The agreement, signed in Hanoi on Wednesday, marks the start of a joint study on expanding the two airports to improve capacity and service quality in support of Gia Lai's socio-economic development, the companies said.

The move follows Gia Lai authorities' approval on July 10 allowing FLC to study investment plans for Phu Cat and Pleiku airports.

Following an administrative merger with the former Binh Dinh province, Gia Lai has become Vietnam's second-largest province by area and one of the few localities with two airports serving separate economic growth hubs.

Agustin Arellano, CEO of Texas-based HASDC, said the company would work with FLC to develop airport infrastructure solutions meeting international standards while leveraging global expertise and financial resources during the study phase.

The companies stressed that the agreement is not a binding investment commitment but only an initial step toward evaluating the projects.

Founded in 2001 and headquartered in Texas, HASDC specializes in airport investment, development, management, and operations. The company said it is expanding its search for investment opportunities across the Asia-Pacific region, including Vietnam.

Under a master plan approved by Vietnam's Ministry of Construction on July 1, Pleiku and Phu Cat airports will remain dual-use civilian and military airports in Gia Lai province.

Pleiku Airport is planned as a Category 4C airport with capacity of two million passengers annually by 2030. The project covers 383.68 hectares and requires estimated investment of VND12.66 trillion ($481.14 million). By 2050, capacity is expected to increase to five million passengers annually, with an additional VND2.42 trillion ($91.97 million) in planned investment.

Phu Cat Airport is planned on a larger scale as a Category 4E airport capable of handling around three million passengers per year by 2030. The airport will occupy about 1,042 hectares, with estimated investment of VND8.79 trillion ($333.87 million). Capacity is targeted to reach seven million passengers annually by 2050, requiring an additional VND6.31 trillion ($239.73 million) in planned investment.