Incheon Airport Corporation Discusses Development Cooperation for Vietnam's "Gia Binh New Airport"

Incheon International Airport Corporation announced on the 18th that it had held a cooperation meeting with Vietnamese government officials regarding the development of the Gia Binh New Airport project in Vietnam, as part of its efforts to enter the overseas airport business in Vietnam.

The meeting, held the previous day, was attended by Lee Hakjae, President and CEO of Incheon International Airport Corporation, the management team, and about 40 participants including Vietnamese officials related to the new airport project. Key attendees from the Vietnamese side included Ho Hung Anh, Chairman of Techcombank, Vietnam's largest private bank and the holder of the development rights; vice ministers from government ministries involved in airport development such as the Ministry of Public Security, Ministry of Construction, Ministry of Finance, and Ministry of Justice; as well as the Chairman of the People's Committee of Bac Ninh Province.

Incheon International Airport Corporation

This meeting was organized to discuss cooperation measures between the two sides regarding the development of the second capital airport (Gia Binh New Airport), which is being promoted by the Vietnamese government. The corporation introduced not only its ongoing consulting project for the operation of Long Thanh International Airport in Vietnam, but also its experience supporting the opening of Istanbul New Airport, the largest airport in the world. In addition, it presented its vision to develop Gia Binh New Airport into a new aviation and economic hub in northern Vietnam by combining its expertise in airport construction and operations, airport service capabilities, airport economic zone development in connection with surrounding areas, and its capabilities in winning and executing overseas airport projects.

The Vietnamese government stated that, when selecting a contractor for the 'Gia Binh New Airport Consulting and Commissioned Operation Project,' which is scheduled for international bidding in the future, it will use service quality indicators such as the Airport Service Quality (ASQ) assessment by Airports Council International (ACI) as important evaluation criteria. The Vietnamese side expressed interest in Incheon Airport's high level of service capability. Incheon Airport has ranked first in ACI’s Airport Service Quality assessment for 12 consecutive years (2005-2016) and has won the “Airport of the Year” award, the highest honor, for two consecutive years (2023-2024).

The Gia Binh New Airport development project, which the Vietnamese government is pursuing as a national strategic project, aims to replace the existing capital airport, Hanoi Noi Bai Airport, which has exceeded its capacity. The plan is to complete the first phase, with an annual capacity of 15 million passengers, by the end of 2027, and to complete the second phase by 2030, resulting in a large-scale international airport capable of handling 30 million passengers annually.

The Vietnamese government is preparing an international bid for the “Gia Binh New Airport Consulting and Operation Project” to support the successful opening of the new airport in line with the completion of construction at the end of 2027. The project period is 12 years (2 years for consulting and 10 years for commissioned operation). The main tasks include: developing the Concept of Operations (CONOPS) during the construction and pre-opening phase; establishing a commercial strategy; supporting New Airport Operational Readiness and Airport Transfer (ORAT); and terminal operation and maintenance (O&M).

Lee Hakjae, President and CEO of Incheon International Airport Corporation, stated, “Vietnam is a key target region for the corporation’s overseas business, with active airport development projects such as new airport construction. Based on our accumulated expertise, we plan to pursue the operation project for Gia Binh New Airport and create a new milestone for expanding our overseas business.”