Vietnam Airlines Corp officially set up a new airline based on the restructuring of its subsidiary Vietnam Air Services Co (VASCO), the national carrier said in a press release on March 7.
Hanoi (VNA) – Vietnam Airlines Corp officially set up a n𒁃ew airlin𒅌e based on the restructuring of its subsidiary Vietnam Air Services Co (VASCO), the national carrier said in a press release on March 7.
The new airline will be named VASCO and has a minimum charter capital of 300 billion VND (13.43 million USD) and about 10 airplanes.
Vietnam Airlines will hold 51 percent of the venture, while the Vietnam Technological and Commercial Joint Stock Banks (Techcombank) will have a 49 percent stake.
As soon as the airline is established, Techcombank will make an initial investment of 147 billion VND, while Vietnam Airlines will provide aircraft and other assets worth about 157 billion VND.
Vietnam Airlines said the assets will be valued by the Vietnam Valuation and Finance Consultancy Jsc (VVFC) under the Ministry of Finance.
A representative from Techcombank will be appointed as VASCO’s chairman, while the Chief Executive Officer of VASCO will be from Vietnam Airlines.
In its first stages, VASCO will continue to operate ATR72 aircrafts on domestic routes not capable of handling jet airplanes, such as to Con Dao, Ca Mau, Rach Gia and Dien Bien.
The move comes as Vietnam Airlines continues to lose its domestic market share to the low-cost VietJet Aviation Joint Stock Co. Currently, Vietnam Airlines also holds 70 percent of stake in another low-cost carrier, Jetstar Pacific Airlines.
According to the International Air Transport Association, Vietnam is expected to become one of the world’s top 10 fastest growing aviation markets in the next two decades.-VNA
The national flag carrier, Vietnam Airlines (VNA), has announced that it will launch seven direct flights a week between Hanoi and Kuala Lumpur from June 16, raising the total number of flights from Hanoi to Malaysia to 21 every week.
Vietnam Airlines Corporation will hand flights between Hanoi- Dien Bien and Hanoi- Vinh over to the Vietnam Air Services Company (VASCO) from January 1, 2016.
Deputy Prime Minister Hoang Trung Hai requested Vietnam's aviation industry to create breakthroughs in building and upgrading airports in a bid to name it in the top four in ASEAN.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Illustrative photo (Source:VNA)
