Bamboo Airways' Growth Strategy with New Management in Charge
Bamboo Airways, a Vietnamese airline, has undergone a change in ownership as property developer Him Lam takes over and plans to build an aviation ecosystem centered around the airline while expanding its presence in Asia. Bamboo Airways began operations in 2019 and quickly expanded its fleet to nearly 30 aircraft by the end of 2020, holding a 20% share of the domestic market and also flying on some international routes.
However, the arrest of its key leaders, including chairman Trinh Van Quyet, for alleged stock market manipulation dealt a significant blow to the airline. Him Lam, a south-based developer of condos and a hotel management service provider, took over Bamboo Airways this year and has appointed new leadership to begin a new chapter. At the company’s annual general meeting on June 21, deputy chairman Nguyen Ngoc Trong stated that the airline will focus on developing efficiency and professionalism in the next five years.
CEO Nguyen Minh Hai aims to achieve breakeven by next year and turn a profit by 2025. To increase revenues, the airline plans to expand its services, and a larger fleet is imperative to achieve this. The current fleet of 30 aircraft needs to be expanded by eight to ten a year until 2026, and each aircraft needs to operate for more than the current 10 hours a day. Reducing costs is another key task for the airline.