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  • FLC uses Bamboo Airways shares as collateral

    FLC uses Bamboo Airways shares as collateral

    Property developer FLC will use nearly 155 million Bamboo Airways shares as collaterals for loans from lender OCB, repeating a decision it made three years ago.

    The company will also use golf project FLC Quang Binh Golf Links as collateral for the loans from the same bank.

    FLC used a total of nearly 155 million Bamboo Airways shares as collateral for OCB loans five times in 2020.

    The developer has invested VND4.02 trillion in the carrier for a 21.7% stake. It is set to sell the stake, partially or fully, to a buyer who has yet to be revealed.

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  • Bamboo Airways unveils mystery buyer

    Bamboo Airways unveils mystery buyer

    Bamboo Airways has found a buyer who is also willing to help disgraced former chairman Trinh Van Quyet deal with the financial consequences of his alledged crime.

    A spokesperson said Thursday that the identity of the investor would be revealed later.

    The buyer has agreed to take over the airline’s entire debts and provide Quyet with the money he might have to pay as fines and indemnification for the stock manipulation which led to his arrest last year.

    Property developer FLC held a 51.24% stake in Bamboo Airways, and Quyet personally owned 40.03%. His 30.3% stake in FLC took his total ownership of the airline to 55.5%.

    Bamboo Airways said the sale of shares has been approved and supervised by authorities.

    The carrier now flies to 21 out of 22 airports in Vietnam and in April will add Ca Mau to its destinations.

    Internationally, it has been resuming services to Europe and Australia post-Covid.

  • Bamboo Airways establishes cargo carrier

    Bamboo Airways establishes cargo carrier

    Bamboo Airways has announced the founding of Bamboo Airways Cargo in an effort to develop a larger network of affiliates in Vietnam’s sparse aviation ecosystem.

    Hanoi-based Bamboo Airways Joint Stock Company (BAC) is launching with a charter capital of VND20 billion ($833,000), 75% of which has been contributed by Bamboo Airways, the carrier said Wednesday.

    The remainder belongs to three other individual shareholders.

    Bamboo Airways named its vice chairman Doan Huu Doan as chairman of the new BAC, while Bamboo Airways deputy general director Nguyen Khac Hai will be BAC’s new CEO.

    Bamboo Airways is present at 21 out of 22 airports in Vietnam, and at other major airports in the Asia-Pacific region and Europe.

    In September 2022, Vietravel Airlines said it would cooperate with HCMC-based Asean Cargo Gateway Joint Stock Company to launch an air cargo service, contributing 51% and 49% of the capital, respectively.

    Vietravel Airlines CEO Vu Duc Bien has noted that the region’s air cargo market lacks carriers and therefore carries immense untapped potential.

  • Bamboo Airways ex-chairman takes leading positions at TNG

    Bamboo Airways ex-chairman takes leading positions at TNG

    Three months after leaving Bamboo Airways, Dang Tat Thang has taken over as vice chairman and deputy CEO of conglomerate TNG Holdings.

    Thang will manage the external affairs of TNG Group and its various subsidiaries, and directly manage TNS and TNH, which have interests in investment, hotel management, trading, and services.

    Established in 1996, TNG Holdings has 11 subsidiaries with more than 3,000 employees that operate in real estate, trade services, hotels, energy, and banking and finance.

    Thang has a master’s degree in construction project management from Northumbria University in the UK.

    He has nearly 20 years’ experience in project management and investment at both local and foreign firms such as Compass Group UK & Ireland, Capital Land Singapore, FLC Group, and Bamboo Airways.

    In July, Thang, 41, who helped set up Bamboo, resigned as its chairman and general director citing personal reasons after eight years at the company. He also resigned as FLC vice chairman.

    He had taken over as vice chairman of FLC and Bamboo Airways after former chairman Trinh Van Quyet was a

  • Bamboo Airways’ 9-month loss exceeds last year’s total

    Bamboo Airways’ 9-month loss exceeds last year’s total

    Bamboo Airways posted a loss of VND3.54 trillion ($142.38 million) in the first nine months, exceeding the total loss it recorded last year by 54%.

