First BOT project in aviation gets underway in south-central Binh Thuan province.
Construction of Phan Thiet Airport in the south-central province of Binh Thuan officially commenced on January 18 under the BOT (build-operate-transfer) model.
The airport will cost around VND5.6 trillion ($262.47 million) and marks the first time a partnership between the State and private investors has been formed for an airport project.
The Vietnamese-owned Rang Dong Group will invest in the airport's civil section, which will cover around 80 per cent of the total area, while the 319 Corporation under the Ministry of Defense is in charge of the military section.
The airport will cover 543 hectares and be able to serve 500,000 passengers each year after construction is completed in 2018. It should help the province to improve its tourism sector by shortening travelling times for passengers from Ho Chi Minh City, Hanoi, Da Nang and Nha Trang.
Deputy Prime Minister Hoang Trung Hai said that as the first-ever airport to be built under the BOT form in Vietnam, Phan Thiet Airport is a "breakthrough" project for the country's aviation sector.
- Rang Dong group