Bamboo Airways To Become Vietnam’s Next Private Carrier
 
Investvine, A Company of Inside Investor, Ltd.
Jun 12, 2017
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Vietnamese real estate, investment and business service conglomerate FLC Group, based in Hanoi, will launch a new domestic carrier called Bamboo Airways which could take off early next year. This would bring the total number of Vietnamese airlines in the country to five, together with flagship carrier Vietnam Airlines, its subsidiary Vietnam Air Services, as well as the biggest budget airline Vietjet and its competitor Jetstar Pacific.

FLC Group Chairman Trinh Van Quyet told Reuters that Bamboo Airways will lease “about seven” planes from Airbus and put them into operation in 2018. Later, more would be added to expand the network. Initially, the planes will be used to connect hotel, beach, casino and golf resorts operated by FLC Group in nine provinces of Vietnam and serve as air bridges to connect guests with international flights.

The financing for the aircraft lease, as well as funding for FLC Group’s latest and most anticipated project, a $2-billion holiday and entertainment resort complex including Vietnam’s first casino in northern Quang Ninh province on two islands in Ha Long Bay, could come from a stock exchange listing in Singapore for which the company is currently looking for cornerstone investors.

Other current projects are the FLC Garden City in Dai Mo in Hanoi with a total investment of $166.6 million, FLC Complex Pham Hung, also in Hanoi, $57.1 million and a golf course and resort complex at Sam Son beach in Thanh Hoa with an investment of $261.9 million, among others.

FLC Group is already listed on the Ho Chi Minh Stock Exchange since 2011, a listing that made the firm’s chairman Van Quyet the second dollar billionaire in Vietnam, competing with Vingroup CEO Phạm Nhat Vong at a net worth of around $2 billion.

Written by Arno Maierbrugger

 
 
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