    Its loss has been increasing this year, from VND691 billion in the first quarter to VND1.39 trillion in the second and almost VND1.45 trillion in the third, according to calculations from a financial report of FLC, which owns a 21.7% stake in the airline.

    Bamboo Airways went through major restructuring in the second and third quarter after its chairman was arrested in March for alleged stock manipulation.

    Nguyen Ngoc Trong, who has been with the airline since its establishment in 2018, became its chairman in August, while Nguyen Manh Quan, who joined the airline in 2020, took over the CEO chair from Dang Tat Thang.

    The airline in October moved its Ho Chi Minh City office from FLC’s building in District 3 to a Novaland building in District 1 after the property developer signed a strategic partnership with the airline.

    Bamboo Airways said in July that it planned to triple its fleet size to 100 by 2028. The airline at the time operated 29 jets, comprising 21 narrowbody aircraft, three Boeing B787s and five Embraer 190 regional aircraft, according to aviation data website Planespotters.

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  • Bamboo Airways appoints new chairman to drive international expansion

    Bamboo Airways appoints new chairman to drive international expansion

    Bamboo Airways on Saturday appointed Nguyen Ngoc Trong who has worked for the airline since the early days of establishment as its new chairman.

    Trong, 65, took the new position after his predecessor Dang Tat Thang resigned as chairman and general director.

    Trong served as the first deputy general director of Bamboo Airways from 2018.

    In April this year, he was appointed vice chairman after a series of senior leaders were arrested for allegedly manipulating the stock market.

    He has more than 40 years of working experience in the aviation industry and has held many senior management positions at major firms like Vietnam Airlines, Vietnam Airlines Engineering Company, Vietnam Air Petrol Company Limited and Noi Bai Airport Services JSC.

    Bamboo Airways currently operates nearly 170 flights a day on 40 domestic and 12 international routes.

    The carrier plans to continue launching new international services to tourism markets in Asia, Europe and Australia.

    It also plans to increase its fleet to 35 by the end of this year and triple its fleet size to 100 aircraft by 2028.

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  • Bamboo Airways appoints new general director after predecessor quits

    Bamboo Airways appoints new general director after predecessor quits

    Bamboo Airways appointed new general director Friday night after Dang Tat Thang, who helped set up the airline in the early days, resigned as its chairman and general director.

    Nguyen Manh Quan took the new position after having served as the carrier’s deputy general director.

    Quan joined Bamboo Airways in July 2020 and has 30 years of experience in aviation, service, and commerce. He used to work for the Ministry of Industry and Trade, Vietnam Airlines, Noi Bai Airport Services Company, and Vinpearl.

    Bamboo Airways said in a statement Friday: “The transition of the general director position is part of the work to consolidate the high-ranking management system to speed up the process of restructuring of and selecting strategic investors for FLC and Bamboo Airways.

    After leaders of property group FLC, the parent company of Bamboo Airways, got into legal trouble earlier this year, the airline has been in the process of looking for new investors to accompany and serve its future development needs.

    Thang said in his resignation letter that for some personal reasons, there were many things that he needs to sort out, therefore he could not arrange to continue his current positions. He also resigned as FLC’s vice chairman.

    Thang, 41, was appointed chairman of FLC and Bamboo Airways after former chairman Trinh Van Quyet was arrested at the end of March for allegedly manipulating the stock market.

    He served as FLC’s vice chairman from early this month after the group elected Le Ba Nguyen as its new chairman for until 2026 at an extraordinary shareholders’ meeting.

    Thang started working at FLC in 2014 as deputy general director, in charge of investment and project development. He was the leader of Bamboo Airways from the early days of its establishment in 2018.

