Minister of Planning and Investment Nguyen Chi Dung has submitted a new airline project to Prime Minister Nguyen Xuan Phuc for approval.
The KiteAir airline project, owned by Thien Minh Group, has an investment capital of 5.5 trillion VND (238 million USD).
KiteAir will operate six ATR72 airplanes. From its third year of operation, the carrier will add A320 and A321 aircraft to its fleet. It is expected to have 25 planes in the sixth year.
If the project gets the PM approval, KiteAir will complete procedures to begin operation in the second quarter of this year.
According to the preliminary assessment, after being put into operation, the project is expected to contribute about 430 million USD to airport services in the first five years of operation and about 800 billion VND to the State budget.