Sweden proposed funding worth $2 billion in order to build up aviation projects in Vietnam

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Airports Corporation of Vietnam (ACV) announced plans to start the construction process of Long Thanh Airport in December 2020. (Photo: Vietnam Insider)

The Export Credit Agency of Sweden and Export Credit Corporation, the state-owned company that finances Swedish exporters and foreign customers, proposed to provide $2 billion in the commercial loan with an aim to expand Vietnam’s air traffic management and to cover the construction process of Long Thanh International Airport as well as the building of the third passenger terminal at Tan Son Nhat International Airport (SGN), according to Vietnam Insider.

On November 16, 2020, the Airports Corporation of Vietnam (ACV) announced plans to start the construction process of Long Thanh Airport in December 2020, hoping to finish the work by 2025. According to the ACV announcement, the project of the new airport would hand over 1,800 hectares of land in Dong Nai Province.

The first phase of the airport construction process would involve a 4-kilometer-long runway building as well as 373,000-square-meter passenger terminal construction works. If the process succeeds, the new Vietnam’s airport should be able to serve 25 million passengers and 1,2 million tons of cargo per year.

In addition to Long Thanh airport development, the Prime Minister highlighted the aim to upgrade other country’s airports around Lao Cai, Phu Quoc, Chu Lai, Van Don. (Photo: AeroTime)

According to local media, in exchange for proposed funding, Vietnam would have to use one-third of the loan to purchase the needed equipment, products, and technologies from Sweden. Nguyen Xuan Phuc, the Prime Minister of Vietnam noticed that the country also plans to improve other airports such as Noi Bai International Airport (HAN) to boost the current capacity of 30 million passengers per year to reach 100 million.

Having 22 civilian airports, in addition to Long Thanh airport development, the Prime Minister highlighted the aim to upgrade other country’s airports around Lao Cai, Phu Quoc, Chu Lai, Van Don regions, AeroTime cited.

Sweden is an important and reliable partner of Vietnam in the European Union (EU), with bilateral trade turnover continuing to grow well, reaching US$1.5 billion in 2018. Sweden currently has 67 investment projects in Vietnam with a total registered capital of US$364 million, ranking 34th out of 130 countries and territories investing in Vietnam, said Nhan Dan.

Sweden puts forth US$2-billion commercial loan for aviation development in Vietnam Swedish financial institutions have proposed a US$2 billion commercial loan to develop aviation projects in Vietnam, including the Long Thanh International Airport.

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