New provider in the sky: Sun PhuQuoc Airways is starting soon!

New provider in the sky: Sun PhuQuoc Airways is starting soon!

The aviation industry in Vietnam is becoming increasingly robust following the challenges of the Covid-19 pandemic. Approval was recently granted for the new airline Sun PhuQuoc Airways (SPA), operated by Sun Phu Quoc Aviation Co., Ltd., a subsidiary of Sun Group. This news was from Vietnam.vn published and highlights the company's active role in Vietnamese aviation.

The total investment for the project is VND 2,500 billion, which is approximately USD 98.81 million. SPA plans to operate a total of 31 aircraft by 2030. The airline will mainly focus on commercial passenger transportation and will also offer charter flights to transport tourists to major destinations in Vietnam and worldwide. The launch of this new airline is expected to significantly improve travel options for Vietnamese tourists to Phu Quoc. The first commercial flights are scheduled for the fourth quarter of this year.

Market development and economic figures

The approval for SPA comes as Vietnam's aviation industry shows signs of recovery. Vietjet Air achieved net revenue of over VND17,952 billion in the first quarter of 2023, representing a slight increase compared to the previous year. Profit after tax was over VND641 billion, reflecting a positive development for the airline. In contrast, Vietnam Airlines recorded net revenue of VND30,551 billion, although profit after tax fell 22% to over VND3,486 billion.

The new regulatory measures, which will come into effect from June 1, require business households with annual sales of over VND 1 billion in certain industries to use electronic invoices. Around 37,000 households are affected, which is driving digitalization in business.

Economic proposals and changes

Entrepreneurs such as MoMo's Nguyen Ba Diep have described the private sector development proposals, also known as Resolution 68, as a "shock" to the tech economy. The focus is on the challenges of raising capital for start-ups. In addition, Thaco (Truong Hai Group) is proposing significant investments in the North-South High Speed ​​Rail project, which has a total capital requirement of approximately USD 61.35 billion.

In a broader economic context, CP Foods reported that Vietnam will become the largest foreign market in 2024 with sales of about 122 billion baht. The livestock sector recorded sales of approximately 107 billion baht, an increase of 8% compared to 2023. Several banks, including TPBank and Eximbank, pointed out visible inconsistencies in gold trading. The state banking regulator was asked to submit reports for approval and investigation.

These developments reflect the dynamic changes in the Vietnamese economy and show that the aviation industry could play a key role in the country's future economic stability and growth.