Investment authorities in Vietnam have approved a plan to privatise the Airports Corporation of Vietnam (ACV), the country's state-owned airport authority.

ACV said it is looking to privatise the assets because it is seeking funding for crucial capacity expansion projects.

Dinh La Thang, Minister of Transport, stated:

The ACV desperately needs tremendous amounts of capital to get its major airport infrastructure projects rolling, including the construction of the Long Thanh International Airport in southern Dong Nai province.

Construction of the  Long Thanh International Airport is scheduled to begin in early 2016. The facility is planned to open with capacity for 25 million passengers by 2022. It will be located nearly 90km southwest of the country's current main airport, Tan Son Nhat International.

Airports Corporation of Vietnam is under the Ministry of Transport of Vietnam, it was founded when three companies operating airports in the north, the middle and the south of Vietnam were merged on February 28, 2012. The company manages and operates 21 all civil airports in Vietnam, including 8 international airports and 13 domestic airports. The company headquarters is located in Tan Son Nhat International Airport, the busiest airport in Vietnam.