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VietJet Air Plans Regional Expansion
11th Jul 2013
After launching its Thai venture of its first local subsidiary recently, VietJet is aiming a similar joint venture in each of the three countries of Cambodia, Laos and Myanmar.
The Vietnam-based budget carrier is eyeing the three Southeast Asian countries to be the locations of its future expansion by setting up local subsidiary in each nation. The strategy is to build its business empire through a joint-venture with a local partner in each country.
The airline's Managing Director, Luu Duc Khanh, admitted recently to Bangkok Post that there is an ongoing discussion within the company on the possibilities of setting up joint ventures in those countries.
Furthermore, the airline is also eyeing China, Indonesia as well as Malaysia for their future expansion.
VietJet Air is the first privately-owned as well as the first budget carrier to be based in Vietnam. It was founded in 2007 but commenced operations only in 2011 flying to domestic routes across the country. It launched its first and only international service to Bangkok in early 2013 from its hub in Ho Chi Minh.
The budget carrier has just inked a deal with Thailand's Kan Air in a joint venture agreement to set up a local subsidiary, the Thai VietJet Air.
Myanmar would probably be the next country for the airline's second overseas venture as soon as Thai VietJet Air takes off the ground.
Without giving details as regards to the airline's potential investors in those countries, Mr. Khanh, however, disclosed that they are building up their fleet already in preparation to those future ventures. Recently, the airline has 8 A320 planes in its fleet but admitted that by next year, they will add another 20 aircraft.
The ASEAN Open Sky policy will soon take effect regionwide as the Asean Economic Community takes effect by 2015. By then, restrictions on all air routes within the 10-member economic bloc shall be removed.
Kan Air will have a controlling stake in the joint venture, owning 51% of the total shares while VietJet will take the remaining portion.
Thai VietJet Air will operate from its main hub in Bangkok's Suvarnabhumi Airport, initially to popular destinations across Thailand such as Phuket, Chiang Mai and Hat Yai using up to three A320 aircraft.
The young airline will probably fly to Myanmar as its first international destination out of Bangkok. It is also planning to fly to China for charter flights from its Bangkok hub to take advantage of the growing Chinese tourist market.
VietJet Air currently has 11 destinations in its network including its two Bangkok routes, from Hanoi and Ho Chi Minh.
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