VietJet Aviation Joint Stock Co., Vietnam's only privately owned airline, aims to double its domestic market share to 50 percent in three years, tapping rising demand for flights in the country of 90 million people.
VietJet is also looking at expanding regional operations with routes to Cambodia and South Korea after this year adding its first foreign flights from Ho Chi Minh City and Hanoi to Bangkok, management board member Cuong Viet Chu said this week.
VietJet is seeking to lure passengers from state-owned Vietnam Airlines Corp. and Jetstar Pacific Airlines Aviation Joint-Stock Co., a venture between the flag carrier and Jetstar of Australia. The Hanoi-based company is also considering an initial public offering to fund the expansion after becoming profitable this year, it has said previously.
To support growth, VietJet has agreed to buy 92 Airbus SAS A320-series aircraft in a deal worth $8.6 billion at list prices. That agreement may be turned into a firm order before the year's end, Chu said at the CAPA World Aviation Summit.
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