Airports Corporation of Vietnam (ACV) issued an "unusual information disclosure" on 5/3, stating it received notice from the Investigation Police Agency of the Ministry of Public Security regarding the temporary detention of Phiet. He is accused of "violating bidding regulations causing particularly serious consequences" and taking money to help contractors secure contracts.

A similar notice was received for Nguyen Tien Viet, a Board member, Deputy General Director in charge of ACV's Executive Board, and Director of the Long Thanh International Airport Project Management Board.

ACV affirmed the accuracy of its disclosure and takes full legal responsibility for the information published.

Vu The Phiet. Photo: ACV

Phiet, 53 years old, holds a master's degree in business administration and has worked in Vietnamese aviation since 1995. His career includes roles such as Director of Noi Bai International Airport, Deputy General Director, and then General Director of ACV starting in August 2018.

He assumed the role of Chairman of the Board of Directors and Secretary of the Party Committee of ACV in September 2024. The General Director position at ACV has been vacant since then.

Upon taking office, Phiet pledged to implement approved business strategies and ensure national key projects, such as the Tan Son Nhat T3 passenger terminal and Long Thanh Airport, were completed according to legal regulations, on schedule, and with high quality.

Police officers at ACV headquarters at 58 Truong Son, Tan Son Hoa Ward, TP HCM, on the afternoon of 26/1. Photo: Quoc Thang

In response to these developments, ACV implemented personnel changes on 2/2. Nguyen Duc Hung, Deputy General Director, was appointed to oversee the executive board. Pham Thi Phuong, head of the accounting department within the finance and accounting division, was appointed chief accountant.

Most recently, ACV appointed Le Van Khien as its legal representative, replacing Chairman of the Board of Directors Vu The Phiet.

ACV has a charter capital exceeding 35,828 billion VND. The Ministry of Finance, representing State capital, holds 95,41%. The company's shares have been traded on the UPCoM exchange since November 2016. Its stock is currently trading around 56,000 VND, an increase of approximately 15% since the beginning of the year. The company has not yet released its financial report for the last quarter of 2025, despite a deadline of the end of January 2026.

ACV manages and operates 23 airports across the country, including 11 international airports. It is the investor for the Long Thanh International Airport project, a national key project with an estimated total investment of approximately 336,630 billion VND and spanning about 5,000 hectares. Phase one involves investing in two runways and one terminal designed to handle 25 million passengers. Some components of phase one were inaugurated last month and received their first flights. Commercial operations are anticipated to begin this June.