The Long Thanh International Airport construction investment project, phase 1 (in Dong Nai province) is a particularly important national project, of great significance to the socio-economic development of Vietnam, with a total investment of more than 99 trillion VND, a capacity of 25 million passengers/year and 1.2 million tons of cargo/year.
It is expected that after completing all phases, Long Thanh International Airport will reach a capacity of up to 100 million passengers/year and become the largest airport in Vietnam, aiming to become one of the international air transit centers in the region. It is estimated that by 2030, Long Thanh Airport will contribute about 0.98% of Vietnam's GDP; creating 200,000 jobs.
Prime Minister Pham Minh Chinh speaks. Photo: Duong Giang/VNA
The consortium of banks: Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has successfully arranged 1.8 billion USD for Component Project 3, equivalent to about 45% of the total investment of the project, in which Vietcombank is the lead bank, participating in financing 1 billion USD, VietinBank financing 450 million USD, BIDV financing 350 million USD.
This is the project with the largest amount of capital funding in the banking industry and is also the first project to be arranged entirely with medium and long-term USD sources from Vietnamese commercial banks with more competitive conditions compared to the option of the investor, Vietnam Airports Corporation, borrowing capital directly from international financial institutions.
Speaking at the event, Prime Minister Pham Minh Chinh pointed out that the Party and State have identified the construction of infrastructure systems as one of the three strategic breakthroughs for the development and modernization of the country. The Long Thanh International Airport construction project is a special project of strategic importance to the socio-economic development of the Southern Key Economic Zone, as well as to the development of Vietnam's aviation industry and the country's socio-economic development in the coming years.
On behalf of the Government, Prime Minister Pham Minh Chinh welcomed and commended the active efforts of Vietcombank, Vietinbank, BIDV, and the close monitoring and coordination of the State Bank of Vietnam, which quickly helped arrange a large amount of funding of 1.8 billion USD to promptly support the Investor Vietnam Airports Corporation to sign construction contracts with contractors, meeting the project implementation schedule as required and directed by the Prime Minister.
Prime Minister Pham Minh Chinh speaks. Photo: Duong Giang/VNA
From these commendable and encouraging initial results, in the spirit of absolutely not being negligent, subjective, or “resting on one’s laurels”, in the coming time, Prime Minister Pham Minh Chinh requested to continue to uphold the spirit of responsibility, further promote the determination to “only discuss and do, not retreat”, “say and do”, “do what you say”, “say and do what you do” to speed up the construction progress, improve the quality of completion of works and items of the Long Thanh International Airport Project, meeting and exceeding the set goals and targets.
Prime Minister Pham Minh Chinh requested the Ministry of Transport, the State Bank, the Ministry of Finance, the Ministry of Planning and Investment, the State Capital Management Committee at State-owned Enterprises, and relevant ministries and agencies to focus on implementing five important tasks in mobilizing resources for infrastructure development.
In particular, further focusing resources on developing strategic infrastructure projects, especially highways, high-speed railways, airports, and ports, will contribute to increasing investment attraction and creating new production capacity for the economy; mobilizing and using all legal capital sources for strategic infrastructure projects, including investment capital from the state budget, social investment capital, the private sector, public-private partnerships, foreign investment, etc.
In particular, it is necessary to mobilize more effectively the remaining large capital resources among the people for production and business development, serving socio-economic development goals; review, have appropriate mechanisms and policies, support, promote, and encourage commercial banks and credit institutions to lend capital with preferential and appropriate conditions, and direct credit capital to priority areas such as investment in infrastructure development, production, and business.
Prime Minister Pham Minh Chinh directed to continue expanding the form of capital mobilization and lending, promoting the role of commercial banks, in which the core is the State Bank, to lend capital to large projects that play an important role in the economy, contributing to proactively mobilizing domestic resources and capital, reducing dependence on external capital sources.
“Borrowing foreign capital to carry out large projects with the nature of “turning the situation around, changing the state” for national development, not to eliminate hunger and reduce poverty anymore, but to focus on the fields of digital transformation, circular economy, green economy, and energy transformation,” the Prime Minister emphasized.
Prime Minister Pham Minh Chinh also reminded ministries, branches, agencies and units to focus on effectively managing projects, ensuring the role and responsibility of investors, ensuring project quality requirements, helping commercial banks recover capital and interest, ensuring the motto of working together, enjoying together, winning together and developing together, contributing to building a strong and prosperous country.
