Vietnamese conglomerate T&T Group becomes strategic shareholder of Vietravel Airlines

T&T SuperPort, T&T Airlines, and BVIM Fund Management JSC, all part of the T&T Group ecosystem, have become strategic shareholders of Vietravel Airlines, a member of travel service provider Vietravel Group.

The sides signed a share transfer agreement in Hanoi on Thursday.

T&T SuperPort and T&T Airlines are subsidiaries of T&T Group, while BVIM Fund Management is led by Do Quang Vinh, son of Do Quang Hien, executive chairman of T&T Group.

The current shareholders of Vietravel Airlines include Vietravel Group, Vietnam Travel and Transport Marketing JSC (Vietravel), T&T Airlines, T&T SuperPort, and BVIM Fund Management. In addition, there are two individual shareholders, namely Tran Doan The Duy and Doan Hai Dang.

Nguyen Quoc Ky, chairman of Vietravel Airlines, stated that with the participation of new strategic shareholders, the airline has an opportunity to increase its competitive advantage, expand its flight network, and improve service quality.

The share transfers also mark an important step in realizing the investment and development plan of the airline.

According to T&T Group chairman Hien, this is a significant milestone for the group’s companies in their new development phase. “The collaboration will not only provide strong resources and new opportunities for Vietravel Airlines to enhance its quality and competitiveness, but also stimulate the growth of the transportation, aviation, and tourism sectors,” he stressed.

Vietravel Airlines will become a key link in T&T Group's ongoing infrastructure, logistics, and aviation projects, he added.

The project to establish Vietravel Airlines was approved by the government with a total investment capital of VND700 billion ($27.6 million) in April 2020, with the main shareholder being Viettravel (holding 100% of the charter capital).

In November 2024, Vietravel Airlines was officially approved to increase its charter capital to VND1.3 trillion ($51.2 million).

After nearly four years of operation, Vietravel Airlines has successfully connected Vietnam’s two major centers, Hanoi and Ho Chi Minh City, to various tourist destinations both domestically and internationally, such as Danang, Da Lat, Quy Nhon, Nha Trang, Phu Quoc, Hue, and Thailand's Bangkok.

Since the Covid-19 pandemic, Vietravel Airlines had made several attempts to find new investors to secure additional resources for development, but these efforts were not successful. The airline's operations still faced challenges, with a fleet of just three aircraft.

Earlier in April, the airline reported its first-ever quarterly net profit of over VND10 billion ($393,763).