The Long Thanh International Airport, which will be built in Dong Nai, Vietnam, will cost $16.03 billion.
The National Assembly of Vietnam approved of the construction of the Long Thanh International Airport in the southern province of Dong Nai with a vote of 428-17 plus 16 abstentions, according to the Dong Nai Newspaper.
The Long Thanh International Airport will incorporate a 5,000-hectare land plot, the Airports Corporation of Vietnam said.
Construction is expected to start in 2018 and will cost a total of $16.03 billion. Funding will come from state funds, foreign and domestic private investments and overseas development aid, director general of the Civil Aviation Administration of Vietnam Lai Xuan Thanh said in a statement.
The first phase, expected to cost $5.45 billion, will consist of a runway and a passenger terminal and will be completed by 2025. The resolution does not set a timeline for the additional two phases.
Director of the research and consulting department of United States-owned realty consultant firm CBRE Vietnam Duong Thuy Dung projects the new airport will turn the surrounding area into a hotspot for realty investors.
Vietnam National Assembly approves construction of new airport
