Air Mekong is seeking government approval to sell 30 percent stake to US airline SkyWest Inc.
On Friday, the Vietnam Economic Times reported that the local air carrier has submitted a plan to the Ministry of Transport regarding the sale of 8,571,000 shares.
Air Mekong, which launched its first flight last October, said the sale would help the enterprise resolve its techonogical and human resource problems.
The sale will not require changes in Air Mekong's brandname and top-level management.
The news report did not say how much SkyWest would pay for the stake. However, last August, the Wall Street Journal reported that SkyWest planned to pay US$7 million for a 30 percent stake in Air Mekong, the maximum foreign holding allowed by Vietnamese law.
Air Mekong plans to add 10 new planes to its fleet this year.