Photo shows a corner of Da Nang International Airport. Over US$1.1 billion is set to be spent to upgrade airports in Việt Nam by 2018. — Photo kenh 14.vn

HA NOI (Biz Hub) — The Airports Corporation of Vi?t Nam will pour over VNÐ 26.2 trillion (US$1.17 billion) for the upgradation of airports to meet travel demands and socio-economic development by 2018.

This is the corporation's latest plan, aimed at implementing the National Strategy on Transport Development, issued in 2013 by the government.

The corporation, now manages all 22 airports in the country, including nine international airports, said travel demands were constantly increasing, putting pressure on the major airports at Noi Bai, Tan Son Nhat, Ða Nang, Cam Ranh and Phu Quoc.

According to the head of the Civil Aviation Authority of Viet Nam, Lai Xuan Thanh, Noi Bi International Airport has achieved tremendous growth, reaching 22 per cent in 2015 and already climbing to 31 per cent in the first four months of this year.

Meanwhile, the International Air Transport Association (IATA) has predicted Viet Nam will be the 10th fastest-growing market in terms of additional passengers by 2034.

Therefore, the upgradation of the airports was very necessary, the corporation said.

Some VND7.7 trillion ($345 million) of the capital being used to finance the upgradation work will be drawn from the State budget and VND18.4 trillion ($824 million) from the corporation. — VNS