FLC Takes Over Bamboo Airways

On September 25th, Tre Viet Aviation Joint Stock Company (Bamboo Airways) held its second extraordinary meeting in Hanoi. The meeting took place at 265 Cau Giay Building, the former headquarters of Bamboo Airways under the investment of FLC Group.

During the meeting, Bamboo Airways’ Chairman of the Board of Directors, Le Thai Sam, stated that the airline’s restructuring plan over the past two years had not succeeded in meeting its initial goals.

Following fleet restructuring, Bamboo Airways now operates only 7 Airbus A320/A321 aircraft, serving 12 domestic routes. The airline has suspended regular international flights, maintaining only international charter services.

Previously, the airline operated a fleet of 30 aircraft, including wide-body, narrow-body, and regional jets, with a network covering 21 out of 22 domestic airports and 66 routes, including 15 regular international destinations.

Based on actual results, Mr. Le Thai Sam acknowledged that continuing to own, manage, and operate Bamboo Airways exceeds the financial and management capabilities of the investor group. Therefore, he proposed that FLC Group, the founding investor of Bamboo Airways, consider reassuming ownership, management, and operation of the airline.

Mr. Sam noted that after managing the company, the investor group realized that air transportation is a highly specialized industry. “Objective challenges have significantly impacted Bamboo Airways’ business results, beyond the control of shareholders and management,” he said.

After careful evaluation, FLC Group agreed to retake control of Bamboo Airways.

FLC Group established Bamboo Airways in mid-2017, and the airline launched its first commercial flight in early 2019. By May 2023, the airline separated from FLC Group after the latter transferred all its shares in the airline to Mr. Le Thai Sam.

Bamboo Airways’ extraordinary meeting on September 25th was held at 265 Cau Giay Building in Hanoi. Photo: Anh Tu

The Chairman of Bamboo Airways’ Board of Directors also reported to the shareholders’ meeting on the plan to transfer all shares held by the investor group, represented by Mr. Le Thai Sam, to FLC Group. Mr. Sam requested the shareholders’ meeting to direct the Board of Directors and management to support the necessary procedures, ensuring compliance with legal regulations.

Mr. Le Thai Sam will continue to support the company as Chairman of the Board of Directors and has committed to taking responsibility for Bamboo Airways’ performance during the restructuring phase.

Regarding his decision to remain with Bamboo Airways, Mr. Sam stated that it is a personal commitment and on behalf of former investors and advisors such as Doan Huu Doan and Duong Cong Minh. “We will take full responsibility for resolving outstanding issues and laying the foundation for the airline’s new development phase,” he said.

Mr. Sam joined Bamboo Airways in 2022 and quickly became its largest shareholder. He served as Chairman of the Board of Directors from July 2023 to February 2024 and later as Vice Chairman of the Board. In August 2025, he returned as Chairman of the airline.

At the meeting, Bamboo Airways’ shareholders’ meeting agreed to halt the 2024-2028 restructuring and business plan. Instead, FLC Group, in its role as the new operator of Bamboo Airways, will focus on developing a 2026-2030 growth plan for the airline.

The shareholders’ meeting also approved the establishment of risk provisions and a plan to definitively address all existing investments and loans of Bamboo Airways.

In terms of personnel, shareholders approved the resignation of two Board of Directors members, Vuong Cong Duc and Pham Ngoc. Three new members were elected: Truong Phuong Thanh, Bui Quang Dung, and Phung Thi Thu Thao. Thus, Bamboo Airways’ 2023-2028 Board of Directors will consist of six members.

For the Supervisory Board, the resignations of four members were approved, and three new members were elected: Dang Ngai, Tran Thi My Dung, and Nguyen Thi Thuy Linh.