Four stocks expected to benefit from Gia Bình International Airport project

The government has stepped up construction of new airports to address congestion and optimize aviation operations, expanding capacity to accommodate growing passenger and cargo volumes. In the southern region, once Long Thanh Airport becomes operational, it is expected to function as an international transshipment hub and large-scale cargo center, allowing Tan Son Nhat to focus more on domestic passenger service and inner-city business travelers, improving overall utilization and service quality.

Gia Bình Airport positioned as a northern counterpart

MBS expects Gia Bình to emerge as the northern equivalent of Long Thanh. With a clear airspace footprint and available land, Gia Bình is viewed as a strategic division of roles: it would serve as a base for next-generation aviation logistics and VIP passenger flows linked to high-tech industrial zones, while Noi Bai would focus on serving the general public.

This arrangement is expected to ease slot constraints for airlines and create new business opportunities for ground handling and retail services under modern 5-star standards.

Investment, design and capacity targets

Gia Bình International Airport, located in Bac Ninh, is described as a strategic link in the national aviation infrastructure plan. The project has a total investment of over VND 196 trillion, led by Masterise Group (80%) and Gelex Infrastructure (20%). The airport is designed with four runways at the 4F standard.

Capacity is expected to reach about 30 million passengers per year and 1.6 million tons of cargo per year in Phase I by 2030. By 2050, capacity could rise to approximately 50 million passengers per year and 2.5 million tons of cargo per year.

Construction progress and supporting infrastructure

The establishment of Gia Bình is presented as a long-term solution to bolster capacity and relieve pressure on Noi Bai. The airport is currently in the final stretch of construction to meet the needs of welcoming APEX 2027 delegates, under close government supervision.

• The VIP terminal podium has begun underground works and is expected to achieve structural completion by mid-April 2026.
• Contractors are also focusing on ground improvement for taxiways, runways, and apron areas, with main construction expected to begin in Q3 2026.

In addition, the road connecting the airport to Hanoi has been approved to proceed as an emergency project to ensure infrastructure alignment.

Expected impact on northern aviation structure

MBS expects that after completing Phase 1 and Phase 1.2 (with commercial operations targeted for mid-2028), Gia Bình will change the region’s aviation structure in the north. The expected outcomes include improved service quality and efficiency.

MBS also identifies TCB, KBC, CTD, and HVN as clear beneficiaries of Gia Bình’s construction and operations.

Potential beneficiaries and projected effects

TCB: credit growth and portfolio diversification

For TCB, the airport’s construction is expected to support credit growth and related ecosystem activity. MBS notes that TCB’s long-term strategy is to reduce the share of real estate development lending to 20-25% of total exposures.

With total loan financing for Gia Bình across both phases projected at about VND 167,000 billion, TCB is anticipated to fund a large portion of the project, generating substantial net interest income and accelerating diversification of its loan portfolio. MBS also suggests that if Masterise completes Gia Bình on time, it could enable participation in large BOT projects, which may further support diversification of Masterise’s real estate portfolio in line with TCB’s broader real estate exposure goals.

KBC: land and occupancy upside

For KBC, MBS highlights that finished land in northern industrial park hubs across Bac Ninh, Bac Giang, and Thai Nguyen accounts for about 32% of the company’s total land bank. The infrastructure advantage from Gia Bình is expected to help KBC increase occupancy at key projects and support a higher land lease rate.

CTD: backlog contribution

CTD is expected to benefit from participation in the Gia Bình consortium. Drawing on experience from major projects including Phu Quoc and Long Thành airports, CTD can undertake technical infrastructure, terminal systems, and MEP packages at Gia Bình.

MBS estimates the project could contribute approximately VND 5,000-7,000 billion to backlog, representing around 10% of CTD’s total backlog.

HVN: VIP traffic and margin support

Finally, HVN is anticipated to profit as Gia Bình is positioned as a dedicated base for VIP traffic. With a clear separation of VIP passengers, HVN is expected to optimize revenue per seat through five-star ground services and a modern business lounge system.

MBS estimates that once the project is operational, HVN could add around 6.9% more capacity, supporting gross margins and strengthening long-term competitiveness.

Source: MBS