VASCO rebrands SkyViet
Vietnam’s Ministry of Transport has recently submitted a report to the Prime Minister on the establishment of SkyViet Aviation JSC through a restructuring of Vietnam Air Services Company (VASCO), an affiliate of the national flag carrier, Vietnam Airlines.
Vietnam Net Bridge media quoted Civil Aviation Authority of Vietnam head, Lai Xuan Thanh, saying the transition from VASCO to SkyViet required rebranding, but the SkyViet’s flight license and business permit were passed down from VASCO.
On 10 March, SkyViet Aviation JSC was granted a business registration certificate by the Ho Chi Minh City Department of Planning and Investment, allowing it to commence trading 1 April.
At the end of 2015, Vietnam Airlinesfiled an application for the approval of capital contributions to form a new airline under the rules of a joint stock company. It required the restructuring of VASCO with a minimum charter capital of USD13.5 million.
Vietnam Airlines will continue to hold 51% of the capital based on its existing assets in VASCO, and a warehouse that supplies ATR72-500 aircraft spare parts and ATR72 reserve engines.
Techcom Capital and Techcomdeveloper will also contribute capital to run the new airlines, with an equity ratio of 48% and 1%, respectively.
As an affiliate of Vietnam Airlines, VASCO operates an ATR72 fleet, providing air transport to airports incapable of larger aircraft such as Boeing 737s (Con Dao, Ca Mau, Dien Bien, and Kien Giang airports).
By Wanwisa Ngamsangchaikit - TTR Weekly - April 12, 2016