Sun Group (SUN) to Break Ground on $152M Phan Thiet Airport Project April 27

Overview

Sun Group (SUN) is scheduled to break ground on the civil aviation component of the Phan Thiet Airport project on April 27, 2026. The project, with a total investment exceeding 3,800 billion VND, is a significant infrastructure undertaking for the group in Bình Thuận province, Vietnam’s largest province by area. This move advances Sun Group’s portfolio beyond its core tourism and real estate segments into large-scale transport infrastructure.

Key Facts

• Groundbreaking ceremony scheduled for the morning of April 27, 2026, at the end of the road into Phan Thiet Airport in Mũi Né ward.
• Total project investment is over 3,800 billion VND (approximately $152 million USD).
• Project area spans over 74 hectares, designed to meet 4E airport standards with an initial capacity for approximately 2 million passengers.
• Target operational commencement is set for 2027, as confirmed by Sun Group in a meeting with Lâm Đồng provincial leadership in mid-March.
• The investor, Công ty TNHH Cảng Hàng không Mặt Trời Phan Thiết (Sun Group Phan Thiet Airport Company Limited), was formally approved as the project investor on March 4, 2026.
• The feasibility study report has been submitted for appraisal, with formal appraisal results expected by April 21, 2026.
• The project is located in Bình Thuận province, an area that has previously experienced significant land price speculation.

What Happened

According to information from the Lâm Đồng Provincial Information Portal, a working session was held on April 16, 2026, chaired by Nguyễn Hồng Hải, Member of the Provincial Party Standing Committee and Vice Chairman of the Provincial People’s Committee, to prepare for the groundbreaking ceremony. The session reported that the project’s feasibility study has been submitted for appraisal in accordance with regulations. Relevant agencies, including those from the Ministry of National Defense, Ministry of Construction, Vietnam Airports Corporation, and the Provincial Department of Construction, have provided appraisal feedback. The consulting unit is urgently finalizing the basic design documents based on this feedback, with a formal appraisal result expected by April 21.

In mid-March, provincial leaders met with Sun Group to review project progress, where the group confirmed it had completed necessary procedures to start the civil aviation component. The company committed to putting the facility into operation in 2027. Prior to this, the Provincial People’s Committee had approved the investor selection results for this component. Sun Group confirmed on March 4 that its subsidiary, Sun Group Phan Thiet Airport Company Limited, was officially approved as the project investor.

Market Context

Sun Group (SUN) is listed on the HOSE exchange. The company is a major player in Vietnam’s tourism, entertainment, and real estate development sectors, with flagship projects like Sun World Ba Na Hills and Sun World Fansipan Legend. This airport project marks a strategic diversification into transport infrastructure, a capital-intensive sector with long-term revenue streams. The announcement comes as the group continues to execute on large-scale developments, which typically influence investor sentiment regarding its future cash flow and asset base.

Strategic Significance

The Phan Thiet Airport project represents a strategic pivot for Sun Group into aviation infrastructure, which can create synergies with its existing tourism and real estate assets in the region. A functional airport would enhance accessibility to Sun Group’s developments in Bình Thuận and neighboring areas, potentially increasing property values and tourist inflows. Successfully delivering this project on schedule and budget could establish the group as a credible player in Vietnam’s infrastructure development, a sector receiving significant government attention and investment.

What to Watch

• Official issuance of the project’s feasibility study appraisal result by the competent agency, expected by April 21, 2026.
• Actual commencement of construction post the April 27 groundbreaking ceremony and subsequent quarterly progress updates.
• Financial disclosures related to project funding in Sun Group’s upcoming financial reports.
• Any updates on the environmental impact assessment consultation process mentioned in the article.
• Broader market and regulatory developments affecting Vietnam’s aviation and infrastructure sectors.