No foreign shareholders have appeared at Vietravel Airlines

No foreign shareholders have appeared at Vietravel Airlines

The air transport business license has just been re-issued by the Ministry of Transport to Vietravel Airlines. All shareholders of this tourism airline are domestic legal entities.

Vietravel Airlines is operating 3 A321/A320 aircraft on some regular domestic routes and international charter flights.

The Minister of Transport has just signed Air Transport Business License No. 01/2024/GPKDVCHK for Vietnam Airlines Travel Joint Stock Company - Vietravel Airlines. This license replaces Air Transport Business License No. 02/2020/GPKDVCHK issued by the Ministry of Transport on October 29, 2020.

According to Air Transport Business License No. 01/2024/GPKDVCHK, Vietravel Airlines has a charter capital of VND 1,300 billion, including 4 shareholders who are domestic legal entities: Vietravel Group (holding 85.8% of charter capital); Vietnam Transport Marketing and Tourism Company - Vietravel (holding 13.7% of charter capital); Mr. Tran Doan The Duy (holding 0.25%) of charter capital and Mr. Doan Hai Dang (holding 13.7% of charter capital).

The company has two legal representatives (both Vietnamese nationals), Mr. Nguyen Quoc Ky, Chairman of the Board of Directors and Mr. Dao Duc Vu, General Director of Vietravel Airlines.

At the end of October 2024, the Civil Aviation Authority of Vietnam reported to the Ministry of Transport the results of the appraisal of the application for re-issuance of the Air Transport Business License for Vietravel Airlines after receiving the application through the electronic administrative procedure processing system.

Specifically, the State aviation management agency said that Vietravel Airlines' proposed changes in the Air Transport Business License No. 02/2020/GPKDVCHK issued on October 29, 2020 are appropriate, meeting the provisions of Decree No. 92/2016/ND-CP dated July 1, 2016 on conditional business lines in the field of civil aviation (Decree No. 92) and Decree No. 89/2019/ND-CP dated November 15, 2019 on amending and supplementing a number of articles of Decree No. 92 and Decree No. 30/2013/ND-CP dated April 8, 2013 on air transport business and general aviation activities (Decree No. 89).

It is known that the contents in License No. 02 that Vietravel Airlines proposed to change include: name and type of enterprise; charter capital and shareholders; adding 1 more legal representative; head office location, branches and representative offices.

Specifically, Vietravel Airlines increased its charter capital from VND700 billion to VND1,300 billion to ensure capital to meet production and business needs.

The Civil Aviation Authority of Vietnam said that this content has been recorded in the Business Registration Certificate of Vietravel Airlines. In addition, the conversion of the business type from a limited liability company to a joint stock company with the participation of new shareholders and the contributed capital has changed in the total capital scale of 1,300 billion VND of Vietravel.

According to Vietravel Airlines, the company has no foreign investors. All four shareholders (two companies and two individuals) contributing capital are businesses and individuals with business registration/Vietnamese nationality. For the two companies contributing capital, which are legal entities operating in the form of joint stock companies, the shareholder structure of these two companies is all Vietnamese organizations/individuals as major shareholders, with no foreign investors contributing capital accounting for more than 49%.

In which, Vietravel Group Joint Stock Company has major shareholders including: 3 individuals of Vietnamese nationality (Nguyen Quoc Ky holds 38.14%, Tran Doan The Duy holds 14.19%, Vo Quang Lien Kha holds 14.18%) and 1 organization which is a Vietnamese enterprise (Saigon International Travel and Tourism Services Company Limited holds 15.17%).

Vietnam Tourism and Transport Marketing Joint Stock Company - Vietravel has major shareholders including: 1 individual (Nguyen Quoc Ky holds 10.96%) and 3 organizations which are Vietnamese enterprises (Vietravel Group Joint Stock Company holds 14.29%, Hung Thinh Group Joint Stock Company holds 20.52%, VinaCapital Fund Management Joint Stock Company holds 9.77%).

Thus, the shareholder structure of Vietravel Airlines also ensures compliance with the provisions of Article 8 of Decree No. 92, amending and supplementing the provisions of Clause 5, Article 1 of Decree No. 89, related to the provisions on capital conditions in air transport business.

Another notable major change related to the Air Transport Business License for Vietravel Airlines is the name and type of business.

Specifically, Vietravel Airlines has converted its business model from a limited liability company to a joint stock company to mobilize social resources for company development, while also conforming to the model of the parent company which was converted to Vietravel Corporation.

The Civil Aviation Authority of Vietnam said that this content was recorded in the Certificate of Business Registration of Vietravel Airlines Joint Stock Company issued by the Department of Planning and Investment of Thua Thien Hue province in mid-September 2024.

It is known that when switching to a joint stock company model (with additional capital increase to 1,300 billion), Vietravel Airlines submitted a request to the Ministry of Planning and Investment to consider reporting to the Prime Minister for permission to adjust the name of the investor and investment capital to implement the Vietnam Travel Air Transport Project.

Specifically, this airline proposed to adjust the investor information from "Vietnam Travel Aviation Company Limited" to "Vietnam Travel Aviation Joint Stock Company"; adjust the scale of the investment project from "the number of aircraft in operation in the first year is 3 aircraft, gradually increasing to the 5th year operating 8 Airbus/Boeing aircraft or equivalent" to "the number of aircraft in operation in the first year is 3 aircraft, gradually increasing to 25 aircraft by 2025, to 50 aircraft by 2030 and after 2030 to be developed appropriately. The aircraft type is Airbus/Boeing or equivalent".

Based on the documents of Vietravel Airlines and the provisions of Clause 3, Article 41 of the Investment Law, in early July 2024, the Ministry of Planning and Investment issued Document No. 5343/KHĐT-GSTĐĐT notifying Vietravel Airlines about adjusting investor information and total project investment capital.

Accordingly, the Ministry of Planning and Investment affirmed that changing investor information and total investment capital does not change the scale of the investment project (project scale: number of aircraft operating up to 8 aircraft, Boeing and Airbus types) so it is not a case of having to carry out procedures for approving investment policy adjustment.

According to the Civil Aviation Authority of Vietnam, with the information stated in Document No. 5343/KHĐTGSTĐĐT and the Business Registration Certificate of Vietravel Airlines issued by the Department of Planning and Investment of Thua Thien Hue province, the change of name and business type of Vietravel Airlines is in accordance with the provisions of law.

Invested by Vietravel Group, Vietravel Airlines officially operated the first commercial flight connecting Ho Chi Minh City - Hanoi on January 25, 2021.

Vietravel Airlines is operating 2 A321s and 1 A320 on a number of domestic regular routes and international charter flights. By the end of October 2024, Vietravel Airlines transported 845,102 domestic passengers and 239,000 international passengers, ranking above the two airlines Pacific Airlines and VASCO.

Source: https://baodautu.vn/chua-xuat-hien-co-dong-nuoc-ngoai-tai-hang-bay-vietravel-airlines-d229673.html