A.P. Moller Capital and VinaCapital lift Vietnam’s air cargo future
ALS Cargo Terminal at Hanoi’s Noi Bai Airport secures new investment to expand capacity and strengthen logistics in Vietnam.
A.P. Moller Capital, in partnership with VinaCapital, has announced an investment in and strategic partnership with ALS Cargo Terminal at Hanoi’s Noi Bai International Airport. The move marks A.P. Moller Capital’s entry into Vietnam’s fast-growing air cargo market and the launch of a wider platform strategy in the country’s transport and logistics sector.
ALS Cargo Terminal is a leading air cargo handling company in Vietnam, serving international airlines including Korean Air, Emirates and Cathay Pacific. The terminal handles up to 250,000 tonnes of cargo annually and has plans to expand as demand increases.
The investment is being made through A.P. Moller Capital’s Emerging Markets Infrastructure Fund II and represents its first step into Vietnam’s transport sector. It also builds on the fund’s existing investment in renewables in the country via Verdant Energy. ALSC is the third investment from the fund in South and Southeast Asia, where 50% of deployment is targeted.
A.P. Moller Capital, backed by more than 120 years of the A.P. Moller Group’s industrial heritage, has a strong record of building successful transport businesses worldwide. With its Singapore-based team, it continues to expand its footprint across South and Southeast Asia. The A.P. Moller Group itself has been active in Vietnam since 1923.
VinaCapital, one of Vietnam’s largest investment managers with over two decades of experience and more than 200 professionals, is making its first logistics platform investment in partnership with A.P. Moller Capital.
Commenting on the deal, Jens Thomassen, Partner at A.P. Moller Capital, said the partnership would unlock ALS Cargo Terminal’s potential through automation, process optimisation, expansion, and a strong focus on sustainability. Don Lam, CEO and Founding Partner of VinaCapital, highlighted the importance of logistics infrastructure to Vietnam’s continued growth, while ALS founder Phung Tien Toan welcomed the investment as a boost to the company’s long-term position at Noi Bai.
The transaction remains subject to regulatory approvals and is expected to close by the end of the third quarter of 2025.
