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Thai VietJet Soon To Unfold its Wings
1st Jul 2013
The joint venture between Vietnam's VietJet Air and Thailand's Kan Air to set up a new airline is nearing a conclusion.
Kan Air's president and owner, Somphong Sooksanguan, disclosed recently that its firm, Kannithi Co. is holding a 51% majority stake in the joint venture. In accordance to the local aviation law of Thailand, the foreign partner of any joint venture, in this case, VietJet Aviation, is only permitted to hold a minority stake of up to 49%.
Christened Thai VietJet Air, the new budget carrier will become the first of three joint ventures between a local partner and a foreign investor. Soon Indonesia's Lion Air as well as Malaysia's AirAsia X will foray into the competitive domestic market.
Thai VietJet Air will have an initial registered capital of 200 million baht, a minimum requirement for a new airline as required by Thai law.
The airline is expected to start commercial operations by November this year with a couple of narrow-body twin-engine Airbus 320-200 initially in its fleet.
Thai VietJet Air is planning to make Suvarnabhumi Airport as its main hub with flights to domestic destinations in the country such as Chiang Mai and Phuket. Regional flights to popular destinations in neighboring Cambodia, Laos and Myanmar are also in the pipeline.
The local Thai subsidiary is essentially Mr. Somphong's expansion of his aviation-related enterprise. His Kan Air is also undergoing fleet expansion and he is also planning to build a small airport in an island known for its full-moon parties in the Gulf of Thailand.
In preparation to the young airline's maiden service in November, the local stakeholder, Kannithi Aviation Co. has assembled already a team of 30 flight attendants, eight cockpit crew and four aviation engineers.
VietJet Air is the youngest and the first privately-owned airline in Vietnam which was only founded in 2007 and commenced commercial domestic operations in December 2011.
In February this year, it launched its first international service to Bangkok from its hub in Ho Chi Minh and four months later, on June 1, it opened a second international route from Hanoi to Bangkok.
Currently, VietJet Air flies to 11 destinations across its network, one of which is overseas. It is also planning to open more international routes to regional destinations across Asia such as Japan, Malaysia, South Korea, Singapore and Taiwan.
The low-cost carrier recently took delivery of two new narrow-body A320 aircraft bringing the total to 8 planes in its fleet. In the coming years, eighteen more planes of this type will augment its fleet to support its expansion program.
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