Prime Minister Nguyen Xuan Phuc agreed to a VND10.99 trillion ($472 million) investment for building the Tan Son Nhat airport’s third terminal.
The Airports Corporation of Vietnam (ACV), which manages 22 civil airports in the country, was approved to be the project investor Tuesday. The ACV will fund the estimated $472 million investment on its own and build the terminal in 37 months.
Construction on the project is expected to begin in October 2021 and completed in mid-2023.
T3 will have a total floor area of about 100,000 square meters and a designed capacity of 20 million passengers per year. The project also includes the expansion of parking lots and construction of supporting structures, including technical buildings, wastewater treatment plants and water station.
The third terminal at the Tan Son Nhat International Airport, the largest in the country, will reduce overload at the current T1 domestic passenger terminal.
The airport received over 40 million passengers in 2019, 1.6 times higher than its intended capacity of 25 million per year.
The Transport Ministry had approved an increase in the airport’s capacity to 50 million passengers by 2025, with the third terminal managing 20 million and the other two, upgraded, managing the rest.