Real estate and retail conglomerate Vingroup has announced the launch of an airline unit, Vinpearl Air, which would be Vietnam’s fifth operational airline, after Vietnam Airlines, VietJet Air, Jetstar Pacific and Bamboo Airways.

With a charter capital of VND1.3 trillion ($55.9 million), the airline majority shareholders are held by the group’s tourism arm VinAsia Tourism Development with 45% and Hoang Quoc Thuy (30%) and Pham Khac Phuong (25%), both whom have positions within the group.

According to Vietnam government’s aviation decree, a minimum capital of VND1.3 trillion is required for airlines investors looking to operate internationally and with more than 30 aircraft.

In comparison, Bamboo Airways, another airline startup of similar origins, had an initial startup of VND700 million, and was recently boosted to VND2 trillion in April 2019.

On July 10, the group also signed a deal with CAE Oxford Aviation Academy to set up VinAviation High-tech Human Resources Training School and Vinpearl Air Flight Training Center, aimed to train about 400 pilots and mechanics with Civil Aviation Authority of Vietnam (CAAV), FAA and EASA certifications annually.

Chen Chuanren,