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HA NOI (Biz Hub)— Long Thanh International Airport in the south of Viet Nam needs US$5.6 billion to complete its first phase, according to Nguyen Thi Thu Huong of the Airports Corporation of Viet Nam (ACV).
ACV estimates 53 per cent of the capital for the airport, 40km northeast of HCM City, is from the State funds and Official development Assistance (ODA). The rest is from private sources.
In addition, the project needs another $1billion to relocate 10,000 people from the site of the new airport.
Huong, told Biz Hub that ACV hoped the project would be approved by the National Assembly this October, adding that then the Government could ask for Japanese assistance to enable the project to start next year..
There is some pessimism that the airport could be finished as late as 2023 or 2024, according to a leader of ACV. He added that the project should be finished by 2020 to ease overloading at Tan Son Nhat Airport in HCM City.
The Civil Aviation Administration of Vietnam estimates Tan Son Nhat International Airport will be able to handle 25 million visitors a year.
According to the ACV, the investment in the airport can be compared to a likely $9.1 billion project to extend Tan Son Nhat Airport in HCM City or $7.5 billion to clear Bien Hoa Airport from dioxin contamination.
Huong said that special financial and tax policies could be developed.to attract private investors.
The Association of Science and Engineering thinks the airports corporation should consider the burden of foreign debt. The association thinks that using Japanese ODA is more expensive than other kinds.
The development of Long Thanh International Airport was approved by the Prime Minister in 2005. Spanning 25,000ha in six communes in Dong Nai, it is designed to be built in three phases.
The first, from 2014 to 2020, will have two runways catering to 25 million passengers a year. Phase two from 2020 to 2030 will be able to handle 50 million passengers – and the third phase, after 2030, will accommodate 100 million passengers a year on four runways..
Under the PM’s plan, the country will eventually have 26 airports including 10 international and 16 domestic. At present, there are 21 airports.— VNS