    Under his management, Bamboo Airways has generated rapid development with a roster of 30 aircraft and became the first private airline in Vietnam to operate wide-body aircraft. After over three years, Bamboo Airways is operating nearly 60 domestic routes and 12 international routes, including routes to the U.K., Germany and Australia.

    In his most recent public appearance in July, Thang said that Bamboo Airways aims to increase its roster to 100 aircraft by 2028.

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  • Bamboo Airways to triple fleet size in 6 years

    Bamboo Airways to triple fleet size in 6 years

    Bamboo Airways plans to triple its fleet size to 100 by 2028, with new aircraft being delivered this quarter, despite major changes in its leadership.

    The airline is set to receive its 22nd narrowbody Airbus A321 jet and fourth widebody Boeing B7s87 this quarter, CEO and chairman Dang Tat Thang told shareholders at the recent extraordinary shareholders’ meeting of its parent company FLC.

    The airline currently has 29 jets, comprising 21 narrowbody aircraft, three Boeing B787s and five Embraer 190 regional aircraft, according to aviation data website Planespotters.

    Its competitors Vietnam Airlines operates 99 aircraft, and Vietjet 77. Thang became the new chairman of Bamboo Airways and FLC in March to replace Trinh Van Quyet who was arrested for alleged stock manipulation.

    The airline saw revenues rising 150 percent between the first and second quarter this year as travel resumed, Thang said. Bamboo Airways now operates nearly 200 flights a day on 60 domestic routes and 12 international routes, he added.

    It has recently increased pilot wages by 20 percent, he said.

    While FLC is set to experience a complete restructure this year, it will continue to expand Bamboo Airways’ operation both domestically and internationally, with the aim of making it a five-star airline of global standard, Thang said.

    “To achieve this goal, Bamboo Airways needs many new investors to increase its capital.”

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  • Bamboo Airways awarded best cabin crew, most improved airline in Asia

    Bamboo Airways awarded best cabin crew, most improved airline in Asia

    Bamboo Airways won the “Best Cabin Crew in Asia” and “Most Improved Airline in Asia” awards at the PAX Awards 2022 ceremony in Hamburg, Germany.

    PAX Awards 2022 was held on June 15 (Hanoi time) by the Canadian leading magazine covering cabin services industry PAX International.

    Truong Phuong Thanh, deputy general director of Bamboo Airways, said: “PAX Awards 2022 provides precious recognition by domestic and international customers and experts of Bamboo Airways’ efforts in upgrading service quality. We see this as a great motivation and encouragement to gear up our roadmap towards 5-star oriented services that we have determined to achieve since the earliest days.”

    PAX Awards is held annually by PAX International magazine based on online voting from around the world. PAX Awards is recognized among prestigious aviation awards honoring excellent service quality and development efforts of the world’s leading airlines and aviation service suppliers.

    This year’s ceremony was held within the framework of World Travel Catering and Onboard Services Expo – WTCE 2022 and Aircraft Interiors Expo – AIX 2022.

    At the previous PAX Awards ceremony, many prominent names in aviation including Qatar Airlines, Air Canada, Emirates Flight Catering… were honored for Outstanding Food Service by a Carrier, Airline Caterer of the year, Best Inflight Duty Free Program, Best Cabin Interior Experience and Best Lounge.

    Bamboo Airways has transported over 10 million passengers safely and led on-time performance across the Vietnamese aviation industry since its establishment.

    Adding to PAX awards, Bamboo Airways continues to grow its footprint in this key market with the launch of a second regular nonstop route to Germany from June 16, connecting Ho Chi Minh City and Frankfurt with one return flight per week.

    With this nonstop service, Bamboo Airways is showing determination in gearing up international network expansion in general and route operation to Europe like the U.K., Germany…in particular. The airline targets a network of 120 routes, including 40 international routes in 2022 to meet heavy travel demands after pandemic.

    The airline has been focusing on methodical training for cabin crew in 5-star service orientation. Bamboo Airways also constantly organizes many global events to recruit flight attendants, attracting a large number of potential candidates from many countries, thus adding qualified personnel and creating opportunities for passengers to experience 5-star oriented services.

