Vietnam airports operator ACV posts record profit in 2025 amid Long Thanh project acceleration
Vietnam airports operator ACV posts record profit in 2025 amid Long Thanh project acceleration
Fri, Feb 13, 2026, 10:50:04
State-owned Airports Corporation of Vietnam (ACV), which operates 22 airports nationwide, reported a record net profit of VND12.07 trillion ($464.81 million) in 2025, up 3% from a year earlier.
According to its Q4 financial statements, ACV posted consolidated revenue of VND25.96 trillion ($999.79 million) last year, up 15% year-on-year.
In Q4, its revenue climbed 18% year-on-year to VND6.79 trillion ($261.63 million), though net profit edged down nearly 2% to VND3.14 trillion ($120.74 million).
Long Thanh International Airport in Dong Nai province, southern Vietnam. Photo courtesy of Znews.
ACV’s balance sheet expanded sharply as capital spending accelerated. As of December 31, 2025, its total consolidated assets stood at more than VND90.9 trillion ($3.5 billion), up by VND13.6 trillion ($523.77 million) from the start of the year, reflecting a sharp shift toward long-term investment.
Cash and bank deposits fell by more than VND11.5 trillion ($442.89 million) to about VND15 trillion ($577.69 million), while short-term receivables declined by over VND4 trillion ($154.05 million) to VND8.2 trillion ($315.8 million).
In contrast, long-term assets surged to over VND64 trillion ($2.46 billion) from VND36.5 trillion ($1.41 billion) at the beginning of the year.
Fixed assets nearly doubled to close to VND25 trillion ($962.81 million), while construction-in-progress rose to more than VND35.4 trillion ($1.36 billion).
The Long Thanh International Airport project in the southern province of Dong Nai accounted for the bulk of that figure, with phase one capitalized VND34.19 trillion ($1.32 billion), an increase of more than VND21 trillion ($808.79 million) over the year.
In mid-January 2026, Vietnam’s Ministry of Construction reaffirmed ACV’s role as investor for phase two of Long Thanh airport.
Other ongoing investments include a cargo terminal at Cat Bi International Airport in Hai Phong city, weather radar systems at Noi Bai and Tan Son Nhat airports, and airport infrastructure upgrades nationwide.
As of end-2025, ACV’s total debt stood at nearly VND21 trillion ($808.79 million) at year-end, with borrowings of more than VND9.7 trillion ($373.57 million), largely long-term. Owners’ equity reached nearly VND70 trillion ($2.7 billion), supported by retained earnings of VND20.87 trillion ($803.76 million).