The investment includes a new Terminal 1, a cargo terminal and an expansion of the aircraft apron, ACV said during a meeting with local authorities on Monday.
The largest of the three projects, a new passenger terminal, will cost VND10.6 trillion (USD 404 million), add capacity for nine million passengers a year and raise the airport's total annual capacity to 11 million by 2030.
ACV also plans to build a 50,000-tonne-a-year cargo terminal and add 11 aircraft stands, bringing the total to 44, in projects worth a combined VND 1.36 trillion (USD 52 million). Both are due for completion in 2028.
Cam Ranh International Airport handled about 4.1 million passengers in the first half of 2026, including nearly 2.6 million international travellers. It is expected to serve 8.3 million passengers and handle more than 15,000 tonnes of cargo this year.
Under a government-approved master plan, the airport is designed to handle 19 million passengers and 50,000 tonnes of cargo annually by 2030, rising to 36 million passengers and 100,000 tonnes by 2050.
