A general meeting of shareholders of Vietravel Airlines (VU, Hue Phu Bai International) on October 23 authorised the carrier’s board of directors to conduct a share issue to new and existing shareholders to raise the company’s charter capital to VND2 trillion dong (USD82 million) from VND1.3 trillion (USD53 million).

The aim is to supplement the business capital of the company in its core and supporting businesses, it said in a statement. Vietravel Airlines currently operates three A321-200s, according to the ch-aviation fleets module, with a limited flight network and is looking for investors to obtain more resources.

Vietravel Airlines started scheduled flight operations in early 2021. It harbours ambitions of increasing its fleet size to 25 by 2025 and 50 by 2030. The carrier also seeks eventually to increase its capital to VND8.25 trillion (USD335 million).

Vietravel Airlines CEO and board member Vu Duc Bien will not continue on the board for the term until 2027 due to family reasons, it was announced. Two new board members were elected - Doan Hai Dang, chief executive of online travel agency WorldTrans, and Philipp Rösler, a former German politician who was vice-chancellor of Germany in 2011-2013 and is now chairman of the international advisory board at venture capital fund VinaCapital Ventures. These changes were effective from October 23.

The airline currently focuses on conducting flights for its tour operator parent Vietravel Group, to seven tourist destinations in Viet Nam as well as linking the country with Macau International, Sanya in mainland China, and Daegu and Muan in South Korea.