In a resolution issued on November 21, the Board of Directors of VTR approved the divestment of its entire stake in Vietravel Airlines Joint Stock Company (Vietravel Airlines) by the end of 2025. Currently, Vietravel holds over 18.46 million shares in the airline.
According to the resolution, the transaction value is less than 10% of VTR‘s total assets. As of the end of Q3 2025, the company’s total assets exceeded VND 3,130 billion.
Following VTR‘s withdrawal, Vietravel Airlines’ shareholder structure will include Vietravel Group, T&T Airlines, T&T SuperPort, BVIM Fund, and other individual shareholders.
This move is seen as the next step in VTR‘s strategy to exit Vietravel Airlines, a process that began in late 2024 when it transferred shares to T&T Group.
While the number of shares transferred remains undisclosed, control appears to have shifted to T&T. Mr. Đỗ Vinh Quang was appointed Chairman of Vietravel Airlines, and at the annual shareholders’ meeting, T&T representatives were prominently seated at the main table.
Vietravel Airlines Chairman Đỗ Vinh Quang (far right) and SHB Vice Chairman Đỗ Quang Vinh (far left) at the 2025 Annual General Meeting. Photo: Vietravel Airlines
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Is AirAsia in the Picture?
It remains unclear who will acquire the shares this time. However, the announcement follows reports that low-cost carrier AirAsia is in negotiations to purchase a stake in Vietravel Airlines.
In late October 2025, sources revealed that AirAsia, led by CEO Tony Fernandes, is taking strategic steps to expand its presence in Vietnam’s rapidly growing aviation market.
“Acquiring a stake in Vietravel Airlines would enable AirAsia to grow its market share in Vietnam. The partnership would significantly enhance regional transport capacity, offering travelers more options and better connectivity,” an aviation industry source stated.
CEO Tony Fernandes has repeatedly expressed his interest in entering the Vietnamese market. He believes Vietnam’s geographic location and economic landscape—particularly its fast-growing middle class, price sensitivity, and high travel demand—make it an ideal market for AirAsia.
With projected growth of 6-7% annually until 2030, Vietnam’s aviation market is among the fastest-growing in Southeast Asia.
– 3:42 PM, November 24, 2025
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