Vietnam conglomerate Vingroup has scrapped its plans to enter the country’s crowded aviation market.
It applied for an operator’s license last year but informed the ministry of transport that it no longer sees value in launching an airline.
Instead, it will focus on tech developments.
"We need to focus our resources on the development of technologies and industrial production, and therefore we have decided to withdraw," said Vingroup CEO Nguyen Viet Quang.
It feels the market will become saturated, especially with new upcoming aviation startups from Thien Minh Group and tour operator Vietravel adding to the five current airlines.
However, it will continue operating its VinAviation pilot academy.
Vingroup is made up of numerous subsidiaries across real estate and retail sectors and known for its Vinpearl theme parks and resorts.
It is the country’s largest listed company and worth an estimated $16 billion.
