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Tuesday, June 18, 2024

IC ISTAS-led consortium meets technical criteria for Long Thanh airport terminal bidding

The Saigon Times

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HCMC – The Airport Corporation of Vietnam (ACV), the investor of the Long Thanh International Airport project, has announced that a consortium led by Turkey’s IC ISTAS meets the technical requirements for the VND35-trillion bidding package for the airport’s passenger terminal construction.

The Vietur consortium comprises 10 enterprises, including IC ISTAS and local construction companies such as Ricons, Newtecons, SOL E&C and Vinaconex. IC ISTAS is one of the three largest Turkish contractors with experience in building international airports.

A representative of ACV said that among the three consortiums that submitted their bids for package 5.10, Vietur is the only one to satisfy all the technical criteria for the construction and installation of equipment for the passenger terminal.

The other two consortiums, namely Hoa Lu (led by Coteccons Group) and CHEC-BCEG-Vietnam Contractors (led by China Harbour Engineering Company Limited), could not pass the technical round of the bidding.

“This is not the final result of the bidding for the Long Thanh airport terminal project,” ACV affirmed, adding that it would review the financial capacities of the three consortiums.

ACV will start assessing the financial documents of the Vietur consortium from August 4, 2023. The review of the financial capacity is expected to be carried out this month.

Contract package 5.10 involves design, construction and equipment installation in the passenger terminal of the Long Thanh International Airport in the southern province of Dong Nai.

According to Vietcap Securities JSC, the consortium that wins the contract package 5.10 would be able to make a maximum profit of VND525 billion.

This figure is relatively large compared to the average net profit during the 2019-2022 period of Coteccons (VND264 billion), Hoa Binh Construction Group (negative VND133 billion), and Vietnam Construction and Export-Import JSC (VND866 billion).

The construction of the Long Thanh International Airport phase one is scheduled to be completed in 39 months, allowing the projected profit to be realized within three to 3.5 years.

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