National carrier Vietnam Airlines and finance house Techcombank have agreed to form a joint venture for a new airline business.
The airline will be formed by restructuring existing carrier Vietnam Air Services Company (Vasco) which is based in Ho Chi Minh City.
Vietnam Airlines spokesman Le Hoang Dung said the business will have a capital injection of at least VND300 billion (US$13.45 million) and have an initial fleet size of 10 planes.
Vietnam Air will have a 51% share while Techcombank will control the remainder.
The company will likely continue to fly Vasco’s existing fleet of turboprops to destinations such as the Con Dao Islands, Vietnam Airlines said.
