Vietnam Airlines officially establishes new airline

The new airline was established from Vietnam Air Services Company (VASCO) with a minimum charter capital of 300 billion VND and an expected fleet of less than 10 aircraft.

Vietnam Airlines Corporation has just announced the establishment of an airline based on the restructuring of Vietnam Air Services Company (VASCO).Vietnam Technological and Commercial Joint Stock Bank (Techcombank) was selected as a founding shareholder. This bank will provide financial support and ensure the restructuring and business operations of VASCO.

The new airline will continue to operate the ATR72 fleet.

Vietnam Airlines will hold 51% of the airline's charter capital, while Techcombank will own 49%. Vietnam Airlines will contribute capital with existing assets managed and operated by VASCO, along with ATR72 spare parts warehouse... Meanwhile, Techcombank will contribute capital with cash.

The airline's chairman will be held by a Techcombank representative. Meanwhile, the CEO position will be assigned from Vietnam Airlines.

In the first phase, the airline will continue to operate the ATR72 fleet, suitable for flights to localities and island districts that have not yet received jet aircraft such as Con Dao, Ca Mau, Rach Gia, Dien Bien...

The move comes as low-cost carrier VietJet Air is increasingly gaining market share in Vietnam. CAPA Centre for Aviation believes that the airline could surpass Vietnam Airlines to become the largest domestic carrier this year. Meanwhile, the International Air Transport Association (IATA) predicts that Vietnam will be among the world's top 10 fastest-growing aviation markets over the next two decades.

According to VNE