Cam Ranh Airport gets nearly VND3 trillion in funding for terminal construction

Monday, 2017-02-27 04:32:41
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The VND2.988 trillion loan was split equally between Vietcombank and Vietinbank.
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NDO - Vietcombank and Vietinbank will provide a total of VND2.988 trillion (US$131.47 million) to finance the construction of an international terminal at Cam Ranh Airport in the central coastal province of Khanh Hoa.

The agreement was signed between the two lenders and the airport authority on February 27.

The loan, split equally between the two banks and accounting for 80% of the project’s total cost, is expected to help the terminal to be completed on time with the first phase scheduled for completion in the first quarter of 2018.

The entire project, which was started in September 2016, is scheduled to be completed in 2030, when it will be able to serve up to 8 million passengers a year.

The terminal, designed to resemble a swallow’s nest, a symbol of Khanh Hoa Province, will consist of two storeys covering a total area of 50,000 square metres.

Built by the US as a military airbase during the Vietnam War, Cam Ranh Airport was converted for civilian use in 2004 and upgraded to an international airport in 2009 by the government.

Cam Ranh’s annual passenger throughput has since seen strong growth, far exceeding its passenger handling capacity of 2.5 million.

The airport handled one million passengers in the first two months of 2017, half of whom were foreign, and is expected to welcome 6 million passengers this year.

Earlier in March 2015, more than VND1.9 trillion (US$83.6 million) was earmarked for the construction of a second runway, which is scheduled to be put to use in early 2018.