The Airports Corporation of Viet Nam (ACV) has sent a proposal to the Ministry of Transport (MoT) with plans to build a third passenger terminal (T3) at Tan Son Nhat International Airport.

The new terminal has a total investment of more than VND11.43 trillion (US$488 million) and ACV proposed to invest 100 per cent by the corporate capital.

According to an ACV report, T1 and T2 at Tan Son Nhat International Airport only have a maximum capacity of 28 million passengers per year, but this figure is forecast to reach 45 million people by 2025.

Therefore, ACV has proposed a new terminal capable of handling 20 million passengers per year in order to improve service quality and overloading, which it expects will take 43 months to construct. It has asked the MoT to report to the Prime Minister for permission to apply specific mechanisms to accelerate the completion of the project.

It would take ACV and other investors 22 years to recover their investment, including the construction period slated for 2019-22. In terms of profits, the project is expected to generate some VND11.8 trillion from 2023-43, with inflation taken into account.

The MoT is seeking opinions from relevant agencies on the proposal.

Other large Vietnamese enterprises have submitted proposals to invest in T3 at Tan Son Nhat International Airport and other related works. The Imex Pan-Pacific Trading Group, chaired by Johnathan Hanh Nguyen, recently sent a document to Minister of Transport Nguyen Van The proposing a joint venture with ACV to invest in T3. — VNS