Three State-owned commercial banks will provide credits worth $1.8 billion for the component project 3 of the first phase of the Long Thanh International Airport project in southern Dong Nai province.

The credit contract was signed on June 1 between the Airports Corporation of Vietnam (ACV) – the investor of the project – and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and the Bank for Investment and Development of Vietnam (BIDV).

The signing ceremony was attended by Prime Minister Pham Minh Chinh.

The credit comprises $1 billion from Vietcombank, $450 million from VietinBank, and $350 million from BIDV.

Long Thanh International Airport project, which  has total investment of an estimated VND336.63 trillion ($13.71 billion), has been divided into three phases.

The first phase has total investment of nearly VND110 trillion ($4.48 billion), with construction of a passenger terminal and a runway getting underway since last August.

The terminal will be able to cater to 25 million passengers and handle 1.2 million tons of cargo a year.

The project is expected to create 200,000 jobs and contribute 0.98% to the GDP by 2030.

Addressing the signing ceremony, PM Chinh stressed the Long Thanh international airport project is significant to the socio-economic development of the southern key economic region, Vietnam’s aviation sector and the whole country’s development in the coming years.