Singapore's Changi to Invest in Central Airport

's state-owned Changi Airports International February 26 inked a memorandum of understanding with the Central Aviation Authority (CAA) to invest in and operate Phu Bai International Airport in Thua Thien-Hue province, state media said.

The signing ceremony, with the participation of ’s Prime Minister S.R.Nathan on his visit to , marked a foreign company’s first project to invest in a Vietnamese airport, said Director of the CAA, Hoang Thanh said.

Thanh, however, added that the project’s investment capital and other details have not yet been made available at the moment.

Changi’s Genearl Managing Director, Chow Kok Fong, said the investment is expected to bring Phu Bai Airport ’s passengers up three times in the five years to come, from just 500,000 passengers per year at present.

Changi has involved in developing 40 airports worldwide with a total investment capital of some US$3 billion, the director said; noting that his firm is now eying airports in emerging countries and is seen as a promising destination.

Located at the center of tourism Hue city, ’s fourth international airport of Phu Bai is aimed to be a gateway to attract businesspeople and visitors to the central region.

, which forecast air passenger traffic to more than double to 32.4 million people by 2020 from 14.5 million a year now, has been opening up its aviation sector to foreign investment after joining the World Trade Organization last year.

The country, now home to 22 airports, needs around US$15 billion to develop aviation industry from now to 2020.

It accommodates some 40 airlines, including 36 foreign ones, said the Civil Aviation Authority of Vietnam.