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Vietnam Airlines shakes hands with local bank to form new carrier

Tuesday, March 08, 2016, 18:45 GMT+7

Vietnam’s national airline and a local bank have decided to establish a new carrier based on a current aviation firm.

Vietnam Airlines and Techcombank agreed on Monday to form a joint stock airline by restructuring Vietnam Air Services Company (Vasco), based in Tan Binh District, Ho Chi Minh City.

Le Hoang Dung, the national airline’s spokesperson, said the new carrier will be operated on a charter capital of at least VND300 billion (US$13.45 million).

The airline is expected to have 10 aircraft, he added.

Vietnam Airlines and Techcombank will be the founding shareholders of the new aviation firm.

The flag carrier will hold 51 percent of the charter capital in the form of Vasco’s properties while the lender will own the rest in cash.

Upon establishment, the company will possess the whole assets of Vasco, the two founders said.

Initially, the carrier will still use ATR72 airplanes for flights to airports that jet planes cannot access like those on Con Dao Islands off Ba Ria-Vung Tau Province, Rach Gia City in Kien Giang Province, Dien Bien Province, and more, Vietnam Airlines said.

In Vietnam, domestic carriers include Vietnam Airlines, Vietjet Air, Jetstar Pacific, and Vasco.

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