Prime Minister Pham Minh Chinh witnessed the signing of agreements between the Airports Corporation of Vietnam (ACV) and Vietcombank, BIDV and Vietinbank. Photo: Duong Giang/VNA
The State Capital Management Committee at Enterprises and Vietnam Airports Corporation continue to coordinate and accompany the joint-capital banks to implement the Long Thanh International Airport Project to meet the loan commitment, effectively disburse on schedule and ensure quality; pay attention to the coordination of progress and completion time of the remaining bid packages to avoid conflicts and intersections during construction, ensuring the connectivity and progress of the entire project; promptly study and propose a plan to implement the preparation work for the construction of phase 2 so as not to affect the exploitation activities of phase 1, on the basis of adjusting the investment policy of the phase 1 project.
State-owned commercial banks in particular and the banking sector in general continue to research and participate in arranging capital for important national projects; encourage domestic investors to promote a proactive spirit, enhance autonomy and endogenous capacity in investment and development cooperation.
The State Bank of Vietnam shall facilitate credit institutions to provide foreign exchange services in accordance with the provisions of law; at the same time, it shall inspect and supervise foreign exchange activities to stabilize the value of currency and exchange rates and improve the international balance of payments, contributing to strengthening macroeconomic stability and promoting socio-economic development.
The Prime Minister directed the Ministry of Transport to be responsible for overall coordination, discipline in updating, monitoring progress, and connecting all component projects; pay attention to ensuring the overall nature and connection of component projects with infrastructure construction packages connecting Long Thanh Airport with provinces and cities; preside over and direct the selection of investors for Component Project 4 "Other works", ensuring that the Project Phase 1 is put into operation on schedule; promptly report on the implementation of the investment policy for the construction of resettlement areas serving the Long Thanh International Airport project; study and propose adjustments to the investment policy for the project Phase 1 to effectively utilize resources in preparation for the implementation of the construction of Phase 2 of Long Thanh International Airport.
The Head of Government requested Dong Nai province to speed up the progress of site clearance to complete the handover of the site; must commit not to slow down the construction progress of the project. In particular, urge and direct the People's Committee of Long Thanh district and related units to complete site clearance, relocate technical infrastructure for 2 connecting traffic routes and 2 drainage routes outside the project boundary, in which connecting traffic route No. 1 is the main route to ensure the transportation of goods, materials, and construction equipment for the construction of the Passenger Terminal and other construction items.
Dong Nai province strengthens direct work with people, carries out mass mobilization work to grasp their aspirations, flexibly and effectively applies legal regulations to resolve complaints and recommendations; selects locations and builds resettlement areas with better living conditions, at least equal to the old place of residence; cares for people's lives, creates stable livelihoods after giving up land, houses, fields and gardens to build projects.
Along with that, coordinate with investors to prioritize site clearance at locations that are critical to construction progress; support and coordinate with businesses in the process of surveying, researching, proposing investment in building upstream warehouses and pipelines to supply aviation fuel, providing construction materials, training and recruiting human resources to meet management and operational needs.
Prime Minister Pham Minh Chinh and representatives of Vietnam Airports Corporation (ACV), Vietcombank, BIDV, and Vietinbank. Photo: Duong Giang/VNA
The Prime Minister believes that, with the determination, intelligence, solidarity and innovation of relevant ministries, branches, agencies and localities, the construction and technical exploitation of the runway of Long Thanh International Airport will be completed before April 30, 2025, achieving outstanding achievements to celebrate the 50th anniversary of the liberation of the South and national reunification (April 30, 1975 - April 30, 2025), and focusing on completing, handing over and putting into operation the entire Long Thanh Airport project in the first 6 months of 2026.
Appreciating the recent successful capital arrangement coordination of three banks Vietcombank, Vietinbank and BIDV for the Long Thanh International Airport project, the Prime Minister believes that this will be a positive first step, creating an important premise to encourage Vietnamese commercial banks to continue to proactively cooperate in large, important national projects, thereby gradually maturing, growing, enhancing the prestige and position of the Vietnamese banking industry and the leading role of State-owned enterprises.
According to VNA/Tin Tuc Newspaper
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