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August 31, 2007
AirAsia to set up J-V low-cost airline

AirAsia Bhd will sign a letter of intent with Shipbuilding Industry Group (Vinashin) today as a first step towards business cooperation between both parties for the setting up of a joint venture low-cost airline in Vietnam based on the successful AirAsia business model.

The new airline will carry the name VINA AIRASIA, but AirAsia will retain full proprietary rights to the use of the name "AirAsia".

In a statement to Bursa Malaysia on Aug 30, AirAsia said the proposed partnership will focus on securing the licence to operate a new Vietnamese airline that would serve domestic, regional and international routes.

It will eventually build two distinct divisions to facilitate short haul aviation and long haul aviation.

The new airline will be built on the successful low-cost model pioneered by AirAsia in this region.

Vinashin will assist the JV company in securing grant of governmental or regulatory approvals, concessions, permission, licences, certificates and any other approvals to facilitate operations of the new airline. Asia Pulse reports

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