Vietnamese construction heavyweight Vinaconex is taking a commanding role in the Long Thanh International Airport project, one of the nation’s most ambitious infrastructure undertakings. This mega-project encompasses essential components such as the passenger terminal, runways, and various supporting infrastructures, with a staggering combined value of tens of trillions of dong—equivalent to approximately $380.5 million.
On March 7, 2023, the company found itself in the spotlight for less favorable reasons. As reported by The Investor, two of Vinaconex’s senior executives were detained under allegations of serious violations of bidding regulations. The arrested individuals include Nguyen Huu Toi, a board member and deputy CEO, along with Duong Van Mau, also a board member and deputy CEO. The Ministry of Public Security’s investigative agency stated that these infractions had led to “particularly serious consequences.” Although details surrounding the specific bidding package in question are still unclear, the ongoing investigation raises concerns about governance and compliance within the company.
In front of Vinaconex’s headquarters in Hanoi. Photo courtesy of Znews.
Founded in 1988 and transitioning to an equitized model in 2006 with a charter capital of VND1.5 trillion (around $57 million), Vinaconex has become one of Vietnam’s leading construction contractors. Their expertise spans civil and industrial construction, transport infrastructure, and irrigation projects. Data collected from 2014 to 2026 reveals that Vinaconex has participated in 147 bidding packages, securing victories in 97 of these contracts, amounting to a remarkable total of nearly VND140.78 trillion (approximately $5.36 billion).
The trend of increased bids is noteworthy; in 2024 alone, the company participated in 47 bids with a win rate of 42.5%, followed by 33 bids in 2025, achieving a win rate of 54.5%. This surge in activity reflects the company’s strong foothold in significant public investment projects, showcasing its capacity and ambition.
Presence Across Key Packages
Vinaconex’s involvement in phase 1 of the Long Thanh International Airport project is multifaceted. The project entails a total investment exceeding VND109 trillion (about $4.15 billion), and Vinaconex participates in several contractor consortia across critical packages, from the passenger terminal to runway systems and technical infrastructure.
The largest of these packages is Package 5.10, dedicated to the construction and equipment installation for the passenger terminal, boasting a value surpassing VND35.2 trillion ($1.34 billion) and a construction timeline of 39 months. In August 2023, the Airports Corporation of Vietnam (ACV) announced that the Vietur consortium, which includes Vinaconex, was the sole bidder that met the technical requirements for this package. The consortium is composed of ten contractors, prominently featuring IC Ictas Insaat Sanayi ve Ticaret A.S., one of Turkey’s foremost construction firms.
Beyond the passenger terminal, Vinaconex is also integral to Component Project 3 of the Long Thanh airport, which pertains to runways and aircraft aprons. This aspect involves collaboration with other major firms, including ACC Construction Corporation, Truong Son Construction Corporation, and Cienco4 Group.
The consortium was proclaimed the only bidder meeting the technical requirements for Package 4.6, which covers construction, equipment installation, and detailed design for vital runway and taxiway infrastructure. This particular package holds a value exceeding VND8.1 trillion ($308.25 million) and stands as the second-largest contract in Project Component 3, following Package 5.10.
Vinaconex’s capabilities were further demonstrated when the same consortium won Package 4.7 in August 2024, valued at VND6.37 trillion, which encompasses the construction and equipment installation for aircraft aprons and other necessary technical facilities.
Vinaconex’s participation extends to Package 3.4, which focuses on site leveling, drainage works, surveys, and construction design, with a total value surpassing VND4.4 trillion ($167.44 million). This particular consortium includes notable names such as ACC Construction, Cienco8, and Phuc Loc Group.
In a recent development in August 2025, Vinaconex joined yet another consortium to win Package 4.12, responsible for the construction and equipment installation for the second runway and related facilities, valued at VND2.57 trillion ($97.8 million). This consortium mirrors the one that previously handled the first runway construction for Long Thanh airport.
In total, the packages in which Vinaconex is involved at Long Thanh airport are estimated to be worth approximately VND56.6 trillion ($2.15 billion). With this extensive portfolio, Vinaconex is becoming a central player in the construction of Vietnam’s largest aviation infrastructure project, showcasing its commitment and expertise in this pivotal national endeavor.