Developer of Long Thanh, Vietnam’s largest airport, cuts nearly 1,400 employees in three…

Airports Corporation of Vietnam (ACV), which is developing Long Thanh International Airport, cut its workforce by 1,360 in the third quarter, bringing total staff reductions this year to nearly 3,700.

Its latest financial statements show that employee numbers fell from more than 10,800 at the beginning of the year to just over 7,110 at the end of September.

The company’s workforce shrank for a third straight quarter, helping reduce expenses.

Payments to employees amounted to more than VND2.63 trillion (US$101.92 million) in the first nine months, around 13% less than in the same period last year

The workforce changed significantly after ACV restructured its management. In its annual report published in April, the company said it now has 12 departments under its board of directors and executive management, down from 17.

Continuing to reorganize and streamline its structure was the first item ACV’s leadership listed among its corporate governance activities for this year.

ACV is the developer of Long Thanh International Airport project in southern Vietnam. By the end of September, construction costs for the project’s first phase totaled nearly VND44.13 trillion, up 29% from the start of the year.

The airport is expected to begin operations at 00:00 a.m. on Dec. 24, with about 366 flights per week, including 322 domestic flights.

In the first nine months, ACV recorded revenue of more than VND19.22 trillion, roughly unchanged from the same period last year.

The company reported pre-tax profit of nearly VND10.8 trillion for the period, a slight year-over-year decline but well above its full-year target.