Vietnamese travel company Vietravel to exit Vietravel Airlines amid conjecture of AirAsia investment talks

Vietravel established Vietravel Airlines, which took off on its inaugural flight in early 2021.

The divestment decision was formalized in a board resolution dated November 21, under which Vietravel will sell over 18.46 million shares it currently holds in Vietravel Airlines.

The transaction’s value accounts for less than 10 percent of the company’s total assets, which had stood at VND3,130 billion (US$119 million) as of the end of the third quarter of 2025.

Following the divestment, the airline’s shareholder structure is expected to include T&T Airlines, T&T SuperPort, the BVIM Fund, and several individual investors.

This represents the next step in Vietravel’s gradual exit from the airline it originally founded.

In late 2024, Vietravel transferred its shares to T&T Group, effectively relinquishing control.

At the 2025 annual general shareholder meeting, a representative of T&T chaired the session, and Do Vinh Quang, son of group chairman Do Quang Hien, was elected chair of Vietravel Airlines.

AirAsia emerging as potential investor

Although the buyer has not been officially announced, multiple sources suggested that AirAsia is actively negotiating to invest in Vietravel Airlines.

In August, T&T Group met with Capital A, AirAsia’s parent company, to explore investment opportunities in an aviation and airport urban complex in the Southeast Quang Tri Economic Zone.

In late October, Bangkok Post reported that Tony Fernandes, CEO of Capital A, confirmed negotiations were in early stages but progressing very well, with only a few terms remaining before a memorandum of understanding could be signed.

Some aviation experts said that if the deal succeeds, AirAsia could quickly expand its presence in Vietnam.

Fernandes has repeatedly emphasized Vietnam as a strategic market due to its favorable geography, growing economy, and rising middle class.

However, the main challenge for AirAsia is not financial but legal, particularly foreign ownership limits and branding issues.

Current regulations allow foreign investors to hold a maximum 34 percent stake in a Vietnamese airline, with a potential increase to 49 percent in some cases.

Meanwhile, AirAsia’s strategic requirement has been at least 51 percent ownership and retention of the AirAsia brand.

Sources indicated AirAsia may initially acquire a smaller stake within legal limits, with terms subject to change.

AirAsia has not issued an official comment.

Vietravel Airlines stated it is negotiating with airlines and aircraft manufacturers to expand its fleet and network, but did not disclose details of any transactions.

AirAsia previously attempted to enter the Vietnamese market through a joint venture with Gumin Co. and Hai Au Aviation JSC in 2019, but eventually abandoned the plan.

Nevertheless, the low-cost carrier continues to view Vietnam as a target market thanks to increasing travel demand and its strategic gateway location.

Vietravel Airlines headquarters to be relocated to Hanoi

Vietravel Airlines will relocate its headquarters from Truong Son Street in Ho Chi Minh City to 172 Ngoc Khanh Street in Hanoi.

The move is scheduled from December 28 to January 4, 2026.

Internal sources said management has conducted employee feedback sessions and prepared support measures to minimize disruptions.

However, the airline acknowledged that some staff may not continue on account of personal reasons.