Wed, Jan 21, 2026, 15:40:02
ACV stock surged following the issuance of Resolution 79, which provides momentum for State divestment at the enterprise
During last week's last trading session, ACV shares surged from recent lows to VND 60,800 per share, with trading volume and liquidity reaching up to 5 million shares traded. This is the highest price level for ACV in the last 12 months. Market observers claim that with the release of the Politburo's Resolution 79 on the growth of the state-owned economic sector, ACV has seen fresh capital inflows after a protracted period of limited trade.
ACV is a state-owned enterprise, with the Ministry of Finance currently holding a controlling stake of 94.5%. Given this ownership structure, financial experts believe ACV still has considerable room for growth in 2026.
Most recently, on January 9, 2026, the Ministry of Construction issued Decision No. 26/QD-BXD, appointing ACV as the investor for Phase 2 of the Long Thanh International Airport project. Under the decision, ACV will be responsible for investing in all components of Phase 2 and is tasked with preparing the feasibility study for this phase.
The Ministry of Construction requires ACV to secure sufficient funding to implement Phase 2 investments, ensuring quality, schedule adherence, and investment efficiency. In the coming period, ACV will closely coordinate with relevant stakeholders to prepare and implement the investment components of Phase 2.
Assessing ACV’s positive outlook, VNDirect Securities noted that the expansion of ACV’s ecosystem and the rollout of cargo infrastructure projects at Long Thanh International Airport will serve as long-term growth drivers. In addition, ACV is expected to benefit from plans to relocate international cargo operations from Tan Son Nhat Airport and from the strategic development of an integrated aviation logistics ecosystem at Long Thanh.
ACV is currently the investor of Cargo Terminal No. 1, with a total investment capital of VND 4.3 trillion and a designed capacity of 550,000 tonnes per year, along with the Cargo Handling Warehouses No. 1–4 project. Furthermore, three cargo infrastructure projects with a combined investment of VND 5.602 trillion—implemented under a special investor selection mechanism—will help complete Long Thanh Airport’s overall cargo handling capacity. Cargo Terminal No. 1 has been under construction since the fourth quarter of 2025 and is expected to commence operations concurrently with the passenger terminal.
According to ACV, all international cargo flights currently operating at Tan Son Nhat Airport will be transferred to Long Thanh International Airport, as international air cargo operations require extensive land for warehousing systems, aircraft aprons, and continuous logistics activities. The relocation of international cargo operations to Long Thanh is expected to ease infrastructure and traffic pressure in Ho Chi Minh City’s urban area while creating additional capacity for the air cargo market.
The official start of commercial operations from June 2026 will mark an important milestone in enhancing ACV’s overall capacity. Notably, ACV may be entitled to collect take-off and landing (T-O/L) fees at Long Thanh International Airport in its role as investor of Sub-project Component 3, which covers the entire runway and apron infrastructure.
At existing airports, these facilities are funded by the State. Although ACV records related revenues, the company is required to remit the majority of profits back to the State, accounting for approximately 12.5% of ACV’s total profit. By contrast, with direct investment in runway infrastructure at Long Thanh, ACV would be allowed to retain all revenues generated from T-O/L fees.
Meanwhile, preparations for ACV’s transfer listing to the HOSE are being actively pursued. The key remaining issue concerns the valuation of airside assets funded by the State. Under Decision No. 2007/QD-TTg dated December 7, 2020, ACV was assigned to manage and operate state-invested aviation infrastructure assets. ACV has completed a preliminary classification of asset boundaries, with final valuation expected to be completed in the near future.
Together with strong expectations for the development of the state-owned economic sector under the Politburo’s Resolution 79, the completion of airside asset valuation would enable ACV to meet the conditions for listing on HOSE. These factors are expected to continue supporting ACV’s share price performance in the period ahead.
