Failing to shake hands with AirAsia, Thien Minh established a new airline

Mr. Tran Trong Kien, Chairman and CEO of Thien Minh Group, has just established Thien Minh Aviation JSC with charter capital of VND 1,000 billion.

Data on the National Business Registration Portal shows that Mr. Tran Trong Kien, Chairman of Thien Minh Group’s Board of Directors, stood out to establish Thien Minh Aviation Joint Stock Company on June 13.

This new airline company has chartered capital of up to VND 1,000 billion and its main business is air transport, its headquarter is located at 187 Ly Thuong Kiet, Hoi An City, Quang Nam Province.

In addition, Thien Minh Aviation Company also registered a number of business areas such as repair and maintenance of means of transport (except automobiles, motorcycles, motorcycles and other motor vehicles); Air freight and especially aircraft rentals.

In particular, the aircraft leasing business is an important industry code for newly established low-cost airlines, typically Vietjet Air and Bamboo Airways in Vietnam market. This is a mandatory industry code for companies who want to implement the strategy of “sale and lease back” (selling and subleasing) aircraft.

Mr. Tran Trong Kien, Chairman and CEO of Thien Minh Group and Thien Minh Aviation JSC.

Also according to the business registration certificate, Mr. Tran Trong Kien is both Chairman and CEO, and the largest shareholder of Thien Minh Aviation Company.

This company has 3 major shareholders, of which Mr. Tran Trong Kien contributes VND 600 billion, equivalent to 60% of the capital; Thien Minh Tourism Joint Stock Company contributes VND 300 billion, accounting for 30%; and Ms. Tran Hang Thu contributed 100 billion VND, equivalent to 10%.

Ms. Tran Hang Thu is also the Deputy General Director cum Chief Financial Officer at Thien Minh.

This airline company was established by Mr. Kien in the past April, Thien Minh Group and AirAsia have just terminated their cooperation in establishing a joint venture.

The charter capital of this newly established company is also equal to the expected capital of the airline joint venture of the two parties previously agreed at VND 1,000 billion (Vietnam owns 70%, AirAsia holds 30%).

In April, AirAsia issued a notice announcing the termination of cooperation with Thien Minh Group to establish a low-cost airline in Vietnam after more than a year of negotiations.

Mr. Tran Trong Kien then said that the reason why the two sides stopped cooperating was not finding a common voice in the agreements.

The charter capital of this newly established company is VND 1,000 billion

However, both AirAsia and Thien Minh Group have confirmed that they will still participate in the aviation market in their own way.

While AirAsia has not been able to find a way to enter the Vietnamese aviation market after 4 failures, Thien Minh Group has gone ahead by establishing a trillion-dollar aviation company.

In addition to the newly established Thien Minh Aviation Company, in the system of Thien Minh Group, there is also Hai Au Aviation Joint Stock Company, which was established in 2011, also operates air transport. However, the main activity of Hai Au is the type of hovercraft for tourism.

Currently, Vietravel Travel Company is also in the process of applying for a operating license for Vietravel Airlines with a charter capital of VND 300 billion.

Quang Thắng
* Source: zing News


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