Vietravel Airlines again requests to adjust the Air Transport Investment Project Vietnam Travel

There are two important contents that the young airline Vietravel Airlines would like to adjust in the investment policy of the Vietnam Travel Air Transport Project.

Vietravel Airlines is the 5th commercial airline in Vietnam.

The Ministry of Planning and Investment has just issued Official Dispatch No. 5343/BKHĐT – GSTĐĐT to Vietnam Travel Airlines Joint Stock Company (Vietravel Airlines) regarding the adjustment of the Vietnam Travel Air Transport Project.

According to the Ministry of Planning and Investment, in October 2022, Vietravel Airlines submitted a document requesting to adjust the investment policy of the Vietnam Travel Aviation Transport Project, including adjusting the investor information from "Vietnam Travel Aviation Company Limited" to "Vietnam Travel Aviation Joint Stock Company"; adjusting the scale of the investment project from "the number of aircraft operating in the first year is 3 aircraft, gradually increasing to the 5th year operating 8 Airbus/Boeing or equivalent aircraft" to "the number of aircraft operating in the first year is 3 aircraft, gradually increasing to 25 aircraft by 2025, to 50 aircraft by 2030 and after 2030 being developed appropriately. The aircraft type is Airbus/Boeing or equivalent".

In addition, Vietravel Airlines also requested to adjust the total investment capital from "total investment capital of the project of 700 billion VND, owner's equity accounts for 100% of investment capital" to "total investment capital of the project of 8,250 billion VND, in which the investor's contributed capital is 2,000 billion VND, the rest is mobilized capital and retained profits of the investor for reinvestment".

Based on the dossier for adjusting the investment policy of the above Project and synthesizing the appraisal opinions of relevant agencies, on July 4, 2023, the Ministry of Planning and Investment issued a document requesting Vietravel Airlines to explain, supplement and complete the dossier for requesting adjustment of the investment policy of the Project.

On November 29, 2023, Vietravel Airlines sent a document requesting an extension of the deadline for submitting additional explanation documents and completing the application for adjusting the Project's investment policy.

While waiting for additional explanation documents, at the end of June 2024, the Ministry of Planning and Investment received a document from Vietravel Airlines with a newly prepared project adjustment document. In this document, the contents that Vietravel Airlines requested to adjust the investment policy of the Vietnam Travel Air Transport Project were significantly reduced.

Specifically, Vietravel Airlines requests to adjust the investor information from: "Vietnam Travel Aviation Company Limited" to "Vietnam Travel Aviation Joint Stock Company" and adjust the total investment capital from "total investment capital of the project is 700 billion VND, owner's equity accounts for 100% of investment capital" to "total investment capital of the project is 1,300 billion VND, of which all is contributed capital of the Investor". These two contents do not essentially change the scale of the investment project.

According to the Ministry of Planning and Investment, based on the provisions of Clause 3, Article 41 of the Investment Law, the Project is not subject to procedures for approval of investment policy adjustment.

“Therefore, the Ministry of Planning and Investment will stop considering the application for adjustment of the investment policy of the Project, along with the document requesting adjustment of the investment project dated October 10, 2022 of Vietravel Airlines. The adjustment of the investment project is requested by the company to comply with the provisions of Clause 1, Article 41 of the Investment Law, Article 43 of Decree No. 131/2021/ND-CP dated March 26, 2021 of the Government detailing and guiding the implementation of a number of articles of the Investment Law and related laws,” said a representative of the Ministry of Planning and Investment.

Invested by the Tourism and Aviation Group - Vietravel Corporation, the airline officially operated the first commercial flight connecting Ho Chi Minh City - Hanoi on January 25, 2021.

Source: https://baodautu.vn/vietravel-airlines-lai-xin-dieu-chinh-du-an-dau-tu-van-tai-hang-khong-lu-hanh-viet-nam-d220049.html