A corner of Cam Ranh International Airport. The airport is expected to have a passenger terminal for foreign visitors by 2018. — Photo vietnamtourism.gov.vn

HA NOI (Biz Hub) — A joint venture between Viet Xuan Moi and Duc Binh Group joint stock companies has submitted to the transport ministry an investment proposal for Cam Ranh Airport's international passenger terminal.

The project, to be managed as a BOT (built-operate-transfer) operation, is estimated to have investment capital of nearly VND2 trillion (US$90.9 million).

The proposal was made to address the rapidly increasing number of passengers seen in recent years at the airport. Research showed that the current 13,995sq.m terminal had the capacity to serve 1.6 million passengers per year.

In 2013, the airport received more than 1.5 million passengers. Passenger numbers have greatly exceeded the airport's capacity since 2014.

If the proposal is approved, the airport will have two terminals. One will serve domestic passengers, while the other will be exclusively used by foreign visitors. The investors will also produce a feasibility report, complete construction and put the terminal into operation by 2018.

General Director of Viet Xuan Moi JSC Nguyen Thi Quyen said the construction of the international passenger terminal was essential and urgent for the airport's operations and to manage the increasing flow of passengers in the future.

To mobilise capital, the joint venture has suggested two methods: mobilising capital from domestic private companies through a BOT scheme or establishing a project management body or a joint venture company which will have capital contribution from the Airports Corporation of Viet Nam. — VNS