According to the National Business Registration Portal, Crystal Bay Airlines Joint Stock Company was established on November 6, 2025, with a charter capital of 300 billion VND.
The founding shareholders include Crystal Bay Tourism Group Joint Stock Company, contributing 282 billion VND (94% of the charter capital), Mr. Nguyen Duc Chi with 15 billion VND (5%), and Mr. Bui Tuong Chi with 3 billion VND (1%).
Mr. Nguyen Duc Chi – Founder and Chairman of Crystal Bay Tourism Group
On the website of Crystal Bay Tourism Group, Mr. Bui Tuong Chi, CEO of Crystal Bay Airlines, stated that the airline does not compete in domestic routes or market share.
According to Mr. Bui Tuong Chi, Crystal Bay Airlines is designed as a commercial airline following the “all-inclusive” green tourism model, focusing on international tourists (inbound) to Vietnam. The core objective is to bring foreign revenue into Vietnam, promoting sustainable tourism growth and local economies.
“Unlike traditional airlines, Crystal Bay Airlines does not directly compete in domestic routes or market share. Instead, it strategically partners (code-share) with domestic airlines to expand connectivity, enabling international tourists to easily connect to all regions of Vietnam.”
Mr. Tuong Chi explained that this model creates a mutually beneficial ecosystem: Tourists enjoy seamless, all-inclusive experiences; domestic airlines increase connecting passenger volumes; and Vietnam gains more tourists and foreign currency.
“Crystal Bay Airlines focuses on its core strength: bringing international tourists to Vietnam through premium, cost-optimized green tourism packages,” added Mr. Tuong Chi.
Crystal Bay Tourism Group clarified that the launch of Crystal Bay Airlines (CBAir) is not spontaneous but a natural outcome of the long-term development of Crystal Bay Vietnam (CBV), an international tour operator within the Crystal Bay Group (CBG) ecosystem.
Crystal Bay Vietnam has organized All-Inclusive charter flights for years. However, as its scale expanded, the charter model’s reliance on airline partners began to show limitations.
Crystal Bay Airlines is designed as a natural upgrade to the All-Inclusive charter operations of Crystal Bay Vietnam. Instead of leasing flights, the airline enables seasonal capacity control, synchronized flight schedules with resort capacity and new tourism products, long-term benefit sharing with tour operator partners, and reduced risks of price fluctuations and underutilization.
Crystal Bay Airlines operates under a Hybrid – Leisure Airline model: seasonal charters, block seat distribution, and direct combo sales via the CBV ecosystem. The goal is not to be the largest airline but the most suitable for all-inclusive tourism.
While traditional airlines focus on ticket sales, optimizing revenue per route, and relying on individual and transit passengers, tourism airlines like Crystal Bay Airlines view flights as part of all-inclusive packages. Revenue comes from All-Inclusive combos: flights, accommodation, dining, and experiences. Routes are designed seasonally, prioritizing block seats for tour operators over retail sales.
Crystal Bay Airlines does not shift Crystal Bay Vietnam’s focus to aviation. Instead, it upgrades Crystal Bay Vietnam’s tour operator model to a higher value chain control level. Tour operations remain the core, supported by a specialized tourism airline.
Crystal Bay Tourism Group Joint Stock Company, established in 2016 by Mr. Nguyen Duc Chi, has a charter capital of over 2,659 billion VND.
Mr. Nguyen Duc Chi, from Nghe An, also studied and built a successful career in Russia, similar to several Vietnamese billionaires.
Headquartered in Nha Trang, Crystal Bay is a tourism investment and development group specializing in international tourism to Vietnam for years.
In 2022, Crystal Bay operated direct charter flights from Almaty (Kazakhstan) and Tashkent (Uzbekistan) to Cam Ranh. In 2023, the group launched charters from Taiwan (China) to Cam Ranh. In 2024, it operated charters from Australia, India, and former Soviet countries (Uzbekistan, Kazakhstan) to Phu Quoc, Cam Ranh, and from Taiwan, Mongolia to Cam Ranh, Phu Quoc.
Crystal Bay is developing and operating large-scale resort projects in central Vietnam, notably Cam Ranh Riviera Beach Resort & Spa on Bai Dai Beach.
In Ninh Thuan, the group is implementing Rocko Bay Resort, designed by NDA Group from France. Another project in Cam Ranh is Selectum Noa Resort, a 5-star beachfront resort.
In Phan Rang, SunBay Park Hotel & Resort integrates accommodation with 101 beach entertainment services.
Additionally, the group has the Peacock Marina Complex, featuring an 81-story twin tower with hotel, apartment, and waterfront villa zones.
Additionally, the group has the Peacock Marina Complex, featuring an 81-story twin tower with hotel, apartment, and waterfront villa zones.
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Crystal Bay Airlines boasts a robust founding shareholder structure. Crystal Bay Tourism Group Corporation leads with a substantial investment of VND 282 billion, representing 94% of the charter capital. Mr. Nguyen Duc Chi contributes VND 15 billion, holding a 5% stake, while Mr. Bui Tuong Chi completes the trio with a VND 3 billion investment, securing the remaining 1%.
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The Vietnamese aviation market is set to soar in 2026, buzzing with excitement as new players enter the arena. The latest addition, Crystal Bay Airlines, promises to shake things up, joining a dynamic landscape already brimming with competition and innovation.
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