The investment marks the launch of a broader platform strategy in Vietnam’s transport and logistics sector by A.P. Moller Capital
A.P. Moller Capital, the global institutional fund manager focused on critical infrastructure, has announced a strategic investment and partnership with ALS Cargo Terminal (ALSC) at Hanoi’s Noi Bai International Airport. The deal, executed through the firm’s Emerging Markets Infrastructure Fund II, marks its entry into Vietnam’s high-growth air cargo sector and signals the launch of a broader platform strategy in transport and logistics, developed in partnership with VinaCapital, one of Vietnam’s leading investment management firms.
Strengthening Vietnam’s Air Freight Backbone
ALSC is a leading air cargo handling operator at Noi Bai International Airport, serving top-tier international airlines such as Korean Air, Emirates, and Cathay Pacific. The terminal currently manages up to 250,000 tonnes of cargo annually, with plans for expansion to meet rising volumes as Vietnam’s trade with global markets accelerates.
The investment positions ALSC to play a pivotal role in supporting Vietnam’s economic growth by bolstering logistics capabilities at one of the country’s busiest aviation gateways.
Part of a Larger Regional Strategy
For A.P. Moller Capital, this marks the third investment in South and Southeast Asia from its Emerging Markets Fund II, which is targeting half of its deployment in the region. It also represents the company’s second investment in the air cargo sector and its first in Vietnam’s transport and logistics industry.
Drawing on over 120 years of the A.P. Moller Group’s industrial heritage, the fund has developed a strong track record in building successful transport and infrastructure platforms across high-growth markets. The move builds on the fund’s earlier investments in Vietnam through its renewables platform, Verdant Energy.
“Gaining access to this sector requires trust, local partnerships and a proven ability to deliver,” said Jens Thomassen, Partner at A.P. Moller Capital. “We are now focused on unlocking ALS Cargo Terminal’s potential through automation and process optimisation, strategic expansion, pricing and contract enhancements, and a strong focus on sustainability and ESG initiatives – what we call doing well by doing good.”
A Partnership Rooted in Growth and Sustainability
The collaboration with VinaCapital underscores the strength of combining international expertise with local market knowledge. With over 20 years of investment experience across all major asset classes and more than 200 professionals in Ho Chi Minh City, Hanoi, and Singapore, VinaCapital brings deep insights into Vietnam’s fast-evolving economy.
“The improvement of infrastructure and logistics in Vietnam is critical to sustaining robust economic growth,” said Don Lam, CEO and Founding Partner of VinaCapital. “We are pleased that the inaugural investment of our partnership with A.P. Moller Capital is in ALSC, a leader in air freight logistics at Noi Bai. We look forward to working with the management team to build on their success.”
Building on ALS’s Legacy
For Aviation Logistics Corporation (ALS), which founded ALS Cargo Terminal, the partnership opens the door to significant growth opportunities.
“We welcome the investment from A.P. Moller Capital and VinaCapital, who offer not just capital but a combination of global expertise, local knowledge, and best practices, especially around ESG,” said Phung Tien Toan, Founder of ALS. “This partnership will enable ALS and ALSC to expand further, strengthen our position at Noi Bai, and play a leading role in Vietnam’s logistics growth.”
Looking Ahead
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be finalized by the end of the third quarter of 2025.
With Vietnam emerging as one of Asia’s fastest-growing trade and manufacturing hubs, the investment in ALSC reflects both A.P. Moller Capital’s long-term confidence in Vietnam’s economy and the rising strategic importance of air cargo in global supply chains.
