A New Airline Takes Flight: Vietnam’s Seventh Carrier Presents a Golden Opportunity with a Whopping $2.5 Billion Investment

Prime Minister Approves the Establishment of Sun Phu Quoc Airways

The Prime Minister has signed and issued Decision No. 979/QD-TTg, officially approving the investment policy and recognizing the investor for the Sun Phu Quoc Airways airline project.

The investor of this project is Sun Phu Quoc Aviation Joint Stock Company, a member of Sun Group. The project is named “Sun Phu Quoc Airways – SPA”.

According to the approved plan, SPA is expected to have a total fleet size of 31 aircraft by 2030. The total investment capital for the project is VND 2,500 billion (equivalent to approximately USD 98.81 million).

SPA will be based at Van Don International Airport (Quang Ninh province), another BOT airport project owned by Sun Group. In addition, the airline will use Noi Bai, Tan Son Nhat, Long Thanh, Phu Quoc, Da Nang, Phu Cat, and Cam Ranh airports for overnight aircraft parking.

The project aims to establish a new airline with a primary business model of commercial passenger transportation, combining charter operations to serve tourists traveling to and from Vietnam’s and the world’s famous tourism and financial hubs, such as renowned island destinations and bustling commercial centers.

SPA is dedicated to bringing international travelers to the pearl island of Phu Quoc. Additionally, the new airline will make it easier and more convenient for Vietnamese nationals to visit Phu Quoc.

In the fourth quarter of 2025, SPA is expected to officially launch its first flights, connecting Phu Quoc with key economic and tourism hubs domestically and internationally.

Alongside Sun Phu Quoc Airways, Sun Group also operates Sun Air, a premium charter airline offering personalized private jet services for high-end travelers.

Vietnam currently has six commercial airlines in operation, including Vietnam Airlines, Vietjet Air, Bamboo Airways, Vietravel Airlines, Pacific Airlines, and Vasco.

A Series of Grand-Scale Projects in Phu Quoc

Phu Quoc is poised for a breakthrough with the presence of an airport, airlines, and a string of grand-scale projects, attracting international and domestic travelers to the pearl island.

On May 18, the Office of the People’s Committee of Kien Giang province announced that the Prime Minister had issued a decision assigning tasks to create favorable conditions and accelerate the implementation of projects serving the APEC 2027 conference in Phu Quoc City.

The Prime Minister agreed to support 70% of the investment capital from the central budget for public investment projects serving APEC 2027 in Phu Quoc, with Kien Giang province balancing the remaining 30% from the local budget. The centrally supported projects include:

– Freshwater lake project (Cua Can and Duong Dong lakes) with a total investment of nearly VND 4,000 billion, to be completed by June 2027.

– APEC Conference Center project on an area of 57 hectares, with a total investment of about VND 1,400 billion. The construction period is from May 2025 to June 2026.

– Urban railway line 1 (Phu Quoc Airport – APEC Conference Center – DT.973) with a length of over 20km, invested in the form of a public-private partnership (PPP), with a total investment of about VND 9,000 billion.

– Upgrading, expanding, and extending Provincial Road 975 with a length of about 20km and a width of 60m, with a total capital of about VND 2,500 billion.

– Urban beautification and digital transformation project for smart city development, with a total investment of over VND 1,400 billion.

The total investment capital for the above projects is estimated at over VND 20,100 billion (70% from the central budget and 30% from the local budget).

For the APEC Boulevard project (about 3km long and 68m wide), with a total investment of over VND 1,800 billion, the central budget will support 50%, and the remaining will be contributed by the local budget and investors.

The Prime Minister also allowed the application of special mechanisms for implementing projects serving APEC 2027, such as granting licenses for sea sand mining in Phu Quoc City to serve the construction of embankments and land filling for the APEC Conference Center and other functional areas.

Phu Quoc has attracted significant investment from large corporations like Vin Group and Sun Group in high-end tourism, entertainment, and real estate development, welcoming nearly 6 million domestic and international visitors and generating a total tourism revenue of over VND 21,000 billion in 2024.