Business

FLC to establish new airline, Viet Bamboo, with VND700 billion charter capital

June 01, 2017 | 02:56 PM GMT+7

Property developer FLC Group announced on Wednesday the establishment of Viet Bamboo Airlines, with charter capital of VND700 billion (US$31.2 million).

Property developer FLC Group announced on Wednesday the establishment of Viet Bamboo Airlines, with charter capital of VND700 billion (US$31.2 million). — Photo viettimes.vn

According to its management board’s resolution, FLC Group will set up a subsidiary named Viet Bamboo Airlines Company Limited to join the aviation sector.

FLC said its deputy general director Dang Tat Thang will represent its capital in the subsidiary, of which it holds 100 per cent.

With the charter capital, the company is eligible to participate into both local and foreign aviation markets. The current regulations stipulate the minimum charter capital are VND300 billion and VND700 billion to join the local and foreign aviation markets, respectively. The charter capital ensures the purchase of 10 aircrafts.

FLC’s representative said the company’s establishment is the initial step, as the sector requires many procedures, conditions and infrastructure developments.

The group’s resolution also said the company also registered to operate in the real estate, housing construction and other services sectors.

Deputy head of the Civil Aviation Authority of Viet Nam, Vo Huy Cuong said they have not received an application from FLC.

However, he said the country’s aviation market has been eventful recently. Viet Nam has four airlines--Vietnam Airlines, Jetstar Pacific, Vietjet Air and VASCO--under its restructure process through a joint venture between Vietnam Airlines and Techcombank.

Vietstar Airlines, with charter capital of VND800 billion, has not been given licences for its operation as it is waiting for Tan Son Nhat’s expansion despite it announced flight plan since the beginning of last year. 

US giant backs Vietnam’s bid to lead ASEAN gas trade

US giant backs Vietnam’s bid to lead ASEAN gas trade

Business -  1 week

With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Frasers Property, SPX Express sign deal for largest sorting centre in Southeast Asia

Business -  2 week

Scheduled for completion in 2027, the logistics facility will be the first of its kind in Vietnam significantly boosting parcel processing capacity up to 7 million parcels daily.

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Gamuda Land secures VND3,750 billion loan for Eaton Park project

Business -  3 week

Gamuda Land will use the loan to invest in a luxury real estate project in Ho Chi Minh City.

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

Business -  3 week

Amid global economic volatility, WHA Group has rapidly rolled out multiple expansion projects in Vietnam, signaling its strategic focus on the country.

Hai Phong Port unveils new deep-water terminals to meet growing trade demand

Hai Phong Port unveils new deep-water terminals to meet growing trade demand

Business -  4 week

Hai Phong Port JSC. has inaugurated international container terminals No. 3 and 4 at Lach Huyen, raising its throughput capacity to 3.5 million TEUs per year.

Hoang Huy Group to raise $79 million for Haiphong property projects

Hoang Huy Group to raise $79 million for Haiphong property projects

Business -  1 month

Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.