AirAsia is finally establishing a base in Vietnam through a joint venture with VietJet Air, four years after announcing plans to enter one of Southeast Asia's most talked-about aviation markets.
Under the terms of the agreement, the Malaysian low-cost carrier has taken a 30% stake in Vietnamese upstart VietJet for Vnd180 billion $9.5 million through its wholly owned subsidiary AA International. Sovico Holdings, a diversified Vietnamese conglomerate with finance, power generation and real estate businesses, owns 51% and Sovico's chairman, Nguyen Thanh Hung, owns 19%. The new joint venture airline was approved by local regulators on February 9 and will be called VietJet AirAsia.
According to filings with Bursa Malaysia,...
¬ Haymarket Media Limited. All rights reserved.
