Vietnam’s Sun PhuQuoc Airways boosts capital to $505mn

Following the move, the airline’s ownership structure changed significantly, with the number of shareholders doubling to 10 from five.

Among the major shareholders, Lan Anh - Phu Quoc Co., Ltd. became the largest investor with a 19.5-percent stake.

Individual investors also hold sizable shares, including Nguyen Xuan Hau with 18.47 percent, Trinh Hai Dong with 15.96 percent, and Huynh Phan Hoang Nhat Thien with 14.82 percent.

Four Sun Group affiliates hold 4.95 percent each.

The capital spike comes as Sun PhuQuoc Airways accelerates its operational plans.

The airline currently operates a fleet of 10 aircraft and aims to expand to 25 planes by the end of 2026.

In addition to domestic routes connecting Phu Quoc, an island destination in southern Vietnam, with Hanoi, Ho Chi Minh City, and Da Nang, the carrier has expanded internationally with services to Taipei, Seoul, Hong Kong, and Singapore.

Its Phu Quoc-Singapore route is scheduled to launch on July 25.

Sun PhuQuoc Airways is one of several private carriers competing in Vietnam’s increasingly crowded aviation market, alongside Vietnam Airlines, Vietjet, Bamboo Airways, Vietravel Airlines, Vasco, and Pacific Airlines.

New entrants such as Masterise, LOTHA Airlines, and Crystal Bay Airlines are also preparing to join.

Experts cautioned that aviation requires heavy capital, long payback periods, and is vulnerable to fuel prices, exchange rates, aircraft leasing costs, and airport infrastructure capacity.

While capital injections can provide an initial boost, long-term success depends on operational efficiency, effective cost management, and consistently high seat occupancy rates.

Private airlines in Vietnam, including Vietjet, Bamboo Airways, Vietravel Airlines, and Sun PhuQuoc Airways, are currently racing to expand international networks, increase flight frequencies, and even propose investments in airport infrastructure projects.