Vietnam tourism, property groups push into aviation to build closed-loop travel ecosystems

The latest entrant is Crystal Bay Airlines, which was registered on November 6, 2025, with charter capital of VND300 billion (US$11.4 million), according to Vietnam's national business registry. 

The airline is backed by Crystal Bay Tourism Group, which holds a 94-percent stake and is led by founder Nguyen Duc Chi.

Unlike traditional commercial airlines competing on domestic routes, Crystal Bay Airlines is expected to focus on charter flights, a model closely aligned with the group's strength in inbound tourism, industry sources said.

Since 2022, Crystal Bay has operated charter services bringing visitors from Central Asia, including Kazakhstan and Uzbekistan, as well as from Taiwan, Australia, and India, to resort hubs such as Cam Ranh and Phu Quoc. 

Operating its own airline would allow the group to control transport capacity and scheduling rather than leasing aircraft from other carriers.

Industry analysts say charter operations offer a practical entry point for tourism groups, allowing them to package flights with accommodation and take international visitors directly to their resorts without relying on existing commercial networks.

Crystal Bay operates several large-scale five-star resorts, including Cam Ranh Riviera and Selectum Noa in Khanh Hoa Province, and is accelerating the development of projects such as SunBay Park and Rocko Bay Resort in the same province.

Sources familiar with the company say Crystal Bay Airlines is likely to retain charter flights as its core business model instead of launching scheduled commercial routes in its initial phase. 

The airline is still building its management and operational teams.

A growing trend

Crystal Bay is not alone in moving into aviation. 

Vietnam's property and infrastructure groups have increasingly sought a foothold in the sector as part of their broader ecosystem strategies.

Vietnamese real estate developer Masterise Group recently established Masterise Aviation Infrastructure Co Ltd with registered capital of VND29.3 trillion ($1.1 billion).

The company was assigned by Vietnam's National Assembly as the investor in the Gia Binh Airport project in northern Bac Ninh Province, which has total investment exceeding VND196 trillion ($7.5 billion).

The company will focus on aviation-related transport services.

Lotha Airlines has also emerged in southern Dong Nai Province with registered capital of VND10 billion ($380,600), underscoring a trend of new players seeking positions across the aviation value chain.

Aviation experts note that with registered capital of VND300 billion, Crystal Bay Airlines meets the minimum requirement to operate up to 10 aircraft, as per Vietnam's regulations. 

To become a full commercial airline, it would still need to complete licensing procedures and establish flight safety and technical systems.

With Vietnam's domestic airline market already highly competitive, charter-focused operations are seen as a lower-risk strategy. 

The model allows companies to secure international passenger flows for their resorts while limiting direct competition with established carriers.

Analysts say the launch of Crystal Bay Airlines highlights a broader shift, as tourism, property, and infrastructure groups race to build vertically integrated travel ecosystems spanning flights, airports, and destinations, reshaping competition in Vietnam's aviation market.