On 9 January 2026, Vietnam Airlines (VNA) approved the restructuring of the Vietnam Air Service Company (VASCO) into a single-member limited liability company wholly owned by VNA, under Resolution No. 45/NQ-HĐQT. The restructuring aims to separate business operations by shifting VASCO from a dependent accounting unit to an independent legal entity, thereby enhancing its autonomy in financial management and investment decision-making, particularly in supporting short-haul and regional air connectivity.
Under the restructuring plan, Vietnam Airlines will appoint an independent valuer to assess VASCO’s ATR 72-500 aircraft, which will contribute as capital to the new entity. These turboprop aircraft play a critical role in operating short-haul routes to airports with limited infrastructure, many of which are located in Southern Vietnam. Key routes include Ho Chi Minh City (HCMC)-Ca Mau, HCMC-Rach Gia, HCMC-Con Dao, Can Tho City-Con Dao, and others, to maintain essential air links between major urban centers and remote or island destinations in the Southern region.
Established in 1987, VASCO has evolved from providing specialised aviation services, such as geological surveys, medical evacuation, and infrastructure inspection, into a hybrid operator combining commercial passenger transport with specialised aviation activities. Between 1999 and 2023, the company recorded cumulative revenue of over 349.6 million USD and profits of 6.77 million USD. The restructuring is expected to reinforce VASCO’s role within Vietnam Airlines’ network, particularly in enhancing regional connectivity and supporting socio-economic development in Southern Vietnam.
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Reference: Cafe F, 12 January 2026
