Vietnam’s aviation sector outlook remains positive, supported by strong growth in tourism and large-scale infrastructure investment under the 2021–2030 master plan. Total passenger traffic reached 83.5 million in 2025 (+10.7% YoY) and is projected to approach 95 million in 2026, exceeding pre-pandemic levels. The government plans to invest approximately VND 400 trillion to expand airport capacity to 283 million passengers by 2030, led by key projects such as Long Thanh International Airport. Upstream operators, particularly ACV, are positioned as major beneficiaries of infrastructure expansion, while non-aeronautical service providers such as AST are expected to gain from rising international passenger volumes and higher tourist spending. Overall, the sector offers attractive medium-term investment opportunities across airport operations, airlines, and aviation-related services.