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  • Bamboo Airways not affected by ex-chairman’s arrest

    Bamboo Airways not affected by ex-chairman’s arrest

    The Civil Aviation Authority of Vietnam says carrier Bamboo Airways is operating normally, unaffected by the recent arrest of its ex-chairman Trinh Van Quyet.

    The carrier’s key personnel, including pilots, cabin crew, and technical staff are complying with all regulations, it reported to the Ministry of Transport Thursday, after an emergency meeting with the airline’s management.

    The meeting happened a day after the arrest of real estate giant FLC and Bamboo Airways chairman Trinh Van Quyet for alleged manipulation of his company’s share prices by using 20 different trading accounts to create fake demand.

    Quyet is the largest shareholder of the airline, holding 55.5 percent of its charter capital, or VND3.89 trillion ($170.3 million). Bamboo Airways has a charter capital of VND7 trillion.

    The aviation authority also assured that in the case Quyet’s assets were frozen, the carrier would still operate normally operational, as it meets the government’s minimum capital requirement of VND700 billion.

    But it will keep a close watch on the carrier for the next three to six months to ensure safety and assess the impacts of Quyet’s arrest.

    “The Civil Aviation Authority of Vietnam will support Bamboo Airways when necessary to help the airline overcome current difficulties, and maintain development,” it said.

    On Thursday, FLC deputy chairman and Bamboo Airways’ general director Dang Tat Thang replaced Quyet as the airline’s new chairman until shareholders and the board of directors make a final decision.

    Thang continues to retain his position as general director.

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  • Bamboo Airways to be monitored for safety following chairman’s arrest

    Bamboo Airways to be monitored for safety following chairman’s arrest

    The Civil Aviation Authority of Vietnam said it would closely monitor Bamboo Airways for the next three to six months to ensure safety following the arrest of its chairman.

    Its aircraft maintenance and operations and training would be closely supervised, deputy head of the Civil Aviation Authority of Vietnam (CAAV), Ho Minh Tan, said at an emergency meeting with the airline’s management Wednesday.

    The meeting came a day after real estate giant FLC and Bamboo Airways chairman Trinh Van Quyet for alleged manipulation of his company’s share prices by using 20 different trading accounts to create fake demand.

    He had earned VND530 billion (US$23.19 million) in this manner between Dec. 1 and Jan. 10, investigators said.

    Deputy general director Nguyen Ngoc Trong said banks and financial institutions are committed to fulfilling all contracts they have signed with the carrier, which would in turn fulfill all its responsibilities and obligations. Bamboo Airways began flying in 2019.

    On Thursday, Dang Tat Thang was named the new chairman to replace Quyet until shareholders and the board of directors make a final decision. He also remains the general director.

  • Bamboo Airways signs $110-mln deal with European maintenance firm

    Bamboo Airways signs $110-mln deal with European maintenance firm

    Bamboo Airways has signed a EUR100-million ($110 million) contract with European aircraft maintenance firm Lufthansa Technik AG to service its airplanes.

    Lufthansa Technik would also supply materials for its Boeing 787 and Airbus A320 aircraft, the airline said in a statement.

    It also signed MoUs with two other European firms, AVIAREPS and Airbridge International Agencies for market expansion and cargo transport consultancy.

    One more, with Air France Industries KLM Engineering & Maintenance for engine maintenance, will be signed Thursday.

    The airline launched its first commercial flight between Hanoi and Frankfurt late last month, and plans to operate on the Hanoi-London route from March 22, it said.

  • Bamboo Airways set to list its stocks

    Bamboo Airways set to list its stocks

    Bamboo Airways plans to list on the Unlisted Public Company Market next quarter while preparing for an IPO in the U.S.

    Prices of the ticker BAV will be at least VND60,000 ($2.65), CEO Nguyen Khac Hai said in a statement Friday.

