The project will be carried out under Build-Operate-Transfer (BOT) method with an estimated total investment of US$655 million. The construction will kick-start in the first quarter of next year at the latest," Dolien Han, said general director and chairman of Joinus Company Ltd.
He added that the Australian equity fund Castlepines Corporation has delivered a written commitment to finance the development of Van Don airport and a resort complex nearby with US$1.1 billion.
The first installment of US$800 million will arrive after an official agreement has been reached.
Joinus has signed a consortium agreement with airport operator Korea Airports Corporation (KAC) and Korean leading builder Posco E&C.
Under the agreement, Posco E&C will provide engineering, procurement and construction services for the project, while KAC will handle airport operation, management and maintenance.
Van Don International Airport is located on Van Don Island in Quang Ninh province, home to World Heritage site Ha Long Bay.
Upon its completion, the airport with an annual capacity of more than six million passengers, will have one 3.8-kilometer-long runway to accommodate large aircraft including Boeing 747s. By 2026, the second runway will be built to allow the operation of the Airbus A380.
The investment plan will be submitted for approval by the Ministry of Investment and Planning, the Ministry of Transport, the Ministry of Defence and local authorities of Quang Ninh province in November.
