A.P. Moller Capital, through its Emerging Markets Infrastructure Fund II, has invested in ALS Cargo Terminal ( ALSC ) in Hanoi, marking its entry into Vietnam’s high-growth air cargo market.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of September. Financial terms of the deal were not disclosed.

The investment marks the launch of A.P. Moller Capital’s broader strategy in Vietnam’s transport and logistics sector in partnership with VinaCapital, one of the country’s largest investment management companies, through its logistics platform LogiVest Ltd.

“It represents a significant opportunity to capitalize on Vietnam’s rapidly growing trade with international markets and reflects A.P. Moller Capital’s strong conviction in the country’s long-term economic fundamentals,” the Copenhagen-based global fund manager says.

Strong market position

ALSC is an air cargo handling company operating at Noi Bai International Airport in Hanoi, with a strong market position and a reputation for high-quality service among major international airlines, including Korean Air, Emirates, and Cathay Pacific.

The terminal currently handles up to 250,000 tonnes of cargo annually, with plans to expand to meet growing demand.

“Gaining access to this sector requires trust, local partnerships, and a proven ability to deliver,” says A.P. Moller Capital partner Jens Thomassen. “We are now focused on unlocking ALS Cargo Terminal’s potential through automation and process optimization, strategic expansion, pricing and contract enhancements, and a strong focus on sustainability and ESG initiatives.”

The A.P. Moller Group has been active in Vietnam since 1923.

Ho Chi Minh City-headquartered VinaCapital is one of the largest investment managers in the Southeast Asian nation, with over 20 years of investing experience across all major asset classes. This is the first investment the firm has made as part of its logistics platform in partnership with A.P. Moller Capital.

Don Lam, CEO and founding partner of VinaCapital, comments: “The improvement of infrastructure and logistics in Vietnam is critical to continued robust economic growth… We look forward to working with the ALSC management team, which has built an exceptional business, and helping them take the company to even greater success.”