    UPCoM serves as a market to encourage companies to go public. Vietnam’s two main bourses are the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange.

    The company targets to raise $200 million by issuing shares on the New York Stock Exchange, giving the startup airline a market cap of $4 billion.

    The airline plans to begin regular services to the U.S. city of San Francisco from HCMC by the end of this year, with five return flights a week initially and later daily.

    It has been operating charter flights to the U.S. since the end of September.

    The airline also announced plans to fly to the U.K. this year with six flights a week from Hanoi and HCMC to London.

  • Bamboo Airways launches ‘historic’ direct Vietnam-US flight

    Bamboo Airways launches ‘historic’ direct Vietnam-US flight

    Bamboo Airways conducted its first direct flight from Vietnam to the U.S. Thursday night. The QH9149 flight, using the Boeing 787-9 Dreamliner aircraft, took off at 7:55 p.m. from Hanoi’s Noi Bai Airport for San Francisco.

    The flight, the first of 12 direct flights between Vietnam and the U.S. that Bamboo Airways has won approval from the Transportation Security Administration (TSA), is expected to take over 14 hours.

    The flight crew included four pilots, 14 flight attendants, and several technicians and ground controllers to perform necessary functions at the San Francisco Airport.

    Before the flight took off, a commemoration ceremony was held at the airline’s headquarters on Cau Giay Street the same day.

    Nguyen Manh Quan, deputy general director of Bamboo Airways, said the flight was a historic one, not just for Bamboo Airways also for Vietnam’s aviation industry itself.

    “We will once again affirm the capability for operation, safety, security and infrastructure for Vietnamese airlines and the entire Vietnamese aviation industry in general,” he said at the meeting.

    Nguyen Ngoc Trong, another deputy general director of Bamboo Airways, said the flight’s goals were to serve tourists in both Vietnam and the U.S., foster commercial, diplomatic and cultural exchanges, and to affirm the status of Bamboo Airways, considering that direct flight to the U.S. is among the hardest flight paths to achieve.

    “In the last two years, we’ve managed to see opportunities in developing flights not just within Vietnam, but also in Southeast Asia and Northeast Asia like Japan, Taiwan, and even reaching towards Europe and Australia. And now, to the U.S.,” he said.

    “By introducing direct flights to the U.S. at this moment in time, we’re showing that we are ready to operate commercial flights once the pandemic dies down to meet customers’ demands in both countries,” he added.

    Bamboo Airways had earlier announced plans to organize three direct flights to the U.S. each week, gradually increasing the frequency to 5-7 flights, and then to daily flights.

    Vietnam Airlines has conducted several direct U.S. flights for Covid-19 repatriation purposes. The national carrier said this week it is set to receive its final permit from U.S. authorities.

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  • Vietnam’s Bamboo Airways to sign $2 bln deal with GE for engines on Boeing jets

    Vietnam’s Bamboo Airways to sign $2 bln deal with GE for engines on Boeing jets

    Vietnam’s Bamboo Airways will sign a deal valued at nearly $2 billion with General Electric to purchase GEnx engines to power Boeing 787-9 Dreamliner aircraft, the airline said on Tuesday.

    The GEnx engines, due to be delivered in 2022, will be used on the airline’s wide-body Dreamliner fleet to operate planned non-stop routes between Vietnam and the United States, the company said.

    “This new signing agreement will be an important milestone for the airline to expand its transcontinental flight network, connecting Vietnam with medium- and long-range markets,” the statement said.

    The airline said it will open a representative office in the United States and sign agreements with San Francisco International Airport and Los Angeles International Airport this week, paving the way for its first test of a non-stop flight between the countries on Thursday.

    Bamboo said it aims to finalise procedures for non-stop commercial flights to the United Sates early next year, pending government approvals.

    Bamboo said it is also seeking to expand its international flight network and open more routes to Australia, the United Kingdom and Germany, using its Boeing 787-9 Dreamliner aircraft.

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