A Vietravel plane in Tan Son Nhat International Airport, HCM City. —VNA/VNS Photo

After two years of operating, Vietravel Airlines has requested further funding to expand the number of aircraft in its fleet, said the company’s leader.

Vietravel Airlines has submitted a proposal to the Government to raise the total investment capital for aviation projects from the current VND1.3 trillion (US$55.1 million) to over VND7.64 trillion in 2025, Nguyen Quoc Ky, chairman of the Board of Directors of Vietravel Airlines, told nld.com.vn.

Currently, Vietravel Airlines owns a fleet of three Airbus A321 aircraft, with a capitalisation of VND1.3 trillion.

For a new airline, investment in aircraft fleet development is an indispensable need for survival and development, Ky added. Because the company can only be profitable if it has a large enough fleet.

According to the plan, the airline sets a target to increase the total investment capital for the project "Air transport and tourism in Viet Nam" to VND7.64 trillion, equivalent to nearly 6 times the current amount. Its total investment capital is expected to reach more than VND8.25 trillion by 2030.

By 2025, owners of Vietravel Airlines are expected to contribute an additional VND700 billion, bringing the total capital from owners to VND2 trillion. The remaining fund will be mobilised from investors in the market and other financial solutions.

Vietravel Group boosted its stake in Vietravel Airlines to 85.8 per cent of the company's shares, making it the airline's largest stakeholder.

Vietravel Airlines has been in business for than two years and operates 20 flights per day from five locations: Ha Noi, HCM City, Da Nang, Quy Nhon va Phu Quoc. — VNS