Korean Incheon Airport Corporation Expands Global Footprint with USD 13bn Project in Vietnam

• Sommana Yan
• 27 August 2024
• International News
• 2076 Views

In a significant move to expand its global presence, Incheon International Airport Corporation has been selected as the preferred contractor for consulting services on the operation of Vietnam’s new Long Thanh International Airport. The project, which marks a major milestone in Southeast Asia, is set to reduce congestion at the overburdened Tan Son Nhat International Airport in Ho Chi Minh City. Designed to handle 100 million passengers and 5 million tons of cargo annually, Long Thanh Airport is being developed in three phases from 2026 to 2050, with an estimated cost of USD 13.3 billion, as published by Theinvestor.vn on 09 August 2024.

Incheon International Airport Corporation, in collaboration with its Vietnamese partner PMI, will lead the project, leveraging its expertise in technology and cost evaluation to surpass competitors such as France’s ADP and Germany’s Fraport. The joint venture is tasked with providing comprehensive consulting services that include drafting airport operation concepts, developing commercial strategies, and offering guidance on trial operations. The project is expected to be completed within 24 months of the contract signing, with a value of approximately USD 8.06 million.

President and CEO of Incheon International Airport Corporation, Lee Hag-jae, emphasised that this venture into Vietnam represents a strategic expansion of the corporation’s overseas business in Southeast Asia, following successful projects in Batam, Indonesia, and Manila, the Philippines. The corporation aims to operate over 10 airports abroad by 2040, reinforcing its strategy to become a leading global airport operator.

This new base in Vietnam not only enhances Incheon International Airport Corporation’s international business portfolio but also solidifies its position as a global specialist in airport operations, aligning with its long-term vision of global expansion and excellence in the aviation sector.

• Road and Infrastructure