On June 11th, the Government Office issued a document conveying the direction of Deputy Prime Minister Tran Hong Ha, agreeing to grant an Air Transport Business License to Sun PhuQuoc Airways – the investor of Sun PhuQuoc Airways airline project.
Accordingly, the Deputy Prime Minister agreed with the proposal of the Ministry of Construction regarding the licensing and requested the Ministry to be fully responsible for the content of the report and proposal, ensuring that the licensing complies with current legal regulations. The Ministry of Construction is also assigned to manage the enterprise’s civil aviation activities in a safe and effective manner.
Phu Quoc Airport illustration. Photo for illustrative purposes
Earlier, on June 5th, the Ministry of Construction reported to the Prime Minister about granting an Air Transport Business License to Sun PhuQuoc Airways, after considering the evaluation results of the Vietnam Aviation Authority.
The Prime Minister also issued Document No. 670/TTg-CN, officially agreeing with the proposal of the Ministry of Construction to allow the Ministry of Construction to grant an Air Transport Business License to Sun PhuQuoc Airways.
According to the Ministry of Construction, Sun PhuQuoc Airways has developed a plan to ensure the availability of aircraft for operation, meeting the requirements. The number and type of aircraft expected to be operated are suitable for the air transport business model.
In terms of business plan, Sun PhuQuoc Airways has evaluated and analyzed competitive factors to offer appropriate services and develop a new market segment. The goal is to establish itself as a traditional airline combined with a charter flight provider of high quality.
It is expected that the airline will commence operations with 3 aircraft in the fourth quarter of 2025 and expand its fleet to 31 aircraft by 2030. The total investment capital for the project is VND 2,500 billion (equivalent to approximately US$98.81 million), including a minimum capital of VND 1,000 billion to own aircraft in the first five years of operation.
The Potential of Vietnam’s Aviation Market
With an annual passenger growth rate of nearly 7%, Vietnam is poised to be one of the fastest-growing aviation markets in the world. IATA also forecasts that Vietnam will be the 5th fastest-growing aviation market globally, reaching 150 million passenger movements by 2035.
According to experts, Vietnam’s aviation market still has a lot of room for growth and strong recovery potential, especially the international market, which witnessed an impressive growth rate of 27.1% in 2024.
According to the Master Plan for the Development of the National Airport and Airfield System for the period of 2021-2030, with a vision towards 2050, Vietnam will have 15 international airports and 16 domestic airports by 2030. The Government prioritizes investing in several major airports that play a pivotal role, while also increasing the total design capacity of the airport system to approximately 294.5 million passengers.
Vietnamese aviation is growing strongly. Photo: Cafef
In 2025, the Aviation Authority reported that the total market volume for passenger transportation is expected to reach 84.2 million passengers (a 10% increase compared to 2024). Of this, domestic passengers are expected to reach 37 million (a 6% increase compared to 2024), while international passengers are projected to reach 47.2 million (a 14% increase compared to 2024).
Cargo transportation is estimated to reach 1.4 million tons (a 14% increase compared to 2024), including 249,000 tons of domestic cargo (a 9% increase compared to 2024) and 1.2 million tons of international cargo (a 14% increase compared to 2024).
In the first five months of this year, the total number of passengers passing through airports reached over 49 million, an increase of more than 10% compared to the same period in 2024. International passengers exceeded 19 million, an increase of more than 13%, while domestic passengers exceeded 30 million, but decreased by more than 8%.
Vietnamese airlines alone transported more than 23 million passengers. International passengers reached over 8 million, an increase of more than 9%, while domestic passengers exceeded 15 million, an increase of over 8%.
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