Vietnam’s MoT proposes to buy back all non-State stake in Airports Corporation

A terminal at Noi Bai International Airport. Visual from ACV's website.

Vietnam’s Ministry of Transport has proposed to buy back close to 4.5 per cent stake, that’s currently not owned by the state, in Airports Corporation of Vietnam (ACV), local media reported.

If the proposal goes through, ACV will become a 100 per cent state-owned firm – a process that will ensure the highest standards of national security for aviation, the ministry said in a proposal it sent to the government.

ACV, which runs 21 airports in the country, has been officially operating as a joint stock company since 2016 after it offered more than 77.8 million shares in its IPO on Ho Chi Minh City Stock Exchange.

The Committee for Management of State Capital (CMSC) currently owns 95.4 per cent in ACV, while foreign shareholders hold another 3.59 per cent. The remaining 0.87 per cent is owned by other shareholders.

In the proposal, the ministry also wants all public aviation infrastructure to be transferred to ACV until 2025, after which it will review and return them to the government.

“As the ACV continues managing and using airports, the facilities and assets will be operated properly, assuring the security and safety for aviation transportation,” MoT said.

ACV was established in 2012 after merging Vietnam’s north, south and central aviation corporations.

Currently, ACV is one of the largest enterprises listed on Vietnam’s stock market with a market capitalization of nearly VND 177 trillion. At the current market price, the State has to spend VND8.1 trillion to buy back 4.5 per cent stake of ACV.

In 2018, ACV had a total asset value of over VND 53 trillion, posted revenue of VND16 trillion and after-tax profit of more than VND6 trillion.

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.