Vietnam Airlines seeks investors for Pacific Airlines unit

Vietnam Airlines (VN, Hanoi) has begun hunting for investors for its Pacific Airlines (BL, Ho Chi Minh City) subsidiary, as part of a restructuring of the low-cost subsidiary’s shareholders being conducted under the direction of state management agencies. Prospective investors are asked to contact Vietnam Airlines directly or send a Letter of Interest.

The move comes as its severely cash-strapped parent looks for ways to raise funds and cut costs while accepting substantial state aid.

Previously known as Jetstar Pacific, Pacific Airlines had been hoping to obtain state assistance on equal terms with its parent asafter Qantas Group’s divestment of its 30% shareholding in the LCC, but this has not been forthcoming. Earlier, local media reported that it would undergo full integration with Vietnam Airlines following Qantas’ decision to hand back its stake. As it stands, majority-state-owned Vietnam Airlines controls 98% of Pacific Airlines.

Pacific Airlines does not currently maintain any scheduled routes but operates a fleet of fifteen A320-200s, the ch-aviation fleets advanced module shows. All of the aircraft are leased, from seven lessors.