New Joint Venture in Vietnam

AIRASIA Bhd is teaming up with Vietnam state-owned corporation Shipbuilding Industry Group (Vinashin) to establish its third affiliate low-cost-carrier (LCC) in the region – named Vina AirAsia.

To be based in Hanoi, chief executive officer Datuk Tony Fernandes said under this joint-venture deal, the airline will hold 30 per cent while its Vietnamese partner will hold the remaining 70 per cent stake in the new airline.

He said the new airline is set to commence operations within six to nine months and expects to build a fleet of nine aircraft over the next two years.

“The prospect for budget air travel in Vietnam is very promising. Aside from Vietnam, we are also planning two more joint ventures in the region. We will announce this in due course,” he added.

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