When Armenia declared its independence from the Soviet Union in the 1990s, the considerable growth of cargo shipments resulted in the construction of a new cargo terminal in 1998, with modern technical equipment that can handle about 100,000 tonnes of cargo annually.
In 2001, a 30-year concession agreement for the management of operations at the airport was signed with Armenia International Airports CJSC, owned by Argentine company Corporation America, which is in turn owned by Armenian Argentine businessman Eduardo Eurnekian. As part of that agreement, Armenia International Airports CJSC committed itself to renovate and expand the airport in order for it to become a vital link for tourism and commerce between Asia and Europe, as well as to modernize its facilities and services.
As part of those commitments, renovation and expansion work began in 2004, culminating in the opening of a new international terminal on June 1, 2007, after 40 months of work. Another terminal opened on 16 September 2011.
In 2010, Zvartnots airport handled a total of 1,612,016 passengers and 9,783 aircraft movements, a respective 11.4% and 12.5% increase over the previous year's figures.
The airport able to accept any type of aircraft, including Airbus A380.
Currently, the airport's manager is Juan Pablo Guechigian.