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Bamboo Airways doubles charter capital to US$56.7 million
Ngoc Thuy 13:22, 2018/07/14
The airline is expected to launch its first flight on October 10, according to its fanpage.
FLC Group gave its approval to nearly double the charter capital of its subsidiary Viet Bamboo Airlines, which operates Bamboo Airways, from VND700 billion (US$30.57 million) to VND1.3 trillion (US$56.7 million), the conglomerate said on its website on July 13.
 
Illustration photo.
Illustration photo.
The move is aimed to comply with Decree No.92, which stipulates conditional business sectors or activities in the civil aviation industry. 

Under the current legislation, for its previous charter capital of VND700 billion (US$30.57 million), Bamboo Airways is only allowed to operate up to 10 aircraft, while the airline can now increase that number to over 30 aircraft for charter capital of VND1.3 trillion (US$56.7 million). 

On July 9, Prime Minister Nguyen Xuan Phuc approved the Bamboo Airways investment project at Phu Cat Airport, Binh Dinh province with Viet Bamboo Airlines as project owner.

The airline is expected to launch its first flight on October 10, according to its fanpage. 

On June 26, FLC reached an agreement with Boeing to purchase 20 Boeing 787-9 Dreamliners for Bamboo Airways in a contract worth US$5.6 billion at current list prices, according to the group. 

As part of the agreement, Bamboo Airways completed the deposit requirement in mid-June for the 20 airplanes, which are tentatively schedule to deliver from April 2020 through 2021, Boeing said in a statement. 

In May, FLC signed a US$3-billion contract with Airbus to buy 24 A321neo aircraft, which are expected to be delivered to Bamboo Airlines in the agreed timeline in the 2022 - 2025 period. The airline also expected to rent an additional 10 aircraft for operation. 

At the annual general meeting on June 12, FLC Group Chairman Trinh Van Quyet stated the airlines positions itself similar to traditional carriers such as Vietnam Airlines, instead of being a budget airways. 

With regard to this aspect, CEO of Bamboo Airways Dang Tat Thang added that the carrier will offer attractive fares that are a little bit more expensive than those of budget carriers, but with "five-star" services. 

Bamboo Airways plans to provide direct international flights to destinations where FLC Group has resort facilities, such as Quy Nhon, Quang Ninh, Hai Phong, Phu Quoc, and Nha Trang, in addition to domestic flights connecting tourist spots in Vietnam.

Vietnam currently has four airlines, including national carrier Vietnam Airlines, budget operator Jetstar Pacific Airlines (partly owned by Vietnam Airlines), budget carrier Vietjet Aviation, and Vietnam Air Services (VASCO).
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