Bamboo Airways (QH, Hanoi Noi Bai International) unveiled the identity of its new Vietnamese investor as well as Japanese members of its new management team on the morning of June 21.

The new investor of the loss-making carrier is Him Lam Group led by entrepreneur Duong Cong Minh, a conglomerate active in areas such as real estate, finance and banking, and leisure. Duong is also chairman of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).

Oshima Hideki, a former deputy chief executive of JAL - Japan Airlines (JL, Tokyo Haneda), has been appointed chairman of Bamboo Airways for the period 2023 to 2028, while a former president of JAL, Masaru Onishi, is expected to hold the role of senior adviser to Bamboo Airways’ board of directors. They and other new appointees replace the directors who resigned last week. A new three-member board of supervisors was also appointed.

The restructuring of the company on the top floor has been completed and the Japanese experts will help Bamboo Airways develop in a professional manner, the carrier’s CEO Nguyen Minh Hai said at the general meeting of shareholders where the announcements were made. He pledged that Bamboo would swing from losses to a profit or break even in 2024.

For the airline to cut its losses, Hai said its new leadership and investor was determined to continue in the direction of increasing the size of its fleet, as the current fleet size of 30 aircraft is not effective. Him Lam Group is also determined to follow international standards and be more open and transparent, he added.

Bamboo Airways is looking at growing from 30 aircraft now to 36 by the end of this year, and it is aiming for an average load factor of 81.5%. It is targeting a revenue increase of 15-20% from last year’s VND11.73 trillion (USD503 million) and wants to expand its network in Europe, Northeast Asia, Southeast Asia and Australia. It is also building an aviation ecosystem for itself by setting up subsidiaries for ground services, technology, and food services.