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Tag: FLC group

  • Former Bamboo Airways Chairman Barred from Leaving Vietnam over $1.7M Tax Debt

    Former Bamboo Airways Chairman Barred from Leaving Vietnam over $1.7M Tax Debt

    Vietnamese immigration authorities have barred former Bamboo Airways chairman Le Thai Sam from leaving the country over VND44.06 billion ($1.7 million) in unpaid corporate taxes.

    The restriction follows a formal request submitted on Sept. 3 by the tax department in Gia Lai province, where the airline accumulated the arrears. Officials confirmed the travel ban applies to Sam directly as the carrier’s beneficial owner.

    Under Vietnamese regulations, authorities define a beneficial owner as an individual who directly or indirectly controls at least 25 per cent of a company’s voting shares or charter capital. Provincial tax officers stated that the exit ban will remain in effect until Bamboo Airways settles the entire outstanding balance through the National Public Service Portal.

    Leadership Shifts and Ownership Transfers

    Sam joined the private carrier in 2022 and built up a controlling stake to become its largest individual shareholder. He took over as chairman from July 2023 to February 2024 before shifting to the role of standing vice chairman.

    A brief return to the chairmanship in August 2025 ended after about a month, when his investor consortium transferred the carrier back to property developer FLC Group. Sam stated at the time that the managerial and capital demands of running the airline had outstripped his group’s financial capacity, though he pledged to remain accountable for operations during the restructuring phase.

    Sam vacated the chairman role in mid-November 2025 while retaining his seat on the board of directors. He also remains general director and legal representative of Viet Bamboo Airways Cargo JSC and several related entities.

    Turbulence in Private Aviation

    Aviation operators across Southeast Asia continue to grapple with heavy debt loads and fleet restructuring following years of market volatility. Vietnamese tax regulators have increasingly turned to personal travel bans against corporate representatives to force prompt settlements on unpaid fiscal liabilities.

    FLC Group is working to stabilise Bamboo Airways’ domestic flight schedules as the carrier resolves legacy tax debts with provincial authorities.

  • FLC Group’s Bamboo Airways shares drops

    FLC Group’s Bamboo Airways shares drops

    After Bamboo Airways hiked charter capital to VND10.5 trillion ($458 million) in February, Vietnamese conglomerate FLC Group’s shares in the airline has reduced from 51.29 percent to 39.4 percent.

    The airline was founded in May 2017 with a total charter capital of VND700 billion. In less than four years, it has increased its charter capital five times.

    In February 2021, the airlines increased its charter capital for the fifth time to VND10.5 trillion, all of it contributed by private investors. With this adjustment, Bamboo Airways ranks second in terms of charter capital among six domestic airlines, only behind flag carrier Vietnam Airlines with VND14.2 trillion.

    In 2020, the airline reported a 34 percent year-on-year increase in pre-tax profits to VND400 billion. It was among the few airlines which made a profit during the pandemic year.

    It also had the best on-time performance in 2020, with an on-time performance rate of 96 percent. In the first two months of 2021, the rate has increased to 97 percent.

    Property developer FLC, which currently owns 39.4 percent stake of Bamboo Airways, posted VND421 billion in pre-tax profit in 2020, a year-on-year increase of 43 percent.