Vietstar Airlines is an aviation company funded by both the private sector and a military-owned company.
On Monday, July 22, the Civil Aviation Authority of Vietnam (CAAV) granted Vietstar Airlines an Aircraft Operator Certificate (AOC), allowing the company to operate aircraft for commercial purpose, Thanh Nien reports.
Besides becoming the newest addition to the growing number of airlines in Vietnam, Vietstar is also the first aviation company in Vietnam to get an AOC to operate private jets commercially. The two aircraft certified by the aviation authorities are the Embraer Legacy 600 and the Beechcraft King Air B300.
According to VnEconomy, when first established, Vietstar Airlines had registered capital of VND400 billion (US$17.6 million) with three main shareholders: Vietstar Airlines single-member LLC, with 67% of the shares; A41 Aircraft Repairing Company, which belongs to the military, holds 25% of the shares; and Vietstar Logistics, JSC holds 8% shares. In 2015, the company raised its registered capital to VND800 billion (US$34.33 million) in order to qualify for a license.
The CEO and legal representative of Vietstar Airlines is Pham Trinh Phuong. In its first year of operation, the company expects to serve 500,000 passengers and 32,000 tons of cargo, VnExpress reports, though it does not currently operate any planes.
[Photo via Zing]
