Vietnam Airlines acquires major stake in Jetstar Pacific
The Qantas Group will turn its tried and tested “dual brand strategy” to Jetstar Pacific, as it announced that Vietnam Airlines would take the majority share in the Vietnam-based low cost subsidiary.
The Vietnamese national carrier takes over the share currently held by the Vietnamese State Capital Investment Corporation (SCIC), with Qantas’s stake in the carrier to rise from 27% to 30%, “in line with long-term commitments”.
Chief executive Alan Joyce said that this extension of its dual brand strategy would combine Jetstar’s “proven” low cost model with Vietnam Airlines’ local knowledge and network.
“We are confident this partnership between a low cost carrier and a full service airline in Vietnam can replicate the success of our Qantas and Jetstar strategy in Australia, and follows our recent partnership with Japan Airlines to form Jetstar Japan,” he said.
The strategic partnership is expected to stimulate air travel demand in a country where the penetration of low cost carriers is relatively low, according to Jetstar chief executive Bruce Buchanan, with the International Air Transport Association predicting that Vietnam will become the world’s second fastest aviation market for domestic passengers by 2014.
“The strength of the low cost model and the tremendous potential for growth provide a unique opportunity for Jetstar in Vietnam,” Buchanan said. “Our partnership with Vietnam Airlines will help develop this.”
Through the new partnership, the airline will receive an initial capital injection of $25 million including $7.5 million from the Qantas Group. The sum will be put towards the renewal of the fleet with current B737s to be replaced with new A320s from mid-2012. The airline expects to grow its fleet to 15 A320s within the next few years.
Jetstar Pacific’s chief executive and chairman, both representatives of former shareholder SCIC, will stand down with replacements to be announced in the coming weeks.
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