IPP Group seeks investment in Tan Son Nhat airport
The Imex Pan Pacific Company Limited (IPP Group), a Vietnamese diversified conglomerate, has been seeking to invest in a dual-use terminal with a capacity of around 10 million passengers per year at Ho Chi Minh City’s Tan Son Nhat International Airport.
The IPP Group has recently sent a document to the Ministry of Transport (MoT) for the project implementation of the construction and investment in expanding the airport terminal system at Tan Son Nhat International Airport, a close source associated with IPP told VET.
Specifically, IPP has proposed to build another dual-use airport terminal with a capacity of 10 million passengers per year, bringing the total exploitation capacity of Tan Son Nhat International Airport up to 40 to 50 million passengers per year, according to the development plans from now until 2025.
The company will use 100 per cent of investment capital from local resources, not from partnerships or associations with any foreign partners.
IPP’s proposal stems from the government’s policies that allow for the investment, which aims to reduce the load for Tan Son Nhat International Airport. However, with the current pace of development, the IPP Group noted that it will be a while before the terminal is ready to serve passengers.
Nevertheless, Tan Son Nhat Airport, in the short term, needs investments for the expansion. These efforts are combined with the improvement of aircraft parking capacity and taxiways until the Long Thanh International Airport is completed and begins operations in 2025.
The IPP Group is a diversified conglomerate that controls about 60 leading international brands in Vietnam. It has participated in investments in the country’s aviation infrastructure and non-aviation services for many domestic and international airports.
The IPP Group has stakes in a number of ground service companies in Vietnam, which control the system of duty free stores at multiple international airports in Hanoi, Da Nang, Ho Chi Minh City, and Phu Quoc, among others.
It has also engaged in providing non-aviation services at the NAIA Airport in the Philippines and has sought a cooperation agreement with the operating unit of Incheon Airport in South Korea in supporting the operations of airports in Vietnam.
The IPP Group is a private enterprise with over 31 years of investment and development in Vietnam and 47 projects with an investment of over $480 million. In 2015, the company also became a strategic investor in Airports Corporation of Vietnam (ACV).
Source: VN Economic Times