According to the company's registration documents, Crystal Bay Airlines Joint Stock Company was established on November 6, 2025, with a charter capital of VND300 billion (US$11.4 million). The firm operates in 51 business sectors, with its main focus being air passenger transportation.

As for the founding shareholder structure of Crystal Bay Airlines, Crystal Bay Tourism Group contributed VND282 billion, equivalent to 94% of the company’s charter capital.

Crystal Bay Airlines Chairman Nguyen Duc Chi and General Director Bui Tuong Chi contributed VND15 billion, accounting for 5% and 1% of the company’s charter capital, respectively.

Crystal Bay Tourism Group primarily operates in the fields of tourism, travel, resorts and tourism real estate investment. Prior to establishing the airline, the group had never directly owned or operated a fleet of aircraft under the Crystal Bay brand.

However, since around 2022, the company has become deeply involved in air transport serving tourism by organising and operating international charter flights bringing tourists to Vietnam, especially to destinations like Cam Ranh Bay and Phu Quoc Island. 

These charter flights are often regularly operated by airlines like Vietjet Air and Bamboo Airways, connecting Vietnam with many markets, including Kazakhstan, Taiwan (China), Thailand, Mongolia and Uzbekistan.

By 2023, Crystal Bay had also established Crystal Bay Tour Co Ltd to develop software for selling airline tickets and tours while also implementing marketing and communication activities, which are considered vital for a travel business.

Crystal Bay's establishment of its own airline company is widely seen as a reasonable next step, aimed at completing its ecosystem and boosting its tourism business.

Capital requirements drafted for new airlines

The Ministry of Transport has submitted a draft decree on conditional business lines. According to the draft, a new airline must have capital of at least VND100 billion (US$4.66 million).