State-owned lenders Vietcombank, VietinBank, and BIDV are set to jointly provide a syndicated loan of US$1.8 billion with a 20-year term to the Airports Corporation of Vietnam (ACV) for the implementation of the third component of the Long Thanh International Airport project in Dong Nai Province, southern Vietnam, an ACV resolution showed.

The ACV, a state-run firm that manages a score of airports in Vietnam, has entered into credit agreements with the three banks.

Collateral for the loans includes assets generated from the airport project and items permissible for mortgaging.

The first phase of the Long Thanh International Airport project needs an estimated investment of some VND110 trillion ($4.3 billion).

The project includes four components with the third -- essential facilities -- carrying a price tag of over VND99 trillion ($3.9 billion).

ACV chairman Lai Xuan Thanh previously informed Tuoi Tre (Youth) newspaper that despite challenges amid the COVID-19 pandemic, the company's revenue and profit remained steady, and certain loan repayment deadlines were extended.

The corporation has worked with local banks to reduce foreign loans.

The ACV intended to secure $2.1 billion in foreign loans, according to its initial plan. However, it ultimately obtained loans amounting to $1.7-1.8 billion from foreign lenders.

The company was committed to completing the big-ticket airport project as scheduled and putting it into operation by the last quarter of 2026.

The entire project requires an investment of some VND336.63 trillion ($13.3 billion) and will be the largest airport in the nation with an annual capacity of 100 million passengers and five million metric tons of cargo.

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