentation management, contracts, and advances. Additionally, several contractors demonstrated limited management capacity and legal compliance.

According to inspection conclusions, responsibility rests with the Board of Members of Vietnam Air Traffic Management Corporation (VATM), the Board of Directors of ACV, the General Director, Deputy General Directors according to assigned duties, relevant project management boards and expert teams, as well as design consultants, supervision consultants, and construction contractors.

The Government Inspectorate forwarded information to MPS for investigation and handling of contractors showing signs of illegal bid transfers and developer ACV for violating bidding laws. The inspection conclusions were also transferred to support an ongoing criminal investigation conducted by MPS.

In the case occurring at ACV, the Police Department for Investigation of Crimes Related to Corruption, Economy, and Smuggling indicted 31 defendants to investigate charges of violating bidding regulations causing severe consequences, giving bribes, receiving bribes, and embezzling assets. 

Indicted individuals include Vu The Phiet, former Chair of ACV's Board of Directors, and Nguyen Tien Viet, former Board member, Deputy General Director, and Director of the Long Thanh International Airport Project Management Board.

ACV currently has charter capital exceeding VND35.8 trillion, with the State holding over 95.4 percent through the Ministry of Finance. The enterprise serves as the developer for the Long Thanh International Airport project, a key national infrastructure work with a total investment approaching VND337 trillion.

Record profits

Despite turmoil surrounding the Long Thanh project, ACV recorded positive business results in the first half of 2026.

According to the second quarter financial report, net revenue reached over VND6.4 trillion, remaining nearly flat year on year. However, net profit reached a record high of over VND3.35 trillion, up 29 percent, driven by rising international passenger volume, improved gross profit margins, and no more large foreign exchange losses as recorded in the same period last year.

Over the first six months, ACV achieved VND13.2 trillion in net revenue, up nearly 4 percent, and net profit reached nearly VND6.7 trillion, up 17 percent year on year.

As of June 30, 2026, ACV's total assets reached nearly VND94 trillion, up nearly 24 percent from the beginning of the year. Equity increased to nearly VND74.2 trillion. Bank deposits dropped to around VND10.8 trillion, while construction-in-progress costs rose to nearly VND42 trillion.

The Long Thanh International Airport Phase 1 project alone accounted for VND39.5 trillion, representing 94 percent of ACV's total construction-in-progress value, underscoring the enterprise's heavy concentration of resources on this key project. 

Meanwhile, total outstanding debt dropped to around VND9.2 trillion, down 5 percent from the beginning of the year, mostly ODA loans for infrastructure investment.

In mid-January 2026, the Ministry of Construction again appointed ACV as developer for Phase 2 of Long Thanh International Airport, excluding flight management support structures handled by VATM. 

ACV is coordinating detailed planning across the entire 5,000-hectare area and preparing a feasibility study for Phase 2.

Under the master plan, Phase 2 will build an additional passenger terminal, a third runway, and synchronized infrastructure systems, raising airport capacity to 50 million passengers and 1.5 million metric tons of cargo annually.

Besides Long Thanh, ACV is also pushing expansion plans for existing airports. In Cam Ranh, the enterprise plans to invest nearly VND12 trillion in three projects, including a new T1 passenger terminal with a capacity of 9 million passengers per year. In Da Nang, ACV will invest over VND11.28 trillion to renovate and expand Terminal T1, increasing operating capacity to 14 million passengers annually.

Manh Ha