The Ministry of Transport also asked the Civil Aviation Authority of Vietnam to deal with airlines that no longer meet the conditions as prescribed by law and report to the Ministry before March 8.

Vietnam has six airlines, including Vietnam Airlines, Pacific Airlines, Vietjet Air, Bamboo Airways, Vasco, Vietravel Airlines, and aviation service providers such as Hai Au, Hanh Tinh Xanh (Blue Planet), Ngoi Sao Viet (Vietnamese Star), Bau Troi Xanh (Blue Sky), Sun Air, and Bay Viet.

Under current regulations, to operate legally, airlines must hold both an air transport and a general aviation business licence, as stipulated by current laws. In addition, enterprises must ensure that their aircraft comply with operational requirements and satisfy other criteria, such as organisational structure, capital, business plans, and product development strategy.

The number of aircraft maintained for an air transport business must be at least three aircraft and at least one for a general aviation enterprise.

In addition, enterprises must meet the minimum capital requirements (including equity and loan) to establish and maintain an air transportation enterprise.

Specifically, an air transport enterprise with a maximum of 10 planes must have minimum charter capital of 300 billion VND. For those owning 11-30 and more than 30 planes, the minimum amount is 600 billion VND and 700 billion VND, respectively.

The minimum charter capital to establish and maintain a general aviation enterprise is 100 billion VND.

Foreign-invested air transport enterprises must satisfy the following conditions: foreign investors must account for no more than 34% of charter capital, and there must be at least one Vietnamese individual or one Vietnamese legal entity holding the largest share of charter capital.

If the Vietnamese legal entity has foreign invested capital, the foreign capital contribution must not exceed 49% of the legal entity's charter capital.

N